Friday, May 29, 2015

Document Required for Personal Loan Approval

Personal loan is generally taken for any personal purpose.Personal loan approved in a short time show that people can fulfil their personal needs on proper time.But it is tough to get approval on personal loan because personal loan a less secured loan than home loan or car loan.Before approving for personal loan bank go through a strict documentation procedure.In general personal loan get approval within 2 to 3 days.

Personal Loans are two types - Secured Personal Loan & Unsecured Personal Loan .Secured Personal Loan means loans taken against gold,mortgage,high value property etc. and unsecured loan mean loan taken for travel,marriage or medical purpose etc. .

Don't miss Car Loan Interest Rate in various Bank.

We should take a look on list of documents before applying for Personal Loan.This will help you to get easy approval.

List of Documents -

Document Required for Personal Loan Approval

1. Photo Identity Proof :

In Photo Identity Proof they will check that you are the original person who is applying for Personal Loan.Photo Indenty Proof are (Any one of the below) -

  • PAN Card

  • Passport

  • Driving License

  • Voter Card

  • Aadhaar Card

2. Address Proof :

In address proof they will check the originality of your address.List of address proofs are as below (Any one of the below) -

  • Passport

  • Driving License

  • Voter Card

  • Addhaar Card

  • Latest Telephone Bill (Land Phone or Post Paid)

  • Latest Electricity Bill

  • Ration Card

  • Bank Passbook (Govt. Bank)

3. Bank Account Verification : 

Bank will check the bank account details where the loan amount to be deposit and from which bank you will pay EMI.Bank ask to submit -

  • Bank Statement of Last Six Months.

  • Previous Loan Details and Bank Statement (1 Year) of Loan Account  (If any Loan Account in Previous)

4.Income Document For Salaried : 

Income documents are very important for getting approval of personal loan.Bank check whether you got salaries monthly or discontiniously.They will check -

  • Form 16 (For Last 2 Year) or

  • IT Return (For Last 2 Year)

  •  Salary Slip of Last 6 Months.

5.Income Document For Self-Employed : 

Everyone know that it is hard to get personal loan specially for self-employed.But if you submit proper document then it is also not so tough to get approval.Lets check the documents required for self employed -

  • IT Return (For Last 3 to 4 Year)

  • Service Tax Return

  • Audited Balance Sheet of last 3 Year

  • Business continuity Proof like Trade Licence

  • Business Registration Documents

  • Address Proof of Office

In general all the above documents are sufficient to get approval of Personal Loan but it may vary from bank to bank.Kindly visit to your nearest bank for better clarification.

Read More on Interest Rate of Education Loan .
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  1. Very informative article. It would be better if you could provide with the interest rates on personal loans.

  2. Thanks Sanyam.Its a valuable comment.You are right.I will update with latest interest rate.

  3. How do you verify bank statement and payslip authenticity?

  4. Hi Ves,
    Bank will check hard copy of bank statement with stamp & sign of authorised bank person otherwise they will not accept your bank statement.
    For payslip ,after submission of payslip bank will verify with your company HR to check authenticity of payslip.

  5. I want a loan in Mumbai so what kind of documents required if iam a self-employed professional

  6. I am a resident of delhi having an annual income around 500,00
    I have all the required property and kyc documents
    Am I eligible for home loan?
    What agencies provide the most hassle free and low interest rate loans

  7. Sure.You should not be any problem on getting Home Loan.I will prefer SBI for it.

  8. I am 32 years old and looking for investment opportunities, basically for retirement purposes, since I am just 32, I am ready to take bold investment ideas that bring me great rate of returns.
    What would you suggest is better, p2p or mutual funds?

  9. Suggest you to invest in SIP.In my own opinion SIP is the best option.