What Documents Required for Personal Loan Approval?

Compared to other types of loans, personal loans require you to produce the least number of documents. The necessary documents required can be classified into three: documents supporting your identity, your residence and your income.

Identity Proof:

A copy of any of your passport or driving license, voters ID, PAN card, credit card with photograph, or employee ID card with photograph. Any one of the above documents with your photograph is proof that you are the same person as you profess to be.

Proof of Residence:

A copy of your passport, ration card, or voters ID if you reside at the same place as entered in the above-mentioned documents. If you are staying as a tenant on rent, in a place different from where you have been issued the ration card, passport, or voters ID, you can produce utility bills (electricity or telephone) of the place as proof of residence.

Income Proof:

The proof of income for salaried individuals differs from that of self-employed individuals. Salaried people need to submit their latest salary slip, Form 16 for the last financial year, and their bank statement for the last 6 months. Self-employed people need to provide their IT returns for the last 2 years, balance sheet, and profit & loss account as proof of income.