Full Documents Checklist for Personal Loans in Banks

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Personal loans are unsecured loans that are issued and supported only by the borrower’s creditworthiness rather than by collateral. You are allotted a loan based on your personal capability to repay the EMIs every month. The process to apply for a personal loan at banks involve providing a long list of documents and a healthy credit score report

Most financial institutions in India have a similar set of document requirements for approving personal loans

 

Identity Proof

You need to establish your identity by providing any one of the following documents to the bank or financial institution.

  • PAN (Permanent Account Number) Card
  • Election Voter’s Identity Card
  • Driver’s License
  • Passport
  • Ration Card
  • Telephone Bill (Either landline or Postpaid mobile phone bill)
  • Electricity Bill (Obviously on your name)
  • Life Insurance Premium Receipt
  • Employer (Government issued) Identity Card
  • Lease Deed/Title Deed (both pertaining to ownership of land)
  • Municipal Tax Receipt (For house)
  • Allotment Letter if you work for state or central government

 

Age Proof

To establish the correct age to the bank or lending institution you need to provide

  • Birth Certificate issued by a Civic Authority
  • Passport
  • Government Employee Identity Card
  • PAN (Permanent Account Number) Card
  • Election Voter’s Identity Card
  • Secondary School Leaving Certificate (Class 10th)
  • LIC Policy or Premium Receipt that indicates your age
  • Pension Payment Order or Family Pension Order
  • Defense Identity Card (authorized to dependents of soldiers in active duty or retired)

 

Residence Proof

  • Aadhaar Card
  • Ration Card
  • Bills of Electricity
  • Water bill
  • Gas Connection Book
  • Telephone Bill (Either landline or Postpaid mobile phone bill)

 

Income Proof

For Salaried Professionals

  • Latest salary slips from employer
  • Last 3 months bank statement from the salary account
  • Appointment letter or proof of continuity of employment
  • Form 16 for the last 2 years which indicate details about income and deductions
  • Acknowledgement receipt of Income Tax returns of the last 2 years

 

For Self Employed Individuals

  • Proof of Employment such as Trade License
  • Sales Tax Certificate
  • Financial Audit towards the self-run enterprise or business for the last 2 years which indicates annual profits and losses
  • Bank statement reflecting transactions of the last 6 months

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