KYC documentation needed for instant approval for an online personal loan

Get an instant approval personal loan with Loan Singh

Hi Friends! Yesterday, we covered debt consolidation personal loan and many of our readers were confused with regards to the KYC documentation that is involved while applying for an online personal loan.

Now, Know Your Customer (KYC) is a mandatory process for availing any form of fresh credit. The difference between offline and online documentation is just that you don’t have to go from your home to an office with a cartload of documents. Taking care of documents is a subconscious habit that goes back generations. Birth certificate, ration card, house/rent document, curriculum vitae, telephone bill (especially during the days of landline telephones), electricity bill and election card. We bet every head of the household possessed a folder or punch file with all the originals. As kids, we were counseled by the elders to take care of all our documents. “Kabhi zindagi mein zaroorat padegi. Documents sambhaal ke rakho”.

Millennials today however, want everything conveniently and ASAP. Document requirement at a traditional banking process tends to be tedious and lengthy. In today’s article we will look at the comparison of documentation involved with banks and that of a digital lending platform such as Loan Singh. Loan Singh’s super easy application process coupled with its fully online platform gives salaried individuals an opportunity to avail personal loans to spend on iphone, travel, medical, wedding or home improvement.

Still not sure if Loan Singh is real and genuine? Find out who is Loan Singh!

Traditional Documentation Process

When I look at salaried individuals struggle with the same old mundane offline process while availing fresh credit, I imagine myself telling that individual “I feel you bro!”

There is a mountain of paperwork, photocopies, KYC forms and attestations to submit.

Traditional lending institutions still continue to make use of these. This is not just cumbersome for the borrower applicant but also is a matter of storage with banks. These copies will either gather dust in an old cabinet somewhere or be destroyed in the near future. An ideal document checklist for a traditional lending solution is:

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 (in your name)
  • Life Insurance Premium Receipt
  • Employer Identity Card (Government Issued)
  • 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, 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

Any of the following document, acts as a 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

A key aspect of getting a personal loan approved is the income you earn. For salaried individuals, the documents needed are

  • 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 individuals who are self-employed, the list consists of
  • Proof of Employment such as Trade License
  • Sales Tax Certificate
  • Financial Audit Report of 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

Did you know? There are serious consequences to being a personal loan defaulter!

Loan Singh’s Documentation for Instant Approval

All Loan Singh needs are 3 KYC documents. I want our borrowers to face none of the hassles that usually befriend a traditional lending solution. The idea is to keep it simple and yet a lightning quick process.

  • PAN Card
  • Aadhaar Card
  • Bank statement (Latest 6 months netbanking downloaded PDF)

Just 3 documents compared to the exhaustive list of documents needed at banks. It is only possible digitally, as traditional banking solutions will take up to weeks to disburse the funds. To Loan Singh, your creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining your daily living. Your credit score acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

Get an instant approval personal loan with Loan Singh

Loan Singh’s Personal Loan Eligibility Criterion

Before you begin the quick and easy application process at www.loansingh.com, check the following eligibility criterion for Loan Singh.

Salaried

To avail a personal loan from Loan Singh, you need to be a salaried individual – with a minimum monthly salary of Rs.15000.

Credit score

Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying his/her credit card bill on time, and has never overspent over the credit card limit.

If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 6 months to be eligible for a loan at Loan Singh. The lower your credit score, the lower your chances of being eligible for a personal loan.

Age

You need to be at least 21 years of age, to be considered eligible for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.

Read more about a credit card loan and how it is different from a personal loan

Why is Loan Singh the best place for an instant approval loan?

Before looking to apply for an instant personal loan, understand that although your debt would be wiped off, you will still be under the obligation to clear off the personal loan. Look at your spending patterns and how much cash remains with you after spending for personal needs towards loan EMI repayments. Budgeting is crucial.

  1. Swift processing

At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency financial requirements.

  1. No collateral

Having no collateral requirement gives a personal loan an advantage over the secured loan. Even if you do not own any assets, you can at least get the funds from Loan Singh.

  1. Instant approval

If you provide your Aadhaar card, PAN card, and latest 6 months (netbanking downloaded, salaried account’s) bank statement, then you can almost surely get an instant approval. Your credit score needs to be good as well. For first timer credit applicants, the last 6 months statement is enough.

  1. Multiple purposes

An online personal loan can be availed for a number of purposes. The purposes of loan can range from the purchase of household appliances, credit card refinancing, electronic gadgets, debt consolidation, purchase of gold, holiday travel, instant emergency loan, home improvement, job relocation, medical expenses, home renovation, purchase of second-hand vehicles, to wedding loan, etc.

  1. Loan amount and tenure

The loan amount for a personal loan at Loan Singh can range from Rs.50000- Rs.500000. The repayment is done via EMIs, with interest rates on reducing balance method. The personal loan tenure can be from 3 to 36 months.

  1. Equated monthly installments

You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s personal loan EMI calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto-debit the EMI amount before the EMI repayment due date. Your personal Loan Singh dashboard allows you to track past EMI payments, pending EMIs and tenure remaining.

  1. Hassle free process

The personal loan process at Loan Singh is hassle-free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from your home and get the loan approved in just a few clicks.

  1. Information security

With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending processes.

  1. Prepayment penalty

At Loan Singh, you can clear a personal loan ahead of tenure and pay no prepayment penalty, unlike banks.

 

Loan Singh is a digital lending platform that prides in providing online and unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but provide a loan with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as:

  • Home improvement loan
  • House repair loan
  • Marriage loan or Wedding loan
  • Medical loan
  • Second-hand car loan
  • Second-hand bike loan
  • Consumer durable loan
  • Vacation loan
  • Debt consolidation loan
  • Credit card refinancing loan
  • Job relocation loan
  • Travel loan
  • Festival loan

You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.

Loan Singh’s Online Presence

Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. Some destinations you can find us on are:

Loan Singh in Latest News

The year 2017 had been a breakthrough year for Loan Singh. Mention of partnership with Airtel helped Loan Singh to work harder in the space of digital economy. Some snippets of Loan Singh can be found on…

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