Personal Loans – Documentation Process For Diwali Loan

Personal loans are easy to avail via Loan Singh. Easy process, quick approval and fast disbursement with easy emi and money to spend for Diwali offers.

Who doesn’t hate taking care of documents? Getting a special folder, buying a box of paper clips, arranging for a stapler, get rubber bands…basically turning your study table into a mini-stationery. Why all this? We are millennials. Everything we deal with has to be instant, convenient and happening ASAP. The need for documents at a traditional bank tends to be tedious and lengthy. Since the past week our blog has given you a number of pieces on online Diwali loan, which also brings us to the next requirement – Loan Documentation.

You know where to get an online Diwali personal loan from. You also know how to apply for the online Diwali loan. The next aspect of the loan process is to understand the documentation involved. We will also 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 professionals a great option to avail a personal loan to spend on Diwali, travel, medical, wedding or home improvement.

Click here, to understand all about a personal loan in India

Traditional Loan Documentation Process

Traditional lending methods still continue to make use of photocopies, paperwork, KYC, attestations etc. This is not only cumbersome for the borrower applicant but also is a matter of storage with banks. An ideal document checklist for a traditional lending player would be

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 6 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

Online Diwali Loan Documentation

An online Diwali loan, with a digital lending platform, would need just 2 documents. The idea is to keep it simple and yet a lightning quick process.

  • PAN Card
  • Bank statement (Latest 6 months PDF)

See! Just 2 documents are required by Loan Singh as compared to the exhaustive list of documents needed at banks. For salaried individuals, it is pertinent to take funds to purchase gifts or second-hand vehicle, and that too, within a short span of time. It is only possible digitally, as traditional banking solutions will take up to weeks to disburse the funds.

Click here, to understand everything about credit score in India

Online Diwali Loan

One of Loan Singh’s unique offerings is to provide an online personal loan to salaried individuals who have never availed credit before. To cater to the long list of Diwali expenses, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

Loan Singh looks at your creditworthiness to determine if you can pay the loan EMIs regularly, or not. The idea is to not strain you with credit but to make sure that your salary and savings permit you to avail credit. Your credit report 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

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

Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, job relocation, medical expenses, marriage, etc.

Personal Loan Benefits in India

Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried individuals like you who are too busy to even get a rest. The attractive EMIs and interest rates at Loan Singh, make personal loans affordable to repay back. Add luxury to your mundane lives without putting too much strain on your finances. Your dreams are our dreams. We help turn your dreams into reality. Brand new appliances and electronic products are also needed in case you are relocating due to your job. The job relocation personal loan at Loan Singh helps cover exactly this.

Loan Singh’s emi calculator will help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month. A personal loan can be availed between Rs. 50,000 and Rs. 10 Lakhs.

Another huge benefit you have with a Loan Singh online personal loan is that you have the freedom to choose where you want to spend your loan amount on. You can apply for a shopping loan and utilize the cash to spend on an Amazon, some on Flipkart or some on Snapdeal. Unlike so many ecommerce websites that let you gain discounts for possessing a debit card or points of a particular finance provider, Loan Singh’s personal loan can be utilized to be spent on the website you want and on the product you want to spend on.

About Loan Singh

Loan Singh is a digital lending platform that prides in providing online personal finance loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.10,00,000 taken for purposes such as:

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

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. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh Google+, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Business, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh FeedLoan Singh Storify, Loan Singh Digg and Loan Singh Blogger.

Personal loans are easy to avail via Loan Singh. Easy process, quick approval and fast disbursement with easy emi and money to spend for Diwali offers.

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