Personal loans can come in handy during any emergency need for cash. Collateral-free and easy to access compared to other financing options, personal loans can be a viable option to fund your immediate requirements. However, your personal loan application can get rejected if you don’t have the right documents in place. To ensure that your loan application goes through smoothly, we have compiled a list of documents required for a personal loan. Read on!
List of Personal Loan Documents Required (Salaried)
Here is a list of documents required for personal loans for salaried:
Income Proof: Both Indian and international bank account statements for the last 6 months, Salary certificate (in English) or salary slips for the last 6 months
Address Proof: PAN Card, Driving Licence, Utility Bills, Bank Statement or Ration Card
Employment Proof: Appointment Letter, job contract, HR’s email ID or official email ID, Labour/ Identity card/CDC (for NRIs working in the Middle East or employed in Merchant Navy)
Identity Proof: PAN Card/ Aadhar Card/ Voter’s ID/ Driving license
Latest from 16 (It’s a certificate issued to salaried individuals from their employer when he deducts tax from the employee salary)
Last 3 months’ bank statement (where salary is credited)
Passport size photograph
Job Continuity Proof: Income Proof: Both Indian and international bank account statements for the last 6 months, Salary certificate (in English) or salary slips for the last 6 months
Passport size photograph
Proof of Residence: Utility bills (not older than three months)
Ownership of Residence Proof: Property documents, maintenance bill, and electricity bill
Investment Proof (optional): Fixed deposit, mutual fund investment receipts
List of Personal Loan Documents Required (Pensioners)
Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport or Driving License
Address Proof: PAN Card, Driving License, Utility Bills, Bank Statement or Ration Card
Income Proof – Salary Slips or Bank Account Statements
Passport-size photograph
List of Personal Loan Documents Required (NRIs)
Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport or Driving Licence
Address Proof: PAN Card, Driving Licence, Utility Bills, Bank Statement or Ration Card
Income Proof: Both Indian and international bank account statements for the last 6 months, Salary certificate (in English) or salary slips for the last 6 months
Employment Proof: Appointment Letter, job contract, HR’s email ID or official email ID, Labour/ Identity card/CDC (for NRIs working in the Middle East or employed in Merchant Navy)
Passport-size photographs
However, with Navi Personal Loan, there’s no heavy paperwork required. All you need to do is download the Navi app and apply for a loan with your Aadhaar and PAN number.
Importance of Documents while Applying for a Personal Loan
Providing correct documents to your lender could help you get your loan faster. Banks and NBFCs review your documents to gauge you as a borrower. However, with significant advancements in the personal finance space owing to technology, you may not need a host of documents to provide while applying for a loan. However, it’s advised to keep these documents in handy in case your lender wants to further review your profile.
Any incorrect document could result in the rejection of your loan application. The loan documents play a very important role, and if there are any deficiencies in the loan documents, the same need to be corrected to avoid any hassle during personal loan application.
Apply for Instant Personal Loan with Navi without any Income Proof
Yes, you heard us right, no income proof is required. Yes, it’s possible to avail of a personal loan without furnishing any income proof. Features & benefits of personal loan when applied through Navi:
Quick & easy process
Loans starting from Rs. 10,000 to Rs.20 lakh
100% Paperless
Interest rates starting at 9.9% p.a.
Flexible tenures up to 72 months
Instant approval within minutes
No collateral
No income proof needed
Apply with PAN and Aadhaar number
Minimal documentation
Steps to Avail of Instant Personal Loan with Navi
Follow these few easy steps to get an instant personal loan from Navi:
You may need a personal loan for a variety of reasons. However, without the right documents, your loan approval may get delayed or rejected. That’s why it is important to be prepared with the documents mentioned above. For a 100% paperless personal loan, install Navi app on Android or iOS today!
FAQs on Documents Required for Personal Loan
Q1. For what purpose can you take a personal loan?
Ans: As the name says for itself, it can be taken for any reason as mentioned above also. From financing your marriage to going on a vacation, or can be used for debt consolidation or any financial emergencies.
Q2. Is income proof necessary to submit for a personal loan?
Ans: Some lenders may ask for income proof while some institutions like Navi don’t have any such requirement.
Q3. How to apply for a personal loan without income proof?
Ans: App-based financial services like Navi allow you to apply for personal loans without income proof. However, you need to have an Aadhaar Card and a PAN Card at your disposal to apply for such instant loans.
Q4. How to get a personal loan without documents?
Ans: You can get personal loans through app-based financial services like Navi with minimal documentation. All you need to have is an Aadhaar Card and a PAN Card to complete your loan application.
Q5. How much time does it take to complete the personal loan documentation process?
Ans: For traditional lenders, it may take 2-3 days to complete the documentation process. However, with app-based, tech-driven lenders like Navi, it hardly takes a few minutes.
Q6. Does a personal loan require any collateral?
Ans: Personal loans are unsecured loans. Hence, no collateral or security is required for personal loans.
Q7. Can you get a personal loan without a salary slip?
Ans: Yes, you can still apply for the same, especially if you are self-employed. However, some lenders may ask for 3-6 months’ bank statements.
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