List of Personal Loan Documents Required for Salaried, Self-employed, NRIs & Pensioners
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:
1. 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
2. Address Proof
PAN Card, Driving Licence, Utility Bills, Bank Statement or Ration Card
3. 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)
4. 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 statements (where salary is credited)
Passport-size photograph
5. 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
6. Ownership of Residence Proof
Property documents, maintenance bill, and electricity bill
7. Investment Proof (optional)
Fixed deposit, mutual fund investment receipts
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Also Read
List of Personal Loan Documents Required (Self-Employed)
Here is a list of documents for personal loans for self-employed:
1. Income Proof
Latest submitted income tax returns along with audited financials for the past 2 financial years and the last 6 months’ bank statements
2. Photo Identity Proof
PAN card, passport, voter’s ID or driving license
3. Residential Proof
Passport, Aadhaar card, utility bills, ration card
4. Office Address Proof
incorporation documents/ registration certificates/ MSME/ GST registration/ Shop & establishment act certificate
5. Office Ownership Proof
Maintenance bill, property documents or electricity bill
6. Proof of Business Existence
Company registration license or tax registration copy
7. Photograph
Passport size photograph
List of Personal Loan Documents Required (Pensioners)
1. Identity Proof
Aadhaar Card, PAN Card, Voter ID, Passport or Driving License
2. Address Proof
PAN Card, Driving License, Utility Bills, Bank Statement or Ration Card
3. Income Proof
Salary Slips or Bank Account Statements
Passport-size photograph
List of Personal Loan Documents Required (NRIs)
1. Identity Proof
Aadhaar Card, PAN Card, Voter ID, Passport or Driving Licence
2. Address Proof
PAN Card, Driving Licence, Utility Bills, Bank Statement or Ration Card
3. 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
4. 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, you can get instant cash loan in 1 hour without documents. All you need to do is download the Navi app and apply for a loan with your Aadhaar and PAN number.
Also Read
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 a personal loan application.
Follow these few easy steps to get an instant personal loan from Navi:
- Download the Navi app
- Enter your mobile number to get OTP
- Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income
- Check loan offer
- Select loan amount and tenure
- Link your bank account
- Get funds instantly transferred to your bank account
Final Word
You may need a cash 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, download the Navi app and apply today!
FAQs
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.
Ans: Some lenders may ask for income proof while some institutions like Navi don’t have any such requirement.
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.
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.
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.
Ans: Personal loans are unsecured loans. Hence, no collateral or security is required for personal loans.
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.
Ans: There is no uniform age limit for availing of personal loans. It varies from one financial institution to another. In the case of salaried employees, the age limit ranges from 21 to 60 years for most lenders. However, some lenders may allow personal loan applications up to 65 years as well.
On the other hand, all the top NBFCs and banks have set an age limit of 21 to 65 years for self-employed individuals who wish to avail of personal loans.
One must thoroughly check the eligibility criteria before applying for a personal loan.
Ans: No, it is not mandatory to produce original KYC documents while applying for a personal loan. Banks and other financial institutions accept self-attested photocopies of the original documents. However, applicants are advised to keep the original KYC documents with them at the time of applying.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Explore Personal Loan Offers in Your City
