Documents required to avail a Personal loan

Personal Loan

Different loan purposes require different documents. A home loan might ask for more documents whereas a personal loan may ask for less. Document requirements vary with respect to the loan amount. Higher the amount harder the verification, more formalities, therefore, more of documents.

Any loan application requires certain documents to ensure that the borrower is genuine and is not going to default the loan and would return the money with due respect. Depending on the loan type, secured or unsecured, the loan documents requirement differs.  Secured loans demand more of documentation as they take the ownership of applicant’s possession or property. Unsecured loans comparatively have less of documents required.

Documents required to avail a Personal loan Online

  • PAN card (mandatory)
  • ID proof – Passport, Employee ID card, Ration card, voter ID card, driving license, Aadhar (on applicant’s discretion, bank or lender cannot ask)
  • Age proof – Birth certificate, 10th certificate, Bank passbook, Driving license, passport
  • Address proof – Utility bills (not older than 3 months), Passport, Ration card, Voter ID
  • Income proof – Form 16, ITR, Salary slips, Appointment letter and other supporting documents
  • Investment proofs (if any)

For business or self-employed individuals, the documents for income has to be balance sheet of 2 years along with profit and loss statement and income tax returns for past three years.

Now Apply Personal Loan Online Via Home Credit

Avoiding the long queues and in order to save the time, you can avail the personal loans online easily with minimum documents and easy steps of loan application. In any emergency, do not visit anywhere just surf the internet and grab the best offers. To avail instant loans online. Just follow these steps.

  • Visit the website or download the application.
  • Log in with your credentials
  • Upload documents (PAN and Address proof*)
  • Select the loan duration and amount.
  • Wait for the approval
  • Your loan application is complete

*Document requirement vary for different lenders and might be less or more depending on the credit history and background verification along with the loan amount. Most of the instant loans online do not require much of your documents however, verification is completed thoroughly to ensure safety.

Can I get a loan on PAN and Aadhar Card?

Quick loans require less of documents out of which PAN card is mandatory document and the other is address proof. You can provide aadhar card as your address proof however bank or any lender cannot ask for aadhar mandatorily as per the new RBI rules. AS per borrower’s discretion, he/she can provide aadhar but the lender cannot ask. Although it is a valid proof of identity. There are other documents basis which you can avail a loan.

There are several banks and NBFCs offering personal loan online. Home Credit is one such NBFC that offers instant loan online.  Download its application, log in with required information, choose your loan amount and duration, upload documents (PAN and an address proof) and wait for the approval. Once you receive the approval, visit our POS for document verification and your loan gets disbursed in no time.

With the ease of technology, world is moving paperless however safety is the priority and kept intact. Adapt to the world of technology and lead a life of simplicity by saving time from the unwanted and invest in what is wanted.

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