In an emergency, if you are looking for a quick financial fix, an instant personal loan can prove to be extremely useful. Personal loans are given to salaried people, self-employed people, businessman and professionals like doctors, CA’s etc.
Banks and Non-banking financial organizations offer personal loan based on three proofs. First is proof of income, second one is proof of identity and third one is proof of borrower’s address. Lenders also may ask you to submit bank account statements for the past 3 months. As a borrower you also need to fill one application form with all the above details.
Let’s see what all documents are required for salaried people, self employed and pensioners to get a personal loan.
Salaried people – Documents that are required for salaried individuals are income proof, address proof and identity proof. Along with these there will be an application process which needs to be duly filled and signed.
- Identity Proof: This can be in the form of Adhaar card, valid Voter ID, valid Passport, PAN card or a valid Driving license
- Address Proof: For address proof, apart from Adhaar, Voter ID and Driving license, you can also submit a copy of your ration card, rent agreement or any utility bill like telephone, electricity, LPG bills etc.
- Income Proof: For proof of your income you must submit a copy of your latest salary slip or a salary certificate. You may need to submit a copy of your latest form 16 and bank account statement for past three months.
Self-employed or businessman – For this category, basic requirement stays the same as Income proof, Identity proof and Address proof.
- Identity and Address Proof – You can submit a copy of your Adhaar card, Voter ID, valid Passport, valid Driving license and PAN card. Also, you can submit a copy of your utility bill or rental agreement. The PAN card submission is mandatory for any self-employed individual, company or firm applying for a personal loan.
- Income Proof – As self-employed individuals don’t have salary slips; they need to submit a copy of their latest IT return. Apart from this they also need to submit income computation document, Profit and loss statement certified and audited by a CA. Additionally, they may need to submit proprietorship declaration or partnership declaration or any other proof of business.
Pensioners – If some pensioner wants to apply for a personal loan, following are the documents that he/she needs to submit –
- Identity and Address Proof – This can be in the form of Voter ID, Adhaar ID, PAN card, valid Passport, valid Driving license or a ration card with a photo.
- Age Proof – If you submitted the above documents, you may not have to submit an age proof separately. If required, you can submit a copy of your birth certificate or a school leaving certificate.
- Income Proof – You need to submit details of your employment with your last pension slip. Also, you need to submit your bank account statements for past three months.
Now whichever category you fall, you know what all documents lenders may ask you to submit to apply for a personal loan.