Documents Required for Personal LoanUndoubtedly, applying for personal loans have become easy via online sources. Financial institutions and lenders have upgraded to instant loan apps and credit websites to offer loans easily. However easy it may be, if you don’t have the right set of documents or the eligibility criteria is a mismatch then getting a loan sanction is difficult. Hence, it is important to gain a first-hand knowledge about the required documents for a personal loan. Even experienced borrowers should not assume that the loan application procedures will be the same as before. Know what is new in the personal loan industry, do your homework well and apply for a personal loan online to eliminate all the chances of loan delay or rejection.
Depending upon different lenders, financial companies and NBFCs, the documents, pre-requisites, interest and processing fee differs. But what remains constant is the KYC document of a borrower. Know Your Customer (KYC) is a mandatory process for identity verification of the borrower. An individual’s KYC documents include:
- Aadhar Card
- PAN Card
- Voter’s Card
- Driving License
Besides identity proof documents, income related documents are also submitted for loan approval. Salaried individuals are required to submit their last 6months of salary slips whereas self-employed borrowers are asked for bank statements or IT return papers. This is to verify a borrower’s repayment ability and work stability. As personal loans are unsecured loans without a collateral, lenders are very cautious of the right set of documents to avoid defaulters and fraudsters.
Simply Cash instant loan appby HeroFinCorp brings personal loans with paper less documentation. It is a reliable digital platform to avail personal loans with minimum documents.
Let’s see which paperless documents are required for acquiring a personal loan:
- KYC documents, inclusive of Aadhaar Card, Mobile Number Linked to Aadhar, PAN Card and Bank Account details.
- Address proof on Driving License/ Passport/Voter’s ID
- Account holder’s internet banking information
- Income proof such as salary slips for salaried individuals and financial statements with photographs for self-employed.
- Employee details or business details such as name of the company, position at work place, work experience and job stability
Once the required documents are approved, the loan is disbursed instantly into your registered bank account within 24 hours.
Documents can also differ based on different loan types. For instance, an education loan or a medical loan will require some additional documents:
- Academic documents of the student
- Marksheet or certificate of 10th /12th standard or BE, B.Com, BSC etc.
- Marksheet of any entrance exam or any career-oriented courses, if any for e.g., Engineering/Medicine/CAT/CET/GRE/ etc.
- Scholarship documents (if any)
- Admission Proof
Documents required from co-applicant (if salaried) (parents/sibling/guarantor)
- Address proof
- Identity proof
- Minimum monthly salary in a range of 15,000 or above
- Last 6 months’ salary slip
- Medical certificate of a government/private hospital
- Duly signed and dated hospital bills with detailed particulars
Personal loan apps like Simply Cash have simplified common man’s life by eliminating lengthy paper work that otherwise increased the approval time for loans. No more collation and filing of photo copies required, make the most of paperless personal loans that do not demand any physical documents. Click here to get all the information in one place.