What are the Documents Required for a Personal Loan

Gone are the days when acquiring a loan was time-consuming. All the products and services are available easily online at just one click then why not personal loans! It is easy to get personal loans with paperless documentation via instant loan apps and websites such as Simply Cash by HeroFinCorp. It is a reliable digital platform to avail personal loans with minimum documents.

Collating bunch of mandatory documents for loan approval is tedious. Instead, go the easy way to an avail instant loan online. Register at the lender’s website/app, fill the loan application form, submit paperless documents using KYC details and wait for real-time verification. On sanction, the loan amount gets credited in the borrower’s account.

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/Utility bills
 
  • 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 the name of the company, a position at workplace, work experience and job stability
 
While submitting these documents, ensure your age eligibility should be between 21-58 years for both salaried and self-employed individuals, with a minimum monthly salary of Rs.15000.
Once the required documents are approved, the loan is disbursed instantly into your accepted bank account.

Income proof is mandatory to verify the credit score that gives information about a person’s capability to repay the loan regularly in EMIs.

The traditional method of submitting loan documents requires a considerable amount of time and patience to organize the originals and photo copied confidential papers. Moreover, the security of personal documents is also at stake if you lose any original copy in transit. Hence, submitting soft copies online is a safe process for loan sanction. Ensure the authenticity of documents. In any way, if the submitted documents are found fake, you may miss the chance of loan approval that will also affect the credit score.

FAQ’s

Q.1 How can I get a loan instantly without documents?

A:Download a personal loan app or visit financial institution’s website to initiate the process of the loan application. Use the e-KYC details that are a part of paperless documentation for instant loan approval. 
 
Q.2 Is any physical documentation required for an online personal loan?

A:No physical documentation is required for an online loan. Just submit your Aadhar number which should be linked to your mobile number or pan card number. No collateral is required in a personal loan.
 
Q.3 What are the documents required for a personal loan?

A: E-KYC documents like Aadhar card / smart card/ driving license/pan card are the mandatory documents for a personal loan. Very minimal documents are required when applying for a personal loan.
 
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