What are the Documents Required for Personal Loan Application OnlineA loan application submitted online demands the right set of documents for a successful approval. These include borrower’s identity proof and income proof in a paperless format when applied for loan through instant loan apps. These basic documents form the base of a borrower’s credibility, financial history and repayment ability. Hence, always submit updated documents with the correct surname, latest address and last 3 to 6 months of income statements.
Whether medical loan, vehicle loan, education loan or consumer durable loan, any of these loans can be easily approved through an online loan process. Here are the mandatory documents required for a personal loan online:
- 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 name of the company, position at work place, 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. 15,000.
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.
Do Documents Differ for Different Kind of Loans?
The KYC documents and income proof remains the same except:
- Academic documents of the student
- Marksheet or certificate of 10th /12th standard or BE, BCom, 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 15000 or above
- Last 6 months salary slip
Is its Safe to Share Personal Documents on an Online Platform?
Personal loans online from a credited company can be trusted with sharing personal information because strict security protocols are applied that keeps your personal data safe.
Financial firms and non-banking financial companies (NBFCs) are making the most of the online platform to simplify the loan application process. Simply Cash is a new age instant loan app by HeroFinCorp, enabling personal loan application without physical documents.
The online document verification has eliminated the need of carrying bulky files and folders, consisting of loan related forms, personal documents and professional papers.
Which is the most important document for loan application?
Aadhar card and PAN card are two mandatory documents for personal loan application online. The process has become hassle-free as a couple of documents serve as a proof for identity, address, age and citizenship.
Eventually, the online process of loan application has surpassed the traditional ways,which would take a long time to process, causing delay in approvals.