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What are the Documents Required for Personal Loan Application Online

What are the Documents Required for Personal Loan Application Online

A 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
  1. Marksheet or certificate of 10th /12th standard or BE, BCom, BSC etc.
  2. Marksheet of any entrance exam or any career-oriented courses, if any for e.g., Engineering/Medicine/CAT/CET/GRE/ etc.
  3. Scholarship documents (if any)
 
  • Admission Proof
An admission letter of the said institute with institute’s address will be required
 
 
 
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.
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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SimplyCash is managed and operated by Hero FinCorp Limited, and it follows high data and system security standards.

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