Thinking of applying for a personal loan? Here is an easy checklist to save your time.
Financial emergencies can be real downers, leaving most of us wondering if there is somebody that could help us. Reaching out to friends regarding a favor is one such solution. However, not all of us have such support. Taking a personal loan can be a real savior in such cases. What’s more, online platforms like 5nance have made the process of availing a personal loan so much easier and simpler. All you need to do to apply is to upload your documents and we will take care of the rest.
Without any fuss, here is a checklist of documents required for a personal loan application:
First of all, there are some common documents that need to be attached while applying for a personal loan, irrespective of your age, employment type or bank that you’re applying to:
1. Complete Loan Application Form (to be provided by Bank/NBFC to which you wish to apply)
2. One Passport size colored photograph
3. PAN Card copy
4. Permanent Residence Address proof
5. Current Address Proof (if different from permanent residence)
6. Salary Slips of the last 3 months
7. Bank Statements – the last 6 Months
Checklist of documents required for salaried individuals:
1. Complete loan application form
2. One passport size photograph
3. A valid government-generated identity proof
- PAN Card along with any one of the following:
- Aadhaar Card
- Voter ID
- Passport
- Driving License
4. Permanent Residence Proof (Any one of the following)
- Passport
- Aadhaar Card
- Ration Card
5. Residence Ownership Proof (Any one of the following)
- Property Documents
- Utility Bill
- Maintenance Bill
6. Current Residence Proof (Any one of the following)
- Utility Bill
- Registered Rent Agreement
7. Age Proof (Any one of the following)
- Voter ID
- Driving License
- Passport
- PAN Card
8. Income, Job Continuity, and Financial Stability Proof
- Bank Statements of the last 6 months
- Latest 3 months’ salary slips
- Form 16
Checklist of documents required for self-employed and business individuals:
Self-employed individuals need to submit a few additional documents along with the common documents: complete application form, one passport size photograph, photo identity proof, age proof, investment proof, permanent and current residence proof (as described in the salaried individuals section above). These documents are:
1. Office Address and Ownership Proof (Any one of the following)
- Property Documents, if any
- Maintenance Bill, if any
- Utility Bill
2. Business Existence Proof (Any one of the following)
- Tax Registration Copy
- Company Registration License
- Saral Copy of upto 3 years
- Shop Establishment Certificate
3. Income Proof (Any one of the following)
- Latest 2 years ITR including computation of income
- Profit and Loss Account
- Balance Sheet
- Audit Report
4. Financial Stability Proof
- Bank statements of the latest financial year for both current and savings accounts
5. Investment Proof, if any
- Fixed Deposits
- Shares
- Fixed Assets
Getting a personal loan is not as complicated as it seems, especially with the customer-oriented, paperless, and seamless procedure with 5nance. You also get to compare various offers from different lenders in one place with interest rates as low as 10%*. Now check and choose from the best options available for you. For any queries or clarifications, get in touch with Team 5nance.
