Documents Required for Personal Loan
|
Documents Required |
Individuals |
Firms, Partnerships |
|
Signed Application Form |
Required |
Required |
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Identity Proof |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
|
Certificate and Proof of Business Existence |
PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI |
|
|
Address Proof |
Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) |
Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
|
Age Proof |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
|
Income Proof |
Last 2 years Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit |
Last 2 years ITR, last 6 months bank account statement |
Quick Guide on Personal Loan
Purpose: Some of the basic purposes for which this loan is granted include vacation or travel, higher education, wedding, medical treatment, credit card payment and many more. Banks specify the purpose for which they are willing to grant this loan.
Key Features:
- Age of the borrower: Loan available for both salaried and self-employed professionals within the age group of 21 and 60 years
- Loan Amount: In the range of ₹ 9,000 to ₹ 75 Lakh.
- Loan Tenure: Can range from 1 to 72 months.
- Interest rates: Personal Loan Interest Rates starting from 10.50%.
- Personal Loan EMI: Lowest EMI of ₹ 2,149 per lakh.
- Work Experience: Up to 3 years of total experience.
- Processing Fees: Up to 2% of loan amount.
- Documents Required: Address Proof, Identity Proof, Income Documents.
Special Schemes: Banks offer customized personal loan interest rates and schemes for salaried borrowers working in government, defense, private or MNC companies. Banks offer personal loan to self employed professionals like Doctors, CA, CS, Architects. Top banks has also launched special loan schemes to pensioners up to an age of 76 years
Personal Loan
Personal loans are unsecured loans available for both salaried and self-employed professionals to help meet their general personal or private expenses that are urgent and immediate in nature. Unsecured loans are loans without any security that can be availed quickly. The rate of interest on personal loans is higher than that on secured loans. There are multiple personal loan providers in India which offer cheap and quick loans. You need a new loan only if:
- You are in the midst of a financial crisis and need immediate funds.
- You do not have a collateral to take a secured loan.
- You do not have time to go through detailed documentation and loan process.
- You need a short term loan of not more than five years.
Benefits of taking a personal loans are : -
- Unsecured in nature with no requirement of collateral or a security
- Fast turnaround with loan approval in as quick as a few hours. Banks now offer instant personal loans as well.
- Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proofs