Do You Need a Personal Loan? Have These Documents When Applying

Kizzy D. Blount
What Documents Are Required For A Personal Loan? | Bankrate

Personal loans have fast-forwarded the availability of emergency funding. Today, personal loans have simplified eligibility requirements, and minimal paperwork and are accessible through multiple platforms. Whether you want to avail the advance in person, apply for the loan through a lender website, or seek funding through a personal loan app, the choices are myriad. 

Apart from the ease of applying for these loans, personal loans come with the feature of unrestricted end-use. That means you can use this loan amount for medical emergencies, home furnishing, higher education, travel, wedding expenses, and more. The perks of personal loans also include simplified documentation. You can easily apply for instant personal loans through online apps and get the finances approved within a few minutes of application.

However, you must make sure to keep all documents ready before applying for the advance. It ensures streamlined loan processing with fast-tracked approval for quick financing of your instant personal loan. Let us find out in detail about the list of documents you need to submit for availing the loan.

Documents Required for Instant Personal Loan Application

You may submit the documents required for your personal loan either online or in hard copy through the doorstep document collection facility that some lenders provide. When applying for an online loan through a personal loan app, documentation is completed instantly through digital copy submission, thus further fast-tracking the loan application processing.

Below is the list of documents you would need to submit to avail an instant personal loan with ease.

1. PAN card for identification of your PAN and linking it to the loan account if generated post-approval. The PAN card also helps lenders assess past transactions related to the borrower, thus helping identify their financial standing.

2. Aadhaar card for generating an OTP to your mobile number linked to the Aadhaar. Alternatively, you can also submit your Smart Card Driving License if available, for OTP generation to your linked mobile number.

3. Photo identity proof, which shall carry your photograph, name, age, and gender explicitly mentioned for the purpose of recording. Usually, a PAN card also serves as proof of individual identity.

4. Address proof, can be any one document from a list of valid documents like an Aadhaar card, voter ID card, driving license, passport, ration card, etc.

5. Bank account statements for the past 6 months, detailing the income receipt from declared sources.

6. Salary slips for the last 6 months issued by the employer in the case of salaried individuals.

7. ITR filed for the last 1 or 2 years, as applicable, for self-employed individuals.

This list of documents is only indicative, and the borrower may need to provide additional documents if asked for by the lender as per their borrowing profile. Before applying for an instant personal loan, it is best to enquire with your lender regarding the detailed paperwork requirements and arrange the documents accordingly. Submit them online for improved chances of the fast approval.

Not only documents but the borrowing individual also needs to take care of the minimum eligibility requirements that the lender asks to fulfil for this online loan. So, it is best to take a quick look at the usual requirements that lenders put in for the approval of these personal loans.

Minimum Eligibility Requirements for Instant Personal Loans

Personal loans are available to both salaried and self-employed individuals today and come with simple eligibility requirements for both. Below mentioned are the minimum requirements you may be asked to meet when availing an instant personal loan from these lending institutions or loan apps.

– Age limit: The minimum age requirement for availing a personal loan is 21 years and the maximum can go up to 58 years. It is applicable to both self-employed and salaried individuals.

– Occupational stability: The individual must be working either as a salaried employee or as a self-employed individual for not less than 6 months to avail funding.

– Minimum monthly income requirement: Individuals applying for a personal loan also need to hold a minimum monthly income to prove their financial stability when applying. The minimum monthly income threshold that you can get the advance for is Rs.15,000, which is commonly required by reputed NBFCs.

Further, even though lenders may not require you to meet the minimum credit score requirement for instant personal loans of mid-ticket value, up to Rs.1.5 Lakh, it is ideal that you check your credit score before applying. 

To conclude

When applying for an instant personal loan, you must make sure to have filled up the application form for the advance accurately and recheck for any errors before sending. Attach soft copies of the documents needed and submit them. With all eligibility and paperwork requirements in place, you are likely to receive approval for the advance within the next few minutes.

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