Documents Required for Personal Loan

Documents Required for Personal Loan

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A detailed guide on the Personal Loan documents you must submit to get your loan sanctioned successfully.

Key Takeaways

  • Personal Loans help you fulfil your various life aspirations.
  • Banks sanction loans after assessing your eligibility.
  • You can apply for the loan by providing soft copies of your documents.
  • Essential documents required include ID, address, and income proof.
  • Both salaried and self-employed individuals can apply for the loan.

Introduction

Now can get access to funds to fulfil your various life aspirations with the help of a Personal Loan. You no longer need to put your dreams on the back burner and wait until you can save up. Whether you want to buy the latest phone, take off on vacation or plan your dream wedding, you can do it all with a Personal Loan. While you do not have to provide any collateral to avail this loan, you need to check if you are eligible and provide the necessary Personal Loan documents requested by your lender. Here is all you need to know.

Personal Loan Eligibility Criteria

Banks like to ensure that you can repay the loan amount. This is why they measure your eligibility before sanctioning the loan. The essential eligibility criteria for Personal Loans are as under:

  • You should be an Indian citizen.
  • You should be a salaried employee with a reputed organisation or a self-employed individual.
  • You should be in the age group of 22-60 years (at the time of loan maturity).
  • You should be drawing a minimum monthly income of INR 20,000.
  • As a salaried individual, you should be employed with the same organisation for a minimum of two consecutive years.
  • You should have decent credit scores of 700-750 and above.

If you fit into the above eligibility criteria, you can begin the Loan application process, including filling a form and submitting the necessary Personal Loan documents.

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Personal Loan Required Documents

The Personal Loan documents required depend on whether you are a salaried employee or a self-employed individual applying for the loan.

Documents Required From Salaried Employees:

  • A duly filled loan application form, downloadable from the website of the lender.
  • A copy of your ID proof document, e.g., PAN card, Aadhaar, passport, voter's ID, driver's license, or employee ID card.
  • A copy of your address proof document, e.g., Aadhaar, passport, voter's ID, driver's license, or latest utility bills.
  • A copy of your income proof documents such as bank statements of the last three months, last three salary slips and latest Form 16.

Documents Required From Self-Employed Individuals:

  • A duly filled loan application form, downloadable from the website of the lender.
  • A copy of your ID proof document, e.g., PAN card, Aadhaar, passport, voter's ID or driver's license.
  • A copy of your address proof document, e.g., Aadhaar, passport, voter's ID, driver's license, or latest utility bills.
  • A copy of your income proof documents such as the last three months’ bank statements and proof of the latest ITR filed.

If you have the required documents for a Personal Loan, you can apply for the loan online. With online applications, you can provide scanned copies of your documents. Essentially, the bank asks you to give these documents only to complete the eKYC formality, mandatory for all loans.

Conclusion

With digibank by DBS, you can complete your loan application online by providing the required Personal Loan documents. Once the bank verifies your application, it disburses the loan amount directly into your account. Most loans are disbursed within a few hours of application.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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