A detailed guide on the Personal Loan documents you must submit to get your loan sanctioned successfully.
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.
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:
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.
The Personal Loan documents required depend on whether you are a salaried employee or a self-employed individual applying for the loan.
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.
With DBS Bank, 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 savings 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.
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.