Answer By law4u team
For obtaining a personal loan in India, certain key documents are typically required by banks or NBFCs (Non-Banking Financial Companies) to verify your identity, income, residence, and financial stability. These may vary slightly depending on the lender, but the general set is fairly standard. Common Documents Required for a Personal Loan in India: 1. Identity Proof (any one of the following): Aadhaar Card PAN Card Passport Voter ID Driving License 2. Address Proof (any one of the following): Aadhaar Card Utility Bill (Electricity, Water, Gas – recent) Rent Agreement (registered) Passport Ration Card Bank Passbook with address 3. Income Proof: For Salaried Individuals: Last 3 to 6 months' salary slips Last 3 to 6 months’ bank statements (showing salary credit) Form 16 or Income Tax Return (ITR) (may be optional depending on the lender) For Self-Employed Individuals: Last 2 to 3 years’ ITRs with computation of income Balance sheet and Profit & Loss account (CA certified) Business registration certificate or GST registration Last 6 months’ bank statements 4. Photographs: Recent passport-sized photographs (usually 2) 5. PAN Card: Mandatory for all loan applications as per RBI guidelines for financial transactions. 6. Loan Application Form: Duly filled and signed application form provided by the lender. Additional Documents (if applicable): Existing loan documents (if you have other loans) Employment ID card (for salaried applicants) Proof of business continuity (for self-employed) Note: Lenders may also check your credit score (CIBIL) during the loan process. A good score (usually 700+) improves your chances of approval. Digital KYC & Instant Loans: Some fintech companies and banks also offer digital personal loans, where documents are uploaded online, and KYC is completed through Aadhaar-based eKYC. In such cases, minimal paperwork is required, and approval can be faster.