Essential Documents Required to Secure a Personal Loan

The success of your personal loan application depends on many factors, including your documents

There are countless ways in which individuals can benefit from personal loans. But to avail of a personal loan, you must present a set of documents that are required when applying for a personal loan. While only a few documents are required, they are mandatory and your application depends on them.

It is best to provide accurate information and documents so that your loan application is quickly processed. Here are the details of the documents required for a personal loan.

Documents required for a personal loan

There are different requirements for an instant personal loan for different people.

Personal loan document list for self-employed individuals (one from each category):

1. Proof of identity

• Passport
• Pan Card
• Driver’s license
• Voter’s ID

2. Address proof

• Passport
• Aadhaar Card
• Ration Card
• Utility Bill

3. Proof of home ownership

• Documents proving ownership
• Utility bills
• House maintenance bills

4. Office address

• Maintenance bill
• Property documents
• Utility bill

5. Proof of ownership of the office

• Maintenance bill
• Property documents
• Electricity bill

6. Proof of the authenticity of the business

• Shop establishment proof

7. Proof of income tax returns or Form 16

8. RBI Approved Account Aggregator Process/ Bank Statement

9. One coloured passport size picture

Personal loan documents list for salaried individuals

1. Proof of Identity

• Passport
• Voter’s ID
• PAN Card
• Driving License
• Aadhar Card

2. Address proof

• Passport
• Aadhar Card
• Utility Bill
• Ration Card
• Driving License

3. Proof of home ownership

• Property documents
• Electricity bill
• Maintenance bill

4. Proof of income

• Salary slips for the last three months along with Form 16
• Bank statement for the previous six months

5. Proof of job stability

• Employment certificate from the current employer
• Certificate of experience
• Appointment letter from the current employer

6. One passport size coloured photograph

Documents required for a personal loan for NRI’s

1. Proof of identity

• Copy of your passport
• Copy of your visa

2. Employment proof

• Appointment letter
• Job contract
• Identity/Labour card (if applicable)
• Official email ID or the HR’s email ID

3. Income proof

• Salary slip
• Bank statements from the last 6 months

4. A recent passport size photograph

Documents required for the best personal loans for retired individuals

1. Proof of identity

• Ration card
• PAN card
• Voter ID card
• Passport
• Driving licence
• School leaving certificate
• Birth certificate

2. Address proof

• Aadhaar card
• Passport
• Ration card
• Utility bills
• Driving licence

3. Income proof

• Aadhaar card
• Passport
• Ration card
• Utility bills
• Driving licence

4. Recent passport size photograph

Some of the best personal loans available in the market today are great for many reasons. They are easy to avail and offer attractive rate of interest, which makes them easy to payback. To avail of these benefits, you must have the right documents required for a personal loan.

Choosing the right bank is equally vital. Metra Trust offers competitive personal loan interest rates and a digital application process. You can get the best personal loans from the comfort of your own home in a hassle-free and paperless manner. Visit the Metra Trust’s website or download our online banking app for the best deals on personal loans.

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Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.