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List of Documents Required for Swift Personal Loan Application Process

posted on 2020-06-04 09:23:30 by Admin

List of Documents Required for Swift Personal Loan Application Process

A personal loan is an unsecured loan to meet the sudden liquidity crunch. Without putting up any collateral, you can get funds for medical emergencies, weddings, home renovation, etc. You can apply for a personal loan online or visit your nearest bank. Nowadays, with the advanced credit writing models, you can get a personal loan approved in 24 hours and disbursal within 2-3 days.

In a personal loan application, you are required to submit important documents for the verification process. So, to get the personal loan quickly, keep these documents ready for the faster approval of the loan.

Personal Loan Documents

For the online process, you are required to have a scanned copy of the original documents. Kindly, do not make any manual changes in the document. The documents for salaried people and self-employed will differ. The complete list has been given below.

Documents Required for Personal Loan (Salaried)

Candidates who are currently working have to submit these documents to get the personal loan.

#1. Identity Proof

For the verification of the Name, date of birth, etc, you need to upload your identity proof. Make sure the identity proof is of the person who is applying for the personal loan. You can upload one of these identity proof for the loan documentation.

  • Driving License
  • Passport
  • Voter ID Card
  • Aadhaar

Read: Covid-19 Personal Loans

#2. Address Proof

The lender asks you to upload the proof of the address proof. In case, your current address is different from the permanent address mentioned on the identity proof, kindly upload proof of both. The valid address proofs are:

  • Utility Bill (Not more than 3 months old)
  • Driving License
  • Passport
  • Voter ID Card
  • Aadhaar

Read: What is Personal Loan Transfer?

#3. Bank Statement

In order to verify the income source of the borrower, lenders ask you to upload a copy of the bank statement. You must upload the bank statement of the same account in which you receive your monthly Salary. You may have to upload the last 3 to 6 months of bank statements.

Also, you need to upload the PDF of the original copy downloaded from the web. You may not be allowed to put the photograph of the bank statement hard copy. So, easy steps to download the bank statements are mentioned below.

  • Visit your bank website and click on “Internet Banking”
  • Then, enter your customer ID and Password to access your account. If you are signing in for the first time, make a new password using your account details.
  • Once you are logged In, you can download the bank statement after selecting the valid duration.
  • The bank statement will be downloaded in the PDF format. You need to upload the same in the application process.

#4. Salary Slips

Along with the income proof, you need to upload the salary slips as well. You may be required to upload 3 to 4 months salary slips for your current organization.

Apart from this, you need a scanned copy of your recent passport size photograph.

Check Out: 5 Ways to Plan Personal Loan EMI Repayment

Documents Required for Personal Loan (Self-Employed)

Candidates who run their own business have to submit these documents to get the personal loan.

#1. KYC Documents

You need to complete your “Know Your Customer” verification by submitting these documents. They are needed to verify your identity, and date of birth.

  • Aadhaar
  • Driving License
  • Passport
  • Voter Id

#2. Proof of Residence

You need to submit the proof of Office, permanent, and temporary address.

  • Leave and License Agreement
  • Utility Bill (not more than 3 months old)
  • Passport

#2. Income Proof

For the income proof, you need to submit the audited financials of the form of the last two years.

#3. Bank Statement

Along with the income proof, you need to submit the last 6-month bank state statements to the lender.

You also need to submit proof of business continuation to the final institution.

Personal Loan Eligibility

Candidates who are applying for the personal loanmust check if they are eligible for the loan. The list of documents varies as per the borrower's employment, age, loan amount, etc.

  • Organization- Employee of selected private limited companies or an employee of public sector companies.
  • Age - Employed candidates between the age of 21-60. This is the general criteria the range may change for different lending institutions.
  • Experience- Total employment for 2 years and a minimum of 1 year with the current employer.
  • Minimum Salary - 15000 and above; the salary range also changes from bank to bank.

Frequently Asked Questions

Q. Which income proof, I need to submit to get a personal loan?

A. You need to submit just these 2 documents. In the online process, you can submit your application with minimal documents ie salary slip and bank statement.

Q. What is the minimum salary required for a personal loan applicant?

A. The minimum salary for personal loans differs from bank to bank. Some have a minimum requirement of INR 50, 000 or some INR 15,000. With Loanadda, you can apply for a loan with a minimum salary of INR 15000.

Q. What is the maximum loan amount that I can apply for?

A. The maximum limit of the loan depends upon the borrower’s income. The banks/NBFC have different plans as per your income. As per your eligibility, you can get a personal loan.

Q. How can I calculate the EMI of the personal loan?

A. While applying for the loan, you must check the EMIthrough an online calculator.

Q. What is the interest rate and processing fee on the loan?

A. The interest rate starts from 11.75%. It may vary as per the banks/NBFCs rate. You must compare different rates before taking the personal loan. The processing fee is generally 2.5% of the loan amount subject to minimum and maximum amount.

Q. What should be the minimum credit score to get the loan?

A. For the safer side, you must have a credit score of 750. However, you can always work to improve your credit score.

To apply for personal loans, home loans, business loans, credit cards, visit Best assistance and guidance is just one call away.