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Documents Required for Personal Loans for Salaried, Self Employed, NRIs & Pensioners

Updated on: 14 Dec 2021 // 30 min read // Personal Loans
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Documents Required for Personal Loans for Salaried, Self Employed, NRIs & Pensioners

A cash shortfall can strike anytime. Thankfully, a personal loan can meet any financial deficit easily. An individual who is above 18 years of age and has a regular income is eligible for a personal loan in India. All banks and non-banking financial companies operating in India advance such loans. But as personal loans are unsecured loans that are issued without collateral, the borrower must meet the eligibility conditions set by the lender to avail of a personal loan. Eligibility conditions are further validated through corresponding documents. Let’s understand what documents are required for a personal loan:

Documents Required for Personal Loan

The documents required for a personal loan can broadly be classified into four categories:

  • Age Proof – The loan tenure is dependent upon the age of the applicant. The document that validates the applicant’s age is considered age proof.
  • Identity Proof – The list of documents that validate a person’s identity is considered identity proof. The lending company checks the applicant’s identity to reduce their risk of default.
  • Address Proof – The lender has to be certain about the applicant’s residential address before approving a loan. Thus, a series of documents are accepted as address proof. The applicant can submit any one of the address proof as mentioned in the documents required for a personal loan. 
  • Income Proof – The amount of loan that will be approved will depend upon the applicant’s income status. Thus, submission of income proof becomes mandatory to avail of a personal loan. Also, the documents required for a personal loan vary with the job profile of the applicant. Thus, salaried, self-employed, and pensioners have to submit different income proof documents. 

A prospective personal loan borrower is required to submit documents under each category. Every lender has a series of documents that are accepted under each category. Thus, the personal loan borrower must go through the list of documents required for a personal loan of a particular lending company before filing up the loan application form. 

 List of Documents Required for Personal Loan for Salaried Employees

Salaried Individuals

Identity Proof (Any One)

 

  • Aadhar Card
  • Passport
  • Driving License
  • Voters ID Card
  • PAN Card

Address Proof (Any One)

 

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • Lease Agreement
  • Rent Agreement
  • Post-paid mobile phone bill (do not submit a bill more than three months old)
  • Water bill (do not submit a bill more than three months old)
  • Electricity bill (do not submit a bill more than three months old)
  • Landline telephone bill (do not submit a bill more than three months old)
  • Piped gas bill (do not submit a bill more than three months old)
Proof of Age (Any One)
  • Aadhaar Card
  • Passport
  • PAN Card
  • Driving License
PhotographTwo recent, coloured, passport size photographs
Income Proof (All)
  • Latest Salary slip
  • Form No.16, duly authenticated by employer
  • 6-month bank statement in which salary is credited
  • Income Tax Return
  • Appointment letter

List of Documents Required for Personal Loan for Self Employed

Self-Employed Individuals

Identity Proof (Any One)

 

  • Aadhar Card
  • Passport
  • Driving License
  •  Voters ID Card
  • PAN Card

Address Proof (Any One)

 

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • Lease Agreement
  • Rent Agreement
  • Post-paid mobile phone bill (do not submit a bill more than three months old)
  • Water bill (do not submit a bill more than three months old)
  • Electricity bill (do not submit a bill more than three months old)
  • Landline telephone bill (do not submit a bill more than three months old)
  • Piped gas bill (do not submit a bill more than three months old)
  •  
Proof of Age (Any One)
  • Aadhaar Card
  • Passport
  • PAN Card
  • Driving License 
PhotographTwo recent, colour passport size photographs
Income Proof (All)
  • Last three years’ ITRs
  • 6-month bank account statement of Current account
  • Audited financial records like Balance Sheet, Profit and Loss account
Other Documents
  • Certified copy of Academic Degree/License

List of Documents Required for Personal Loan for Pensioners

Pensioners

Identity Proof (Any One)

 

  • Aadhar Card
  • Passport
  • Driving License
  •  Voters ID Card
  • PAN Card

Address Proof (Any One)

 

  • Passport
  • Voter ID Card
  • Driving License
  • Lease Agreement
  • Rent Agreement
  • Water bill (do not submit a bill more than three months old)
  • Electricity bill (do not submit a bill more than three months old)
  • Piped gas bill (do not submit a bill more than three months old)
  • Post-paid mobile phone bill (do not submit a bill more than three months old)
  • Landline telephone bill (do not submit a bill more than three months old)
Proof of Age (Any One)
  • Aadhaar Card
  • Passport
  • PAN Card
  • Driving License

(The pensioner must not be more than 75 years of age)

Photograph2 recent, colour passport size photographs
Income Proof (All)
  • Last 6-month bank account statement in which pension is credited
  • Pensioner’s Portion of PPO in original
  • Authority letter in case of DPDO Pensioners

List of Documents Required for Personal Loan for NRIs

Pensioners

Identity Proof (Any One)

 

  • Aadhar Card
  • Passport
  • Driving License
  • Voters ID Card
  • PAN Card

Address Proof (Any One)

 

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • Lease Agreement
  • Rent Agreement
  • Post-paid mobile phone bill (do not submit a bill more than three months old)
  • Water bill (do not submit a bill more than three months old)
  • Electricity bill (do not submit a bill more than three months old)
  • Landline telephone bill (do not submit a bill more than three months old)
  • Piped gas bill (do not submit a bill more than three months old)
Proof of Age (Any One)
  • Aadhaar Card
  • Passport
  • PAN Card
  • Driving License
Photograph2 recent, colour passport size photographs
Other Documents
  • Copy of Passport
  •  Valid Visa
  • Email ID
Income Proof (All)
  • Bank account statement of all accounts
  • 6-month bank statement  of NRE/ NRO account
  • NRI applicants must have a close relative in India. The resident Indian must be personally present at the time of loan application.

FAQs

✅What are the documents required for a personal loan for NRIs?

Documents required for a personal loan for NRIs are: 

  •  Valid identity proof
  • Valid address proof
  • Age proof
  • Two recent, colour passport size photographs
  •  Copy of Passport
  • Copy of Valid Visa
  • Email ID
  • 6-month bank account statement of all accounts
  • 6-month bank statement  of NRE/ NRO account

✅What are the documents required for a personal loan for pensioners?

Documents required for a personal loan for pensioners are: 

  •  Valid identity proof
  • Valid address proof
  • Age proof. The pensioner must not be more than 75 years of age.
  • Two recent, colour passport size photographs
  • Last 6-month bank account statement in which pension is credited
  • Pensioner’s portion of PPO in original
  • Authority letter in case of DPDO pensioners

✅What are the documents required for a personal loan for a self-employed?

Documents required for a personal loan for self-employed are: 

  •  Valid identity proof
  • Valid address proof
  • Age proof
  • 2 recent, colour passport size photographs
  • Last three years ITRs
  • 6-month bank account statement of Current account
  • Audited financial records like Balance Sheet, Profit and Loss account
  • Certified copy of Academic Degree/License

✅ What are the documents required for a personal loan for salaried employees?

Documents required for a personal loan for salaried employees are: 

  • Valid identity proof
  • Valid address proof
  • Age proof
  • TwoTwo recent, colour passport size photographs
  • Latest salary slip
  • Form No.16, duly authenticated by employer
  • 6-month bank statement in which salary is credited
  • Income Tax Return
  • Appointment letter

✅Which documents are accepted as identity proof for a personal loan?

The following documents are accepted as proof of identity. The personal loan borrower can submit to anyone.

  • Aadhar Card
  • Passport
  • Driving License
  • Voters ID Card
  • PAN Card

✅ Which documents are accepted as address proof for a personal loan?

The following documents are accepted as proof of address. The personal loan applicant must submit anyone.

  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  •  Lease Agreement
  • Rent Agreement
  • Post-paid mobile phone bill (do not submit a bill more than three months old)
  • Water bill (do not submit a bill more than three months old)
  • Electricity bill (do not submit a bill more than three months old)
  • Landline telephone bill (do not submit a bill more than three months old)
  • Piped gas bill (do not submit a bill more than three months old)

✅Which documents are accepted as proof of age for a loan?

The following documents are accepted as proof of age:

  • Aadhaar Card
  • Passport
  • PAN Card
  • Driving License

✅ Can I get a personal loan without documents?

Yes, you can avail of a personal loan without documents from your existing banker, provided all KYC details have already been updated.

✅Is Aadhar Card mandatory for a personal loan?

Aadhar Card is not mandatory for a loan. However, it is accepted as proof of identity, address and age and therefore makes the loan application and processing process easier both for borrower and lender.

✅  Which documents are accepted as valid photo identity proof?

Acceptable photo identity proof for a loan is:

  • Aadhar Card
  • Passport
  • Driving License
  • Voters ID Card
  • PAN Card
  • Official ID card

✅Who is eligible for a personal loan in India?

A personal loan in India can be applied by salaried, self-employed, pensioners and NRIs.

✅ Are NRIs eligible for a personal loan in India?

Yes, certain banks and non-banking consider personal loan applications submitted by NRIs.

✅ Can pensioners apply for a personal loan?

Yes, pensioners can apply for a personal loan. The pensioner must not be more than 75 years of age. The pension account must be with the same bank in which a personal loan application is submitted.

✅Can utility bills be used as address proof for a loan?

Utility bills, namely water bills, electricity bills, piped gas bills, postpaid mobile connection bills and landline telephone bills can be used as address proof for a loan. The utility bill must be in the name of the loan applicant. Also, the utility bill must not be more than three months old.

✅What are the pension documents required by a pensioner for a personal loan?

A pensioner must submit the following pension documents to avail of a personal loan:

  • Last 6-month bank account statement in which pension is credited
  • Pensioner’s portion of PPO in original
  • Authority letter in case of DPDO pensioners