Personal Loan as the name suggest is a loan taken by an individual for fulfilling the personal needs that arises at short notice. Personal Loan being an unsecured loan, financial institutes are very cautious to whom they are lending and generally follow very strict procedures in granting such loan.
Personal Loan is normally sanctioned and disbursed within 48 – 72 hours, provided the applicant fulfill all the necessary criteria.
To make sure that the personal loan process is not held up due to non-availability of documents, the applicant must ensure that he provides all the necessary documents to the prospective lender on time. To avail unsecured personal loan, the borrower has to submit basic KYC and income documents along with Application Form duly filled and signed with photographs. They are:-
Proof of Identity (any one)
PAN card / Passport / Driver’s License / Voter ID or Aadhaar card
Proof of Residence (any one)
Latest Telephone Bill / Latest Electricity Bill / Valid passport / Credit Card Statement / Ration card or Aadhaar card
A/c. Statement –
· Statement of bank account for the last six months
· If any previous loan, then Loan A/c. Statement for last 1 year
For salaried individuals:
· Form 16 or IT returns – last 2 years
· Salary slips for last 3 months
· IT returns – last 2 / 3 years
· Audited Balance Sheet & Profit & loss A/c – last 3 years
· Proof of turnover vide latest sales / service tax returns
· Proof of continuity of business (Trade License /Establishment /Sales Tax certificate)
· Office address proof
· Qualification or registration proof required for Self-employed Professionals
Documentary proofs required may vary from customer to customer and the financial institute may ask for more documents, if required.