Applying for a personal loan? If so, you need to prepare your loan application to avoid rejection. While you are working on meeting eligibility criteria, you must not forget your documents. Documentation is one of the vital steps in a personal loan application. It is vital to arrange all the original copies of documents as required by the loan provider. Without all the documents, you will not be able to do a personal loan apply. Therefore, in order to apply for a loan, you need to have all the basic loan documents. Here are all the personal loan documents required that you need to have.
What is
the documentation?
Documentation is the complete process of running a background check and validating all the details and information about an individual. Various aspects of an individual are checked and considered for an instant personal loan online approval. The documentation process is different for salaried and self-employed individuals. The documentation is done along with the application process. Incomplete documentation leads to a loan rejection or cancellation of the loan request. Therefore, it is important to confirm the documentation for an easy personal loan application process.
Identification
with a photograph
● Passport
● PAN Card
● Driving License
● Voters' ID Card
● Ration Card
Residence
Proof
● Electricity Bill
● Ration Card
● Telephone Bill
● Employment Letter
● Passbook
● Addressed bank statement
Documents
Proving Your Age
● PAN card
● Passport
● Birth certificate
● Driving licence
● Bank passbook
● 10th-grade mark sheet
Income
proof and other documents
● Statement of bank accounts
● Two passport-size photographs
● Passbook statement for the last 6 months
● Liability statement
● Personal assets
● Property documents
● Salary certificate
● Signature verification
● Form 16
● Income tax returns
● An advance income tax payment
● Proof of business
● Employment proof
● Salary slips
With
digital platforms, documentation is kept to a minimum
The best reason for choosing digital platforms is the minimal documentation. While banks would require you to be physically present for documentation, digital platforms offer instant and online documentation. When you apply through a digital platform or NBFC, you need to scan all the original documents and then upload them along with the online personal loan application form. The documentation process offered by digital platforms is very minimal. There are personal loans available just with a Pan card and an Aadhaar card.
More Read: What is a personal loan and its types?
Apply to
Clix Capital!
Documentation is an important part of the personal loan application process. When you apply for an instant personal loan online, it is important to use a personal loan calculator. Make sure you meet the eligibility and have all the required documents.
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