When you face any emergency, the only way to overcome it is with a sufficient source of funds. Nothing works better than an instant personal loan that credits your account within a few hours. Even if you try to liquidate your investment, it takes a couple of days. However, with an instant personal loan, you don’t need to wait any couple of days as instant approval is given. Personal loans are completely flexible which allows you to make any kind of expense without end usage restriction. It is completely unsecured without any demand for collateral or security. However, the need for eligibility and documentation is very important in a personal loan. Since it is unsecured, loan providers would want to run a background check and validate the entire personal loan documents required.
Therefore, if you are planning for a personal loan in Bangalore you need to make sure that you have all your documentation ready
Documentation for a personal loan
An instant personal loan is an unsecured loan that needs a proper background check and validation of the individual. Starting from personal as well as financial aspects, all the fields and information are verified. Documentation includes identity proof, age proof, address proof, employment, and income proof. Since a personal loan is available to both salaried and self-employed individuals, the documentation will be different for both. Self-employed individuals need to verify their business-related documentation. On the other hand, for salaried individuals, it will be employment verification.
List of documents for salaried individuals
Proof of Identity:- Passport
● Driving License
● Voters ID
● PAN Card
● Aadhaar Card
Proof of Residence:
● Leave and License Agreement
● Utility Bill not more than 3 months old
● Passport
● Latest 3 Months Bank Statement (where salary/income is credited).
● Salary slips for the last 3 months.
● 2 Passport Size photographs.
● Income tax return
● Form 16
● Salary slips
● Employment proof
List of documents for self-employed individuals
Identity proof
● Passport
● Voter’s ID
● PAN Card
● Driving License
● Aadhaar Card
Residence proof
● Passport
● Aadhar Card
● Utility Bill
● Ration Card
● Driving License
Proof of ownership
● Property documents
● Electricity bill
● Maintenance bill
Proof of business
● Tax registration copy
● Company registration license
● Shop establishment proof
Proof of income
● Income tax return
● Profit and loss statement
● Balance sheet
● The current account of last 6 months
● Cash flow statement.
Wrapping up
Get all your personal loan documents required by the loan provider to have a smooth borrowing experience. It will help you meet your instant needs of funds without making it difficult for you.
Read Full: Ways to Get Personal Loans for CIBIL Defaulters
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