Key Documents You Should Have While Availing a Personal Loan to Get Approval With Ease!


Availing a personal loan has become easier than ever before. Today, the eligibility criteria are eased, documentation is simplified, disbursal is quickened, and repayment is made automatic. Not to forget that personal loans are unsecured loans which means you do not need collateral. Also, personal loan apps have made financing available at the click of our fingers. With so many perks, a personal loan is undoubtedly one of the most attractive financing tools. However, there are a few key documents that you must cross-check before applying a personal loan to get easy approval.

Every lender has a different application process and eligibility criteria. However, many of them search for the same types of supporting documents. Knowing what kinds of documentation, you could require can help you get ready for the application process and improve your chances of getting accepted. For a streamlined online loan process, you must provide your lender-specific documentation for your personal loan to be accepted. Before deciding whether to make you a loan offer, a lender will examine them. 

To help you out, we have provided a list of the necessary documents requested by your lender, but before we get down to that let us first discuss more what a personal loan is.

What is a Personal Loan?

A personal loan is an unsecured loan for which no collateral or security is required. You can use personal loan funds to address any of your urgent financial needs. The best thing about a personal loan is that it needs less documentation and offers you a flexible payback period for your loan amount. A personal loan’s interest rate may be slightly higher, but this is because, unlike other loans that require security, personal loans are available to you based on your creditworthiness.

Checklist of Personal Loan Documents

Loan Application

Customers may apply for loans from conventional banks or credit unions online or in person. Each lender will have a unique application to start the loan procedure, and each lender’s application may appear somewhat different. The information requested on your initial application is often straightforward and includes your name, address, phone number, and date of birth. 

Identity Proof

The lender will ask you for your identity proof like a driver’s license, passport, Aadhar card, or PAN card to verify your identity. It helps them to figure out whether you are an Indian citizen or permanent resident and whether you are at least 18 years old, aside from obvious reasons like identity theft. They could also want to make sure that your bank account is legitimate and functioning.

Income Proof

Because a personal loan is a collateral-free loan, the lenders have no form of security against the loan. So, for their assurance, the lender asks for income proof to confirm that you have a consistent source of income to repay the loan. The acceptable income for applying for a personal loan is 15,000 per month. The higher your income the higher the chances of you getting a loan at a low rate of interest.

Address proof

The lenders may ask for your Passport, Driver’s License, Ration Card, Utility Bill, and Aadhaar Card for evidence of your address proof. Sometimes online loan providers also use this information to verify residential status. It is very crucial for the lender to know your permanent address for recollection, in case you fail to repay the loan amount.

Documents Necessary for Person Loan Application

When applying for a personal loan, you must submit the following documents with your application. A salaried individual’s personal loan applicant must provide the following documents:

  • Mandatory Documents: Properly filled loan application and a passport-sized photo. 
  • Identity Proof: Aadhaar Card/ Passport/ License/ PAN Card.
  • Job Continuity Proof: Current employer letter of employment and prior employer experience certificate as proof of job continuity.
  • Residential Proof: Passport/ Driver’s License/ Ration Card/ Utility Bill/ Aadhaar Card.
  • Income Proof: Form 16 and a six-month salary slip are acceptable forms as well as a six-month bank account statement.
  • Residential Ownership Proof: Property paperwork, power bills, and maintenance bills. 

A self-employed individual must submit the following paperwork when applying for a personal loan:

  • Mandatory Documents: A filled-out loan application and a passport-sized picture
  • Identity Proof: Passport/ Driver’s License/ PAN Card/ Aadhaar Card 
  • Residential Proof: Passport/ Driver’s License/ Ration Card/ Utility Bill/Aadhaar Card
  • Income Proof: Bank statements from the previous six months and ITRs from the previous two years
  • Office Address Proof: Property/rent agreement/maintenance bill/utility bill/office address documents
  • Job Continuity Proof: Current Employer Letter of Employment and previous employer experience certificate
  • Business Existence Proof: Copy of tax registration, proof of shop establishment, and certificate of company registration 


It is a wrap! This is the list of documents that you should keep handy before applying for an online loan. You can now fill application for your loan and submit the necessary documents via a personal loan app digitally. Keep in mind that the necessary documents for a personal loan are factual different for salaried and self-employed individuals, so have a proper look at the list of documents before you submit them during the loan application process.

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