WHAT ARE THE DOCUMENTS REQUIRED FOR PERSONAL LOAN FOR SALARIED PERSON?

Before applying for any type of loan. Anyone should must know about the required documents for that loan application. In this post, you shall know “What are the documents required for personal loan for salaried person?”

A personal loan is the most popular loan/tool to fulfill different types of financial requirements. It provides many flexibilities. That means it can be provided for many purposes like weddings, consolidating debts, or enjoying a vacation.

It is an unsecured loan so you need not put any collateral. This loan is provided on the basis of your salary/income. When you Apply for Personal Loan you need to submit some mandatory documents.

This article is going to inform you about ‘What are the required documents for personal loan for salaried person?’. As documents required for a personal loan for a salaried person change from bank to bank. In this, we are going to tell all banks what documents they want for personal loans.

LIST FOR — WHAT ARE THE DOCUMENTS REQUIRED FOR PERSONAL LOAN FOR SALARIED PERSON?

1. PHOTOGRAPH
2. PROOF OF PHOTO IDENTITY
3. PROOF OF RESIDENCE
4. PROOF OF OWNERSHIP OF RESIDENCE
5. PROOF OF INCOME
6. PROOF OF JOB CONTINUITY
7. PROOF OF INVESTMENT( IF INVESTED IN FD OR FIXED ASSETS)

If you go through the name of documents that are required for a Personal Loan for a salaried person. These are –

1. PHOTO
2. AADHAR CARD
3. PAN CARD
4. RENT AGREEMENT IF RENTED.
5. IF NOT RENTED THEN ADDRESS PROOF (ELECTRICITY BILL).
6. LAST 3–6 MONTHS SALARY SLIP (3 MONTHS TO 6 MONTHS VARY FROM BANK TO BANK).
7. LAST 3–6 MONTH BANKING (3 MONTHS TO 6 MONTHS VARY FROM BANK TO BANK).
8. INCOME TAX RETURNS OR FORM 16.

REASONS FOR REQUIRED DOCUMENTS

1)-PAN CARD- All the running loans and all financial details are related to PAN CARD. All loans, and credit card details are given on cibil which becomes generated on PAN NUMBER. This is the reason PAN CARD is mandatory to apply for any type of loan.

2)-PROOF OF PHOTO IDENTITY- This document is required to get acknowledgment that the given photo belongs to you. You can use any one of the given documents as photo identity proof — Aadhaar Card, Driving license, Passport, or Voter ID.

3)-PROOF OF RESIDENCE- This document is used to verify your address. This shows the given address belongs to you. Any one of the following documents can be used as address proof- Ration Card, Gas Bill, Electricity Bill, Passport, Aadhar Card, or Driving Licence. Generally, Ration Card, Gas Bill, or Electricity Bill is used for it. If you are rented then the Rent agreement can also be used as address proof.

4)-PROOF OF OWNERSHIP OF RESIDENCE- If the present address belongs to you then sometimes you need to prove that you or your family(father, mother, wife, brother) is the owner of that residential property. For this bank can ask for — Property documents, an Electricity bill(named on someone who belongs to your family) or a maintenance bill.

5)-PROOF OF INCOME- A personal loan is an unsecured loan. So it is provided on the basis of income/salary. As you are salaried so you need to provide your last three months’ salary slip also Form 16. If you just joined a new company then you need to give a joining letter/offer letter and recent salary slip(minimum 1).

NOTE- If you have any other/side income like rented income then it can also be considered as income. For that, you have to give proof of that income.

You can check Why choose us for a personal loan?

• BANK STATEMENT- You have to provide the last 6-month bank account statement where your salary is being credited. This shows that really you are getting paid and working in that company.
• PROOF OF JOB CONTINUITY- This gives a full verification that you are working for a long time. Because this loan is on behalf of your job so it is a must that you are working for the past few years which gives a solid point that you are going to work for a long time as you are experienced in this field. For this bank can ask for — Employment certificate from the current employer, a certificate of experience, or an appointment letter from the current company.
• PROOF OF INVESTMENT- The investment that is giving you some profit or confirms will give you profit in the future also gives a positive point for your loan approval. These assets are like –Fixed assets or fixed deposits (going to give you profit).
• PHOTO- A color photograph is required for your loan application.

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