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Standard Documents Required For Personal Loans
For taking personal loans in India, the borrower is required to furnish various documents that include proof of identity, address proof, bank statements of last three months at least and latest salary slips. Lenders charge up to a maximum 2% of the loan amount as loan process fee. Usually, lenders do not charge many additional fees on these loans.
The following are the eligibility norms that an applicant must satisfy and the documents that he needs to submit to avail personal finance.
1. For Salaried Individuals: Eligibility Criteria
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 60 years
- Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization
- Minimum Net Monthly Income: Rs. 7,000 p.m (Rs. 6,000 in select cities)
Documents Required
- Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
- Address Proof (Ration card Tel/Electricity Bill/ Rental agreement. / Passport copy/Trade licence /Est./Sales Tax certificate)
- Bank Statements (latest 3 months bank statement / 6 months bank passbook)
- Latest salary slip or current dated salary certificate with latest Form 16
2. For Self employed
- Eligibility Criteria
- Minimum age of Applicant: 25 years (Professionals), 21 years (Individuals)
- Maximum age of Applicant at loan maturity: 65 years
- Years in business: Minimum 3 years in current business and 5 years total business experience
- Minimum Annual Income: Rs 60000 p.a. taxable income for Doctors and CAs, Rs. 1,00,000 p.a. for others
Documents required
- Age Proof (Passport Copy/Voters ID card/Driving Licence).
- Identity Proof (Passport Copy/Voters ID card/Driving Licence).
- Address Proof (Ration card Tel/electricity bill/ Rental agreement. / Passport copy/Trade licence /Est./Sales Tax certificate).
- Bank Statements(latest 6 months bank statement /passbook)
- Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
- Qualification proof of the highest professional degree
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