A personal loan can help you to meet a range of financial needs, such as home renovations, weddings, travel or other purchase commitments. However, before applying it is crucial to understand the documents required by private and public-sector banks, NBFCs and digital lenders, as loan applications may not be processed or approved without necessary paperwork.
While documentation requirements may vary slightly across lenders, certain standard documents are commonly required to verify an applicant’s identity, address, income and repayment capacity. For online applications, a borrower is typically asked to upload scanned copies of these documents, while those applying offline is required to submit physical or soft copies. Keeping these documents ready in advance can help ensure a faster loan approval process.
List of documents needed for personal loan approval
Here is the list of some mandatory documents that an individual would need to apply for a personal loan:
- Aadhaar card: A person also needs to submit their aadhaar card and get an aadhaar authentication done. At the time of applying for loan, an OTP is sent to your registered mobile number as part of the process.
Who are eligible to apply for a personal loan?
Different types of lenders may ask for additional documents other than the ones mentioned above. Similarly, eligibility criteria to apply for a personal loan also differs from lender to lender. Here are some common conditions:
