What Documents Required for Personal Loan?

Last year, I took out a personal loan from Kotak Mahindra Bank. To know about the process, interest rate, and documents required for personal loan, I called the bank. The executive asked me about the personal loan amount that I was looking for. I told him that the amount I was looking for was beyond Rs. 10 lakhs. 

What is the Personal Loan Documents List?

He told me that the personal loan documents and details for up to Rs. 5 lakhs and Rs. 40 lakhs are slightly different. After that, he told me about the documents and details of both the slabs. 

Documents Needed for Personal Loan Application for Upto Rs. 5 Lakhs

He told me that the collateral for Rs 5 Lakhs loan is Zero, and the interest rate is 10.99% p.a. As for the documents, he asked me to provide the following. 

• PAN Card

• Aadhaar Card

• The last three months' bank statements of the salary account

Documents Required for Personal Loan for Salaried Person Upto Rs. 40 Lakhs

According to what he said, the personal loan interest rate would be the same which is 10.99%. As for the documents, the following are required,

• Identity Proof (PAN Card, Passport, Aadhaar card, or Driving Licence)

• Address Proof (Passport, Aadhaar card, or Driving Licence)

• 2 - 3 Passport Size Photograph

• Bank statement (Last 3 months)

• Salary Slip (Last 3 months)

These are all the documents that are needed for a personal loan application from Kotak Mahindra Bank. I hope this helps. 

Hi Sandhya. Before applying for a personal loan, I looked over the personal loan required documents from several lenders. I found that each lender wants specific documentation to be submitted in order to finish the application process. Some of the documents include identity proof, address proof, proof of income and so on. Read on to get the complete document lists. 

Personal Loan Document List

Depending on the lender and the type of loan you are looking for, the required documents may change. However, most lenders will generally need some standard documents, which I have shared below. 

Documents Need for Personal Loan for Salaried Employees

Personal Loan Documents for Self-Employed Individuals

It is advisable that you inquire with your bank representatives regarding the exact documents needed in order to approve a personal loan based on your eligibility. I hope this helps you get an idea of the list of documents required for personal loan.

Hi Sandhya, I’ve recently applied for a personal loan from the HDFC Bank. To get the loan sanctioned, I was required to submit a few documents. So I can share the personal loan documents list that I was required to submit.

What Documents Needed for Personal Loan?

• Proof of identity and address (passport, voter ID card, driver's license, or Aadhaar card copy)

• Previous three months' bank statement (previous six months' passbook)

• Two most recent pay slips or a current-dated salary certificate along with the most recent Form 16

I also got to know that if you are currently a customer of HDFC Bank and have completed your KYC, there is no documentation required for pre-approved personal loans.

You can receive the funds in 10 seconds without submitting any paperwork if you are already a pre-approved HDFC Bank customer. If you are not a HDFC Bank customer, then you can receive funds in less than four hours with all the required documentation.

Read More:

Hi Buddy,

Do you want to apply for a personal loan and you are quite confused about what documents required for personal loan? Then let me assist you in this, as I am a bank professional and hold a certain amount of knowledge regarding your query.

Individuals can benefit from personal loans as a source of funds. Customers must present a series of documentation when applying for a personal loan, which may differ from lender to lender and depend on whether the applicant is salaried, self-employed, retired, or a non-resident Indian (NRI).

When applying for a personal loan, 

• you must produce your PAN card and evidence of identity ( Aadhaar card, Driving licence, passport, voter ID, etc)

• a bank statement from the previous six months, Proof of address ( Aadhaar card, Driving licence, passport, voter ID, ration card, utility bill)

• You can also send salary slips from the previous three months, income tax returns, or Form 16 if you are a salaried individual

• balance sheet and profit and loss account

• return of income for the preceding two years

• business evidence

• IT assessment

• form 16 A or form 26 AS

As I am working with the State Bank Of India, I would like to brief you about,

The documents you'll need to apply for an SBI personal loan will vary significantly based on the type of loan you're looking for. An SBI personal loan is currently only available to salaried individuals/professionals and retirees. The following is a list of important documents that must be submitted to apply for these unsecured loans:

• Aadhaar Card, Voter ID Card, Passport, Driving Licence, PAN, and other forms of identification are acceptable

• Ration card, utility bills (phone bill, electricity bill, etc. ), bank account statement, sale deed/property purchase agreement (for owned properties), Aadhaar card, passport, PAN card, and so on are all examples of address evidence

• Bank account statements, salary slips, ITR, Form 16, pension order, and so on are examples of income proof.

Depending on the employer, age, and loan purpose, the bank may need extra documentation.

I hope this answer would help you in clarifying your doubt about

what documents required for personal loan.

Read More: