Documentation That You Need to Furnish For a Personal Loan

While applying for a personal loan, you will be asked a few questions about your finances. Indeed, the whole process is quite transparent, efficient and quite easy so that you can easily acknowledge what you are getting and how much you will have to pay. Once you have completed the application, you will be asked to show necessary documents, such as –

Income proof -The lenders might ask you to show any of the following:

• Recent bank statement displaying your last three consecutive income deposits
• Current payslip showing your annual income or last three consecutive payslips
• An original and signed letter from your employer confirming your income details

Current address proof -The lenders can also ask for the confirmation of your current address. You can show any of the following:

• Recent utility bill
• Property sale and purchase agreement 
• Insurance policy document
• Unexpired rental or tenancy agreement 

Banking history - You might need your 3 months banking history including online statements from the last 3 months.

Documents required for the self-employed -

• Applicant’s proof of identity- It might include your voter ID card, passport, pan card or a driving license
• Residence proof-It can be your ration card, passport or utility bill
• Age proof- Your age can be confirmed through Voter ID card, passport, pan card or driving license
• Office address- It can be your property documents, maintenance bills or electricity bills
• Income proof- They will be asked to show latest 2 years income tax returns, which includes income computation and balance sheet.

Documents required for senior citizens -

• Identity proof- They will be asked to show their passport, driving license, Voter ID card or PAN card
• Residential address proof- They can show their license, registered rent agreement or utility bill
• Age proof- Pan card or passport
• Proof of income -They can show their pension returns or bank statement

Thus, you need to keep all your documents handy if you want to successfully apply for personal loan.