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Take a look at the personal loan documents required while applying

Any time you need money in a hurry, personal loans may help. Personal loans, which are easier to obtain than other forms of finance and don’t require any type of collateral, can be a good choice to help you meet your short-term needs. However, if you don’t have the necessary personal loan documents, then the chances are your personal loan application could be denied.

Importance of Personal loan documents

  • Your loan application might be denied if any of the supporting documentation is wrong.
  • Personal loan documents play a major role, and any inaccuracies in the loan documentation must be rectified to prevent any complications when applying for a personal loan.
  • You could receive your loan more quickly if you provide your lender with accurate documentation.
  • Your personal loan documents are assessed by NBFCs and lenders to evaluate your creditworthiness.
  • Thanks to significant technological progress, you might not need to submit a lot of documents when you apply for personal loan.
  • To be safe, have these records on hand in case your lending institution requests further information about your profile.

Documents required to get a personal loan

The lender will check your information online or, if required, physically after receiving the relevant documentation. For instance, the lending institution will appoint an executive to the location supplied for verification if there is a disparity in the residences given for the two distinct documents.

One of the most practical lending options, personal loans are recognized for their minimal paperwork and quick approval. Some of the documents required for personal loan approval include:

Compulsory documents:

  • Properly completed personal loan application
  • A passport-sized picture
  • PAN card 

Income proof for self-employed people:

  • Current account statement over the past six months
  • Income tax returns (ITR) statement for the last two years

Income proof for salaried persons:

  • Statement of pay over the past six months
  • Payslips from the previous six months

Job Verification:

For those who are self-employed:

  • Certificate of Tax Registration, Shop Establishment Certificate, or Business or Firm Registration Licence

For Salaried employees:

  • Letter of appointment and advancement (if any) from the present employee.
  • Experience letters; or letters of resignation from the former employer.

KYC Documentation

  • Identity proof (any one): Aadhaar card, job card from the federal government, a state government, or a public utility, driver’s license, passport, or PAN card.
  • Address Verification (anyone): Aadhaar Card, Electricity Bill, Maintenance Bill, Ration Card, Passport, or Driver’s License.

Criteria for Personal Loan Eligibility

Age:

  • A personal loan can only be obtained by Indian citizens.
  • Between the ages of 21 and 58, you must be to apply for personal loan.
  • Different lending institutions have different maximum and minimum age restrictions.

Income:

  • If your monthly income is at least Rs 15,000, regardless of whether you are employed by a company or work for yourself, you could easily apply for a personal loan.

Occupation:

  • Personal loan without security for self-employed

Owners of established businesses must have been there for at least two years straight.

  • Personal loan without security for salaried

Salaried workers must have spent at least six months working for their current firm.

How do you apply for a personal loan?

To obtain a personal loan, submit an application to your preferred financial institution. Your name, residence, salary, and other pertinent information must be included on the application. Your application would be denied if you provide false information. You must also give your Documentation, like your PAN and Aadhaar card, as well as evidence of income, in addition to the application.

If you need a personal loan, simply apply in person at the office or outlet of your selected financial institution that is closest to you. On the website of the financial institution, you can also submit an online personal loan application.

Offline Personal Loan Application Process:

  1. Go to the local branch or outlet of your desired lender.
  2. Obtain an application for an unsecured personal loan, and complete it with all the necessary details.
  3. Send in the required documentation to prove your name, age, employment, and address.
  4. A financial institution representative will review your documentation to ascertain your qualification and will provide you with a customized loan offer in accordance.
  5. The sum will be deposited into your account as soon as the financial institution is pleased with your application.

Online personal loan application procedure

  1. Visit the website for personal loans on the website of the lender you’ve chosen.
  2. Select “apply now” from the menu.
  3. Complete the online application with the necessary details.
  4. The financial institution will assess your suitability for an unsecured personal loan based on the information you have submitted.
  5. You will be required to send a soft copy of the documents to the loan company after the assessment.
  6. When the lending company is pleased with your documentation, the loan amount will be transferred to your account.

Conclusion

A personal loan may be required for several reasons. With minimal documentation and a short process time, it is an excellent choice for practically all financial needs. If you need money quickly, consider getting a personal loan to meet your objectives without excessive stress and difficulty. Your loan approval might be delayed or denied if you don’t have the necessary paperwork. Having the aforementioned personal loan documents in hand is crucial because of this. Visit the Hero Fincorp website to apply for a 100% paperless personal loan right away! From registration through the loan application, the Hero Fincorp loan procedure is entirely digital and requires no personal interaction at any point. Paperless paperwork is possible with a Hero Fincorp personal loan without a pay stub or bank statement. For E-KYC verification, the only necessary documents are an Aadhar card and a PAN card.

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