Documents Required for Personal Loan
There is no doubt that a personal loan is easy to access. But still, there are some formalities that you need to do carefully to get your loan approved. A personal loan is very helpful to us in many essences. You can use this amount of loan to fulfil any of your personal need.
Bank would not ask you the reason to use this amount of loan. You are free to use this amount. As the name is suggesting this loan is given to the customers for personal needs, so the amount of loan is not that big, but is much enough to help you in the financial crises.
Besides that personal loan is not that difficult to get because you can apply for a personal loan online too. You can search almost everything about a personal loan online. All the information is available on the internet nowadays.
Every bank has given all about its policies, personal loan eligibility criteria, rates of interest and documentation. Let us know about the basic documents required to get a personal loan.
However personal loan does not require very complex and tedious documentation but still, they need some basic documentation.
- Identity Proof
This is a very basic and first requirement to get a personal loan. If you want to apply for a personal loan it is necessary for you to have some identity proof. Your identity proof can be you, Aadhar Card, your PAN Card, Voter ID Card, Driving License or passport. You can use any of the above.
- Residence Proof
After identity proof, the bank requires your residence proof. The bank needs to know that where are you residing. For this purpose, you can use electricity or water bills of the last six months, Aadhar Card, PAN Card, Voter ID Card or Passport. Besides that, if you are residing somewhere you need a rent agreement.
- Income Proof
Besides all these, you need income proof to show that how much you earn. If you are salaried you need to show the salary slip for the last six months. In case you are self-employed you need to have ITR (Income Tax Report) for the last three years.
Credit Score Impact on Personal Loan APR/Loan Amount
|Credit Score||Best Average APR||Best Average Loan Amount|
Offers vary according to the lender, but the above information may inform what you can expect when you apply for a personal loan. If you wish to find out how much you could end up with a monthly payment, a personal loan EMI calculator can also help you.
Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.