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A personal loan is offered to customers by many banks and Non-Banking Financial Companies (NBFCs). The requirements can slightly vary from lender to lender and thus you must always cross check with your own lender as to what is needed to apply for a personal loan.
In general, the documents needed are:
1 ID proof (Aadhar card, Driving licence or Passport)
2 Address proof
3 Income proof
4 Passport size photograph
5 Bank statement for about 6 months
6 Income proof (Pay slips)
7 PAN card
8 Form 16 (For self-employed individuals)
9 Income Tax Returns (For self-employed individuals)
For senior citizens, the documents needed are:
1 Identity proof (Passport, Driver’s license, Voter ID, PAN)
2 Address proof (Driver’s license, Registered Rent Agreement, Utility Bill)
3 Passport size photograph
4 Age proof
5 Income proof (Pension returns or bank statements)
Eligibility criteria:
• Must be a salaried employee or self-employed individual/professional
• Must be aged between 21 years and 60 years
• Must be able to provide proof of stable income and employment history
• Must have a good credit score and borrowing history
• Must have a good relationship with the bank
As a personal loan is an unsecured loan, it is essential that you have a good credit score and credit history before applying. Since the risk factor is very high for the lender in case of a personal loan, your credit score is essential as they check your creditworthiness based on this to sanction a loan. If you have no credit score, you should first build your score through small score builder loans or credit card before applying. If you have a poor credit score, you might need to provide a guarantor for a personal loan or improve your own credit score before applying.