What are the Documents Required to Get a Personal Loan?
When you are in sudden need of a large sum of money, one of the best ways to arrange it is to get a personal loan from a bank or NBFC or a loan aggregator like Buddy Loan. To obtain this loan, one of the most important requirements is to provide some necessary documents.
Buddy Loan helps you to understand the common documents asked by most of the lenders to understand the financial capability of the borrower and to know whether he/she is capable of repaying the loan amount. Besides this, it also helps the lender to understand and verify person details of the borrower such as their name, age, income, employment status, employer details and address. Based on this information, the lender decides whether or not to disburse the loan amount to the application.
Apply instant personal loan online.
Documents Required to Get Personal Loan
Buddy Loan has a wide pool of loan providers like Banks / NBFCs, which require a particular set of documents for a loan applicant to verify their details and assess their financial capability. These documents may differ depending on whether the applicant is a salaried individual or self-employed. Following documents are required from salaried individuals’ application for a personal loan:
- Proof of Identity: Passport / Driving License / PAN Card / Voter ID Card
- Proof of Residence: Passport / Utility Bills / Ration Card
- Income Proof: Form 16 and Salary slips for last 3 months
- Proof of Age: Passport / PAN Card / Driving License / Voter ID Card
- Job Continuity Proof: Current Job Appointment Letter or Current Employment Certificate and Experience Certificate
- Bank Statement: Statement of bank account for the last 6 months
- Sanction Letter and Payment Track Record, in case of existing loans
- Passport size color photo
- Duly Filled Personal Loan Application
If the applicant for the personal loan is a professional or self-employed professional, the lending institution would require the following documents.
- Proof of Identity: Passport / Driving License / PAN Card / Voter ID Card
- Proof of Residence: Passport / Utility Bills / Ration Card
- Proof of Age: Passport / PAN Card / Driving License / Voter ID Card
- Proof of Office Address: Utility Bills / Maintenance Bills / Property Documents
- Proof of Office Ownership: Utility Bills / Maintenance Bills / Property Documents
- Income Proof: Income Tax Returns for the last 2 years including computation.
- Proof of Business Existence: Shop Establishment / Salary Statement for last 3 years
- Passport size color photo
- Duly Filled Personal Loan Application
Get personal loan online via Buddy Loan
Only after submitting the above-mentioned documents, the bank / NBFC can process your loan application and disburse the loan amount. Once the documents are verified, the loan amount is approved. To begin your personal loan application process with Buddy Loan, click here.
Get Personal Loan Online in 3 Easy Steps at Buddy LoanPreviously, personal loans were offered by banks that too in a manual procedure.
Visiting the bank, standing in a queue, going through multiple procedures, excess documentation, difficult application, and then delay in approval were the parts of availing a personal loan.
In recent times, lenders have changed the way of lending completely.
Getting a personal loan online is the new normal.
At Buddy Loan, you can apply for a loan online while enjoying a smooth seamless experience.
Get loan online in three easy steps, check them below -Step 1: Fill Up the Online ApplicationDownload the Buddy Loan application or visit the website where you need to provide your personal information (basic details including age, city, monthly income), employment type (salaried, self-employed, or business professional), and purpose of the loan (medical emergency, wedding, home improvement, education, or others) to process your loan application with ease and convenience.
A personal loan is an unsecured (without collateral) loan that can be used by the borrower for any purpose.
These loans are the most popular kind of loans in the market, as Applying for Personal Loans and their eligibility criteria are very easy-going for borrowers.
Read on to find out about How to apply personal loan Online in India.When can you apply for a personal loan?
Being a multipurpose loan, the borrower can use the amount on:For Home renovation:The borrower can use personal loans to fund the repair and renovation of their residential or even non-residential properties.
They might be limited; meanwhile personal loans can help mitigate the further need for capital while pursuing higher education.Wedding:Indian weddings are massive financial burdens; however, it is the dream of many to have an elaborate wedding celebration.
Personal loans can help mitigate some of the burdens of Indian Wedding finances.Medical Emergencies:While special medical loans exist personal loans are much quicker to obtain in times of emergencies with minimum documents.For Traveling:With the value of the Indian Rupee declining, a trip to foreign locations has become more expensive.
