June 24, 2025by Today Finserv0 comments

What documents are needed for a personal loan?

Applying for a personal loan requires submitting specific documents to verify your identity, income, and creditworthiness. Having all the necessary documents ready speeds up approval and improves your chances of getting the loan.

At Today Finserv Consulting India, we guide you through the documentation process to ensure a smooth loan application. Here’s everything you need to know.

Personal Loan Document Checklist

1. Identity Proof (Any One)

  • PAN Card (Mandatory)
  • Aadhaar Card
  • Passport
  • Voter ID
  • Driving License

2. Address Proof (Any One)

  • Aadhaar Card
  • Passport
  • Utility Bills (Electricity/Water/Gas – not older than 3 months)
  • Rental Agreement + Landlord’s NOC (if applicable)

3. Income Proof (Salaried Individuals)

  • Latest 3 months’ salary slips
  • Last 6 months’ bank statements (showing salary credits)
  • Form 16 or ITR (if requested)

4. Income Proof (Self-Employed/Business Owners)

  • Last 2 years’ ITR with computation of income
  • Profit & Loss Statement and Balance Sheet (audited if applicable)
  • Last 6-12 months’ business bank statements
  • GST registration (if applicable)

5. Employment/Business Proof

  • Salaried: Employment certificate or appointment letter
  • Self-Employed: Business registration proof (GST, Shop Act License, etc.)

6. Photographs

  • 2 recent passport-size photographs

Additional Documents (If Required)

  • Loan Agreement (provided by the lender)
  • Property Papers (for secured loans)
  • Co-Applicant’s Documents (if applying jointly)

FAQs: Personal Loan Documents

1. Is PAN card mandatory for a personal loan?

✅ Yes, PAN is compulsory for all loan applications in India.

2. Can I get a loan without salary slips?

🔄 Possible with bank statements showing regular income credits (for salaried) or ITR (for self-employed).

3. Do lenders accept digital copies of documents?

📱 Yes, most banks/NBFCs allow scanned/soft copies for online applications.

4. How recent should bank statements be?

⏳ Last 6 months’ statements are typically required.

5. What if I don’t have a credit history?

📝 Some lenders may approve loans based on income proof, but a co-applicant/guarantor helps.

Tips for Faster Loan Approval

✔ Keep documents updated (no expired IDs)
✔ Ensure bank statements reflect stable income
✔ Check credit score beforehand (CIBIL 650+ preferred)
✔ Apply with a co-applicant (if income is low)

Leave a Comment