Personal Loan Documents

Eligibility for a Personal Loan includes:

• Employed individuals, including salaried doctors.
• The staff of both public and private limited companies.
• Employees of the government sector, encompassing Public Sector Undertakings and Central and Local government bodies.
• Applicants must be at least 21 years old.
• The maximum age at loan maturity should be 60 years.
• A minimum net monthly income of ₹ 15,000 is required.

Documentation needed for a Personal Loan:

• A completely filled-out loan application form.
• Necessary KYC documents.
• Signed loan agreement and Standing Instruction (SI) Request/ECS Forms.
• Please refer to the links for a detailed loan application and disbursement checklist.

For Salaried

One can verify their details digitally with the help of a seamless process, without any upload of document and without any paperwork. However, keep the digital copies handy, in case it may be required during the process

• Identity verification: PAN card, passport, driving licence or voter ID card
• Residential proof: Current utility bill (within the past 3 months), passport or License Agreement Financial records: Bank statements from the last 3 months
• Income evidence: Salary slips from the previous 3 months
• Photographic identification: Recent passport-sized photographs

Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis.

To know more about personal loan, click here

Tips to Improve Personal Loan eligibility:

Your eligibility for a Personal Loan is generally higher if you are a government employee, or if you are employed with a reputed private firm. Similarly, a high salary and credit score also improve your Personal Loan eligibility. In addition, there are some steps you can take to ensure that your loan application is approved faster.

• Maintain a healthy credit score : The higher your credit score, the higher your Personal Loan eligibility. Typically, a credit score of 750 and above by any of the credit bureaus is considered to be healthy. This indicates that you not only have a high ability to repay the loan, but your willingness to repay is also high. The bank views you as a good customer and may approve your loan application faster and may even offer you a competitive interest rate.
• Avoid applying for multiple loans or credit cards : This will bring down your credit score as you will be seen as credit hungry. Hence, you should apply for a loan or a credit card only if you genuinely need it. If you are seen as someone desperate for credit, the bank may take time to process your application. The due diligence may be more stringent as a Personal Loan is an unsecured loan.
• Do not default on EMIs or delay your credit card repayment : If you have existing loans, make sure the EMIs are paid on time. Similarly, if you use credit cards regularly, always clear the outstanding within the due date. Avoid any kind of default on your loan EMIs or credit card outstanding. This also impacts your credit score, and could thereby, reduce your Personal Loan eligibility.
• Keep your EMIs within a limit : All the EMIs for your existing loans should not exceed 40% of your take-home salary. This indicates your repayment capacity and if the bank feels that you cannot afford to repay the Personal Loan, it may reject your loan application. To avoid this, you could reduce the amount you are seeking as a loan and arrange for part of the funds from your pocket. This could help control your EMI outgo and also improve your Personal Loan eligibility.