What are the Documents and Eligibilty Criteria for Personal Loan?

personal loan

Personal loans are a great way to raise money for your short-term needs at reasonable rates. Their main attraction is the freedom you get on how you want to spend this money. Normally you only need a few documents to apply for a personal loan. It is important to note that the documents required for salaried and non-salaried documents may differ depending on the lender.

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Eligibility Criteria

Here is a general Eligibility criterion that most lenders may follow to evaluate their borrowers. Please note that the eligibility criteria may vary depending on the lender you choose.

  1. Indian National
  2. Between 21 and 60 years of age
  3. 750+ CIBIL Score
  4. Minimum Salary Criteria (if employed)
  5. Minimum years of business existence (for Business owners)

Simply search for an online personal loan eligibility calculator for self-employed candidates to see the maximum amount you might be able to acquire based on your income and current monthly obligations. You can choose a tenure using a personal loan EMI calculator so that the EMI payment is within your price range.

What are the documents required for a personal loan?

Please note that the documents required may vary depending on the lender you choose. Here is a list of general documents you may require irrespective of your employment status:

  • PAN Card
  • Identity Proof (Aadhaar Card, Driving licence, Passport, Voter ID, etc.)
  • Signature Proof (Passport, PAN card, etc.)
  • Address proof (Passport copy, Aadhaar card, driving licence, utility bill – gas or electricity
  • bill, Voter ID, ration card, rent agreement, etc.)
  • Bank statements of the past 6 months.

Additional documents for salaried borrowers are:

  • Salary slips for the last three months
  • Income tax returns OR form 16
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Additional documents for business owners:

  • Business proof (License, registration certificate, GST number)
  • Balance sheet and profit and loss account, income computation for the last 2 years
  • IT Assessment OR Clearance Certificate
  • Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR
  • Income Tax Returns for the last 2 years