Documents Required for Personal Loans
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
Beside this, can I get loan without income proof?
Is it possible to get a personal loan for self-employed without income proof? No, without income proof you cannot avail personal loans. You will need to provide bank statements as proof of your income.
Thereof, can I get personal loan on ITR?
Yes, if you have filed ITR for a minimum of 2-3 years, you can get a personal loan on ITR.
Can I use an offer letter as proof of income for personal loan?
If you already have a new job offer but have not yet started, you can apply for a personal loan. Provide your offer letter showing your start date and pay with your application. You should be able to borrow with a longer term and lower payment once you have a job offer.
Does personal loan required documents?
Documents to Apply for a Personal Loan
Identity proof (Passport, PAN card, driving license, voter ID) Signature Proof (Passport, PAN card, etc.) Address proof (Passport, utility bill – gas or electricity bill, voter ID, driving license, ration card, rental agreement, bank statement) 6 months bank statements.
How do you prove income for a loan?
Proof of income received from your job
Pay stubs: Employers may provide you with a pay stub, also known as a pay slip or paycheck stub. You can use this as proof of income, providing details about your employer as well as how much money you made in a given pay period.
How does a bank verify documents?
Most banks require address proof, identity proof, income proof documents, a duly filled loan application form along with passport-size photographs to process a personal loan. Documents Verification Process: The bank takes 1 or 2 days to analyse the documents provided and forwards it to the verification department.
How many payslips do I need for a personal loan?
You’ll need to show us your two most recent payslips, or if you’re self-employed, we’ll need your personal tax return or notice of assessment (less than 18 months old).
What are documents required for loan?
Documents Required for a Personal Loan
Identity proof (copy of passport/voter ID card/driving license/Aadhaar) Address proof (copy of passport/voter ID card/driving license/Aadhaar) Bank statement of previous 3 months (Passbook of previous 6 months.
What are the 4 types of loans?
- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
What are the requirements of a personal loan?
Typical personal loan documentation requirements
- Proof of your identity. First and foremost, you have to prove to lenders that you are who you say you are. …
- Proof of address. …
- Proof of income. …
- Recurring monthly expenses. …
- Your credit score. …
- Your purpose for the personal loan.
What can I use for proof of income?
10 forms of proof of income
- Pay stubs. A pay stub, which most people who work corporate jobs receive at the end of each pay period, is the most common form of proof of income. …
- Bank statements. …
- Tax returns. …
- W2 form. …
- 1099 form. …
- Employer letter. …
- Unemployment documentation. …
- Disability insurance.
What proof of income do you need for a personal loan?
Evidence of income may include recent tax returns, monthly bank statements, pay stubs and signed letters from employers; self-employed applicants can provide tax returns or bank deposits.
Who is eligible for personal loan?
You have to be at least 21 years old when you apply for a loan, and a maximum of 65 years of age, at the time of loan maturity. Select your net monthly income (or yearly profit after tax if you are self-employed). Please note that this amount should be after all tax deductions.