Back then, when you applied for a personal loan, you had to stand in lengthy queues, fill out pages and pages of documentation, and wait for days before getting approval. However, times have since changed, and many lenders have moved towards giving online personal loans which are processed within minutes on condition that you have the correct documents. This is where this quick guide comes in handy.
Why Documentation Matters More Than You Think
A lender will authorize a loan instantly only if your application is fully completed without mistakes. A single document missing or one mistake in the paperwork may delay your loan for days or even result in denial. This is why knowing what to expect from the paperwork before you begin is helpful.
Personal Loan Eligibility Documents You'll Need
Here's a simple breakdown of the personal loan eligibility documents most banks and NBFCs ask for:
1. Identity Proof
The documents that can be used here include the Aadhaar card, PAN card, passport, or voter ID card. In case of all the documents, the photo-based identity is the one that counts.
2. Address Proof
Address proof can be in the form of utility bills, rent agreement, Aadhaar card, or passport; however, ensure that the document is recent enough and does not exceed three months.
3. Income Proof
Your repayment capability is tested at this stage. For salaried candidates, three months' salary slip and six months' bank statement are needed, while for self-employed candidates, you must have the records of ITR filing, P&L statement, and business bank statement.
4. Employment Proof
Offer letter, employment certificate, and company ID can be taken as proof of your employment.
5. Passport Size Photo
This is an overlooked criterion; however, keep it ready for submission online.
Eligibility Criteria You Should Check First
Even with all documents ready, eligibility still depends on a few basic factors:
- Age: Generally between 21 and 60 years of age
- Income: Minimum monthly income, which changes from lender to lender and city to city
- Credit Score: Having a credit score of more than 700 increases the chances of approval
- Employment History: Salaried individuals must have a minimum employment tenure of six months to one year in their present job
How to Get a Personal Loan Easily in India?
Are you looking for a way on how to get personal loan easily in India? Well, there is nothing complicated about it. Just ensure you have your documents in scanned form in PDF format and that everything is consistent and correct in terms of names and your details and have a good credit rating before applying for a personal loan.
Final Thoughts
Applying for a personal loan instantly online is not very difficult as long as you have the requisite information at your fingertips. Planning and being organized about it helps a lot in getting the work done quickly and efficiently.
If you need some expert advice in this regard, RuleMudra is always ready to assist you.
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