Personal Loan Eligibility Criteria

We talked about the personal loan being easy to process and requires little to none documentation up above. Well largely that’s the case with personal loans, they don’t require a bunch of documents like other housing or mortgage loans. But as things stand, you’d still need to furnish a few documents and be able to pass their eligibility criteria. Personal loan can be sought by any Indian national or citizen working either in salaried, self-employed or professional capacity. The loan comes with no collateral and hence requires the borrower to be of little risk. Here’s what you should possess-

  • The ability to repay the personal loan within the specified period with distinctive employment service or sufficient business to back off with.
  • The applicant should either be earning the stipulated amount of repayment amount or the minimum salary as per the case.
  • The loan seeking applicant must be part of the age group as mentioned in the lender’s guidelines and loan terms.
  • The applicant should have a well-to-do credit history with good credit score, something that matches with the lending company’s guidelines.
  • As is the case, the applicant should have cleared any existing loans on his behalf or have a strong financial endurance to ward off additional loans or debts.

Documents Required for Personal Loan

With that eligibility criterion passed onto, it was time we provided the know-how on the documents required to avail personal loan. Let’s head down for it-

  1. The loan application form filled out and duly signed.
  2. Recent Passport sized photo of the applicant attached with the form.
  3. Identity Proof (Any one of below)
    • Aadhaar Card.
    • Voter’s ID Card.
    • Driver’s License.
    • Passport.
    • Ration Card.
    • Employer Issued ID Card.
    • PAN Card.
  4. Address Proof (Any one of below)
    • Passport.
    • Recent Utility Bills.
    • Bank Passbook.
    • Ration Card.
    • Voter’s ID.
  5. Residence Proof (Any one of below)
    • Documents relating to property ownership.
    • Maintenance Bill.
    • Recent Utility Bill.
  6. Office Ownership Proof (Only for Self-Employed or Businessman)
    • Sales Deed or Executed Agreement.
    • Company Registration License.
    • Tax Registration.
  7. Income Proof
    • For Salaried Employee.
    • Latest copy of salary slip or salary certificate something ranging between 3-6 months’ time or as required by the lender company.
    • A copy of appointment letter or an employment certificate along with this proof.
    • Statement depicting last three months’ statement for salary account.
    • For Self-Employed Personals.
    • Bank Statement for the past 1 year.
    • A certified computation of income, P/L Statement and Balance Sheet by a C.A.
    • A statement showcasing last six months of all bank accounts held by you.
  8. Tax Payment Proof
    • Form 16 and Income Tax Return (ITR) copy for the last two years.
    • An acknowledged copy of ITR as proof for a turnover.
  9. Added Documents
    • For Salaried Employees.
    • Certificate of Job Continuation or current employment certificate.
    • For Self-Employed or Businessman.
    • Professional Degree Certificate in case of professional.