Checklist of Documents Required for Personal Loans in India
When you apply for any type of loan, the lending institution asks for certain documents. These documents are required to verify your identity, address, employment, and income proof. The documents required for a loan can vary for different types of loans.
When applying for a Personal Loan in India, lending institutions ask for a set of documents necessary to determine your eligibility and process your loan application.
This article will provide a handy checklist of all the documents you will require to apply for a Personal Loan in India. We will also explain what these documents are and why they are important.
Eligibility Criteria for Personal Loan
Before we get to the documents required, here is the eligibility criteria that applicants should be aware of before applying for a Personal Loan:
- You must be an Indian citizen between 21-58 years
- You should have a minimum salary of INR 20,000 per month
- You should have a minimum work experience of 12 months with six months in the current organization
- You should have an Experian credit score of 630
Personal Loans are lifesavers whenever there is a lack of money for personal expenses. However, your lending institution will verify the documents required for a Personal Loan while processing your application.
Personal Loans are unsecured, so you are not required to provide collateral for the loan. That is why lending institutions are keen on properly verifying your documents before approving the loan.
You can apply for an instant Personal Loan online with new-age lending institutions like Clix Capital, which can offer loans of up to 10 lakhs with minimum documentation and quicker approvals. You should have the digital copies of your documents ready before you apply online for quick referral and cross-checking the entered info.
You should be a salaried professional to apply for a Personal Loan.
Here is the comprehensive checklist of the documents required for a Personal Loan in India:
- Identity Proof: This could be your Passport, voter ID, Aadhaar card, or driver’s license.
- Address Proof: This could be your utility bills, voter ID, Aadhaar card, Passport, or ration card.
- Income Proof: This could be your account statements, salary slips, or Form 16.
If these documents are ready, you can get a Personal Loan without any hassles.
A Personal Loan is a great option to get instant funds from reputable lending institutions like Clix Capital for any requirement. For this, you must have specific documents required to complete the Personal Loan application.
Clix Capital offers instant loans for salaried employees. Their process is completely digital, which makes it hassle-free. So check out their website and apply for the Personal Loan of your choice now!
Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years of experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.