Know the Documents Required for Personal Loan in India

That is a gone era when you’ve to submit a bunch of documents to get a personal loan from a bank or a financial institution. Now a day, if you’ve a bank account in a given bank where you are applying for a personal loan then you’ll not be asked to submit a lot of documentation. Even, some banks are disbursing paperless loans to its customers.

However, in some circumstances, you may be asked to submit a few documents and these documents differ from bank to bank. If you an existing customer of a given bank and having a salary account with them you may not be asked for a single document, just fill an application form and good to go. Moreover, it totally depends at the discretion of the bank.

Most of the time, a new person with no credit history faces the issues and this happens because of the risk with the individual. If you are a new customer for the bank with no history of loans or line of credit then scrutiny of documents will be higher, a lot of documents will be asked and interest rates will be higher. Again, it totally depends upon the bank.

Documentation for Personal Loan

To get a personal loan, you must be ready with the following documents irrespective of the above conditions. However, you must check the eligibility for personal loan and plan your EMIs with the help of our personal loan EMI calculator.

Personal Loan Documents for Salaried Person

  • Duly filled Loan application form (given by the bank)
  • 3 to 5 recent passport size photographs
  • Age proof (like PAN Card, passport, or 10th Std marks sheet)
  • Address proof (Passport, Aadhaar Card, Driving License, Election Card, or Electricity Bill)
  • ID proof (PAN Card, Aadhaar Card, DL, Election Card, Passport, etc.,)
  • Salary slip or Pay Slip of the last three to Six months
  • Bank statement of the last 6 to 8 months (Salary account statement)
  • Income Tax Returns (ITR) of last two years
  • Employment proof like a letter on an official letter pad from the organization and the employee ID

Personal Loan Documents for Self-Employed Personal

  • KYC Documents: identity proof, address proof, age proof
  • Residence Proof: rental agreement, gas bills, electricity bill not older than three months. If the passport has the permanent address, it can also be provided
  • Personal bank account statement of the last 6 to 8 months
  • Company account bank statement of the latest 6 to 8 months
  • ITR of last three years
  • Office registration documents
  • Proof showing that the business is in existence


Do I need to submit documents for Personal Loans as salaried individual?

Yes, banks may ask for some documentation like ITR of last 2 years, photos, present address proof and employment proof. However, it depends upon the bank and sometimes they give paperless loans.

How long does it take to disburse Personal Loan?

It totally depends upon the bank but generally it takes only 2-3 working days to disburse the personal loan in-case of salaried persons and 7-10 days in-case of self-employed individual. However, pre-approved loans can be disbursed instantly.

What are the KYC documents required for Personal Loan?

Identity proof, age proof and address proofs are required for the KYC verification while applying for a loan.

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