Personal Loan: What are the most important documents you need to apply for one? | Mint

Personal loans: If you apply for a personal loan, it is extremely important to be aware of all the key documents you need to submit. Without submitting the necessary documents, an applicant cannot utilize the loan. However, the choice of documents can differ from bank to bank – the general documents you must submit, however, include the following. If you apply online for a personal loan, you can upload the photo copies of these documents, and if you apply offline, you must submit the soft copies of these documents below. Key documents required for Personal Loan 1. Pan -card: Permanent account number (PAN) is one of the most important documents without which you cannot apply for a personal loan. This is the document that taxpayers need at the time of submission of income tax return (ITR). 2. Salary strips: Other important documents that an applicant needs are the salary strips of the previous three months. It is only to indicate the earnest potential of the borrower. Typically, the salary slips also show proof of the employability of the lender and the current association with the organization. The money shooter also wants to ensure the cash in hand that the employee receives each month. The loan approved is usually a certain multiple monthly salary indicated in the salary slip. 3. Aadhaar: Another important document to submit is the Aadhaar card. The applicant must also do the Aadhaar verification. For this, an OTP will be sent to your registered cellphone number at the time of the loan application. You will be supposed to enter the one -time password as part of the process. Those who are unaware -Aadhaar verification is a process by which the Aadhaar number is verified against the data maintained by the UIDAI’s central database (ie central identities data repository of CIDR) to confirm the identity of an individual. 4. ADVERTISING PROOF: For the proof of address, one can submit the Kieser -ID -Card or the driver’s license or the Aadhaar card. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc.