List of Key Documents You Must Know While Availing a Personal Loan


A personal loan is a preferred loan option available to meet your monetary shortfalls. This option comes with zero end usage restriction on funds, requires no security, and is generally sanctioned in 2-7 days of the application submission. Personal loan interest rate may range anywhere between 10.75 and 24 percent p.a. However, like employers evaluate your profile and background before selecting you for a job role, lenders also assess your credit score, job profile, monthly income, and documents for approving your loan. Once you meet all the necessary parameters required for personal loan approval, the loan proceeds are sanctioned to your account.

As proper documentation is one of the key parameters factored by lenders to process your personal loan application, discussed here is a list of crucial documents you must keep handy before you apply for a personal loan.

Personal loan documents required for salaried individuals –

Salaried individuals are required to provide the listed documents with a filled up personal loan form. Documents required for a personal loan include:

  • Identity proof: Passport, PAN, voter ID card, driving license and Aadhaar
  • Address proof: PAN, Passport, Aadhaar, utility bills (water, electricity, water, gas etc.) and driving license
  • Residence ownership proof: Maintenance bill, electricity bill and property bill
  • Income proof: Bank statements showing your income credit for the past three months and salary slips of past 3 months
  • Employment proof: Current appointment letter and current employment letter
  • Tax paid: IT returns for 2 years and form 16
  • Investment proof: Shares, fixed assets, fixed deposit etc
  • Existing debts: payment history and sanction letter
  • Passport size photo

Personal loan documents required for pensioners –

A pensioner generally requires providing the below listed documents along with a loan application form for personal loan processing:

  • Age and identity proof: Ration card, voter ID, Aadhaar, PAN, Passport, birth certificate, and driving license
  • Address proof: Driving license, ration card, passport, utility bill and Aadhaar
  • Income proof: Last six months’ bank statement to check the details linked with pension, bank passbook, form 16, pension payment order copy and IT return
  • Passport size photo

Personal loan documents required for self-employed individuals –

Self-employed individuals are required to provide the listed documents along with a filled-up loan application form:

  • Identity proof: Voter ID, passport, PAN, Aadhaar, and driving license
  • Address proof: Passport, Aadhaar, driving license, utility bill, and ration card
  • Ownership proof and office address: Property documents, electricity bill, and maintenance bill
  • Business existence proof: Company registration license, shop establishment proof and GST registration copy
  • Professional degree certificate: Required just in the case of self-employed experts like chartered accountant, doctor, lawyer etc.
  • Income proof: Past 2 years’ IT returns, audited balance sheet and profit and loss accounts including tax audit report, along with income calculation duly attested by a chartered accountant
  • Bank statement: Savings/current bank statement, or passbook record of last 1 year
  • Investment proof: Investments such as fixed deposit, fixed assets, shares etc
  • Any ongoing debts: Past payment history or sanction letter
  • Passport size photo

Ending note

Personal loans being unsecured in nature can be availed to mitigate any personal monetary mismatches like medical expenses, debt consolidation, home renovation, overseas travel, business expansion etc. However, for quick approval, you not just need to meet the important eligibility criteria set by the lender but also must hold the valid documents required for personal loan processing.