Documents Required for Personal Loan
There is no doubt that a personal loan is easy to access. But still, there are some formalities that you need to do carefully to get your loan approved. A personal loan is beneficial to us in many essences. You can use this amount of loan to fulfil any of your personal needs.
Bank would not ask you the reason to use this amount of loan. Therefore, you are free to use this amount. As the name suggests, this loan is given to the customers for personal needs, so the loan amount is not that big, but it is enough to help you in the financial crises.
A personal loan is not that difficult to obtain because you can apply for a personal loan online. You can search almost everything about a personal loan online. All the information is available on the internet nowadays.
Every bank has given all about its policies, personal loan eligibility criteria, interest rates, and documentation. So let us know about the essential documents required to get a personal loan.
However, a personal loan does not require very complex and tedious documentation, but they still need some essential documentation.
The Documents Required for Personal Loan are :
- Identity Proof: If you want to apply for a personal loan, you must have some identity proof. Your identity proof can be you, Aadhar Card, PAN Card, Voter ID Card, Driving License or passport. You can use any of the above.
- Residence Proof: The bank also requires your residence proof. The bank needs to know that where are you residing. For this purpose, you can use electricity or water bills of the last six months, Aadhar Card, PAN Card, Voter ID Card or Passport. Besides that, if you are residing somewhere, you need a rent agreement.
- Income Proof: You need income proof to show that how much you earn. If you are salaried, you need to show the salary slip for the last six months. If you are self-employed, you need to have ITR (Income Tax Report) for the last three years.
Credit Score Impact on Personal Loan APR/Loan Amount
Credit Score Best Average APR Best Average Loan Amount
| Credit Score | Best Average APR | Best Average Loan Amount |
|---|---|---|
| 760+ | 10% | Rs. 14,67,067 |
| 720-759 | 12% | Rs. 13,22,023 |
| 680-719 | 18% | Rs. 10,13,695 |
| 640-679 | 24% | Rs. 8,37,445 |
Offers vary according to the lender, but the above information may inform what you expect when applying for a personal loan. If you wish to find out how much you could end up with a monthly payment, a personal loan EMI calculator can also help you.
Apply for your Personal Loan online with Dialabank
Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.
