Documents Required to Apply for Personal Loan

India is rapidly growing in many of the sectors like Information technology, healthcare, construction, Automotive, FMCG and many more. The corporates are rising and the young professionals are growing along with these giants. With the increased number of professionals, the aspirations are on the high rise and so does the need for instant money to cope up with the lifestyle demands.
Individuals find themselves in the urgent need of money during the various crises like a medical emergency, EMIs, bill payments, top-ups and so on. Along with several unplanned events, planned events like buying a new phone or going out on a vacation with your family or any other major good purchases also need financial back-up.
Personal loan app lets you take a loan for multiple reasons within a short period of time. These instant personal loan apps make it very convenient for any user to take a quick loan. The process is quite hassle-free. One has to download the app, register yourself, enter the amount of the personal loan and the desired duration, and submit the essential documents. The app will review your submission and will approve or disapprove your loan. The documentation process of personal loan is very fast as compared to other type of loans.

List of Documents


The documents which are required to submit for a personal loan are very basic and are quite accessible for most of the users. Below is the list of common documents that should be submitted while you apply for personal loan via app:
Proof of Income – Salary slips: You need to be a salaried employee in an organization to be eligible for getting a personal loan. Your company should be a registered one. As an income proof, you will need to submit the salary slips of your current employer i.e.: 3 to 6 months of salary slips to apply for personal loan using loan app.
Proof of Identity – Pan Card: You will need to submit your pan card for the personal loan and it is one of the must-haves.
Proof of Address: You are required to submit your address proof documents for applying for personal loans. Documents like license agreement or utility bill (bills like electricity, Gas, telephone & maintenance) for the past 3 months or passport or Ration card should be good enough.
Proof of Identity: You can present the Unique Identity Proof i.e. Passport, Aadhar card, Driving license, Voters ID as your proof of identity.
Along with these documents your SLQ, that is Social Loan Quotient will be studied too. SLQ is India’s first social behavioural based credit system. It studies your digital footprint which defines how you exist and behave in the social world.
You must be between 23 and 58 years of age, to apply for a personal loan app and you must be a residing citizen of India.
Once the documentation process is done, the personal loan app, within some time reviews your request. As your loan gets approved, the loan amount is then transferred directly to your saving bank account.

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