Do you need financial help? Medical bills, debt consolidation, buying a car or looking after your loved ones in times of financial emergency, whatever your reason may be, a personal loan can be the solution. But you need to ensure that you have all the documents required for Personal Loan.
You don’t need any collateral to apply for a Personal Loan. There’s also no need for a co-applicant for this. All of this makes it incredibly easy to apply for a Personal Loan.
What are the Documents Needed to Apply for Personal Loan?
Before you apply for a Personal Loan, have a personal loan documents checklist ready. This, along with a good CIBIL score can make the entire application process smooth and easy.
First of all, make sure you have proof of identity. This can include your passport, driver’s license, PAN card and voter card.
The documents required for a Personal Loan also includes proof of residence like a direct letter from the company with signatures included from the HR, ration card, your latest mobile bill, passport, and your driver’s license.
You also need to give the bank financial documents like your salary slips for the last 2 months and bank statements for the last 3 months.
For proof of employment, your employment ID card is enough.
Getting your documents right is just one part of the equation. As complicated it may seem, it’s pretty simple.
Other Requirements To Know About
Just make sure that you’re a salaried person between the age of 25 to 53 years. The minimum salary requirement needed to apply to apply for a personal usually varies from city to city and factors upon mostly the place you live in and the wages paid to employees in that area.
If you meet these general requirements and have a credit score of at least 750, be rest assured your application will be approved instantly.
After that, you should get your funds within a 72-hour time window. You can use an online loan eligibility tool and compare interest rates before you decide to apply for a personal loan.
But even if you’re eligible for a greater quantum of loan, only take what you need. For example, your CIBIL score may allow you to opt for a maximum of Rs.25 lakhs, however, if you plan to pay medical bills for a minor surgery which costs Rs. 2 lakhs, then opt for the Rs. 2 lakhs since it will help your finances and make the repayment process smoother and less taxing. You won’t have to end up paying for any additional amount that you don’t actually need.
Keeping all the necessary documentation handy when you’re applying for a Personal Loan is one of the best ways to get approval. This makes life easier for both you and the bank. The bank also knows that you’re aware of what to do and the responsibilities in paying back the loan. So, they’re more likely to trust you.
Tags: Personal loan online, Personal Loan document, Personal Loan eligibility, online Personal Loan