Documents Required for Loans for Salaried, Self Employed & Pensioners.
A cash shortage might occur at any time. Fortunately, a Loan may quickly cover any cash shortfall. Loan in India is available to anybody above the age of 18 who has a regular source of income. Such loans are made available by all banks and non-banking financial institutions in India. However, because loans are unsecured loans with no collateral, the applicant must fulfil the lender’s eligibility requirements in order to obtain a loan. Eligibility criteria are checked further by appropriate documentation. Let’s go over the paperwork needed for a loan:
Documents Require for Loan
Whenever Person requires loan, they need mainly four types of documents:
- Age proof : The loan term is determined by the applicant’s age. Age proof is the paperwork that proves the applicant’s age.
- Identity Verification : Identification evidence is a set of papers that validates a person’s identification. To lower the danger of default, the lending business verifies the applicant’s identification.
- Address Proof : Before accepting a loan, the lender must be aware about the applicant’s residence address. As a result, a number of papers are acceptable as address verification. Any of the address proofs listed in the documentation necessary for a loan might be submitted by the applicant.
- Income Proof : The amount of the loan that will be authorised is determined by the applicant’s financial situation. As a result, submitting evidence of income is now required in order to get a any loan. Furthermore, the documentation necessary for a loan differ depending on the applicant’s employment profile. As a result, salaried, self-employed, and pensioners must produce various income verification documentation.
Each category requires a prospective loan borrower to submit papers. Each lender has a set of documents that they accept in each category. Thus, before submitting the loan application form, the loan borrower must review the list of papers necessary for a loan from a certain lending firm.
List of Documents Required for Loan for Salaried Employees
| Salaried Individuals | |
| Identity Proof (Any One) |
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| Address Proof (Any One) |
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| Proof of Age (Any One) |
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| Photograph | Two recent, coloured, passport size photographs |
| Income Proof (All) |
|
List of Documents Required for Loan for Self Employed
| Self-Employed Individuals | |
| Identity Proof (Any One) |
|
| Address Proof (Any One) |
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| Proof of Age (Any One) |
|
| Photograph | Two recent, colour passport size photographs |
| Income Proof (All) |
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| Other Documents |
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List of Documents Required for Loan for Pensioners
| Pensioners | |
Identity Proof (Any One) |
|
Address Proof (Any One) |
|
| Proof of Age (Any One) |
NOTE : “The pensioner must not be more than 75 years of age.” |
| Photograph | 2 recent, colour passport size photographs |
| Income Proof (All) |
|
