Many people apply for personal loans, but applications often get rejected. However, having these 7 documents can ensure quick and easy personal loan approval.
Many people in India take out personal loans for various expenses like education, vehicle purchases, and emergency medical bills. Numerous private banks and financial institutions offer these loans, often attracting borrowers with low interest rates and EMIs.
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How to Get a Personal Loan
7 Key Documents
Applying for a personal loan through mobile apps of private financial institutions is easy. Register by entering your mobile number on the app or website and entering the OTP. Then, provide your name, address, and other information.
After providing basic information, you'll need to submit 7 key documents for loan approval.
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How to Apply for a Personal Loan
Key Documents for a Personal Loan:
Salary Slip
Lenders assess your repayment capacity using your last three months' salary slips to estimate your cash flow. If your company doesn't provide salary slips, submit your bank statements for the last three months.
PAN Card
A PAN card is mandatory for all personal loan applications, serving as a crucial document for income tax-related transactions.
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Personal Loan Details
Aadhaar Card
Your Aadhaar number is required for personal loan applications, acting as both address and identity proof.
Employment Letter
Some institutions may ask for employment documents like an ID card and appointment letter.
Salary Increment Letter
Lenders might request your latest salary increment letter, even if you've provided your appointment letter and salary slips.
Guarantor Details
Providing details of a guarantor, such as a parent or sibling, is often essential.
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Personal Loan Credit Score
Credit Score
While not a document, your credit score is crucial for personal loan approval. It reflects your creditworthiness and repayment history. Lenders check your credit score before approving a loan.
