Before applying for a personal loan, there are several kinds of documents required to be submitted to the lending institution as evidence and to support the reason behind taking a personal loan.
Several important pieces of documentation must normally be sent to the lender when you apply for a personal loan. You may need to give different documentation that varies depending on the lender and the sort of loans you are applying for, however in general you should be ready to do the following:
- A government-issued ID, such as a passport or driver’s licence, may be used as identification.
- Proof of income: To prove your income and capacity to repay the loan, you might be asked to submit recent pay stubs or tax filings.
- Lenders may need documentation of your employment, such as a letter from your company outlining your position, compensation, and duration of service.
- Financial statements: To demonstrate your financial health and history, you can be asked to present recent bank statements.
- Credit history: To evaluate your ability to repay it and set the terms of the loan, the lender will probably want to look over your credit rating and credit scores.
Other financial details, depending on the circumstances of the lender, you can also be required to disclose details regarding your assets, debts, and other financial commitments. It’s a good idea to confirm the specific documents you’ll need to submit for finishing your loan application with the lender in advance.
List of Documents
- For Salaries individuals
- Income documentation may take the form of a copy of Form 16, bank statements from the previous three months, a salary certificate, or pay stubs from the account to which the salary is being credited.
- A copy of your PAN card, Aadhar card, voter ID card, or driver’s license serves as identification.
- a copy of a driver’s license, utility bills, a bank statement, or an Aadhar card
- An official identity card or a copy of the contract or letter appointing you to the position serves as proof of your employment.
- Proof of residence ownership includes a copy of the deed, the maintenance bill, and the electricity bill.
- Investment Proof (if any): A copy of the receipts for mutual funds or fixed deposits
- The most recent colored passport-size photo.
- For Self-Employed individuals
- Income verification includes your most recent bank statements, a copy of your most recent income tax filings, and the documentation for your most recent two audited financial statements.
- A copy of a PAN card, passport, voter ID card, or driver’s license serves as identification.
- Copy of a passport, Aadhar card, or utility bill as address verification
- Office Address Proof: A copy of the business space’s shop & establishment act certificate, incorporation documents, registration certificates, MSME documents, or GST documents.
- A copy of a maintenance bill, real estate paperwork, or an office electrical bill might serve as proof of ownership.
- Company Existence Evidence – A copy of the license or tax registration for the company.
- The most recent colored passport-size photo.
The above are the major and primary documents to submit if you are applying for a personal loan. If you are going on with Fibe personal loan app then the documents required are;
- a Pan Card
- Verification of Address
- A copy of your ID
- Salary Slip for the Past Three Months (PDF) – Not Required for Every Customer
Fibe is the most easy-to-use app for personal use with minimal paperwork and documentation so surely you can go ahead with Fibe.
