Do you need personal finance or a loan for a holiday, wedding or to pay for a medical emergency? If you’re planning on applying for a Personal Loan to fund these expenses, you’re on the right track. Applying Online for a Personal Loan is the perfect way to avoid hassles of a conventional loan experience. To make this process even easier, make sure that all your Personal Loan documents are in order. Here’s an exhaustive checklist of documents to keep in mind while applying for a Personal Loan.
Documents Required for Personal Loan
- Check Your Eligibility
Before you set out to check all boxes for documentation, check your eligibility. The Eligibility Criteria and Documents for a Personal Loan in India vary from company to company. For instance, Bajaj Finserv offers loans based on the salary of working professionals, their age (should be between 25-58 years) and the city they live in.
- Income Details
When your salary serves as the only security against a loan, income details acquire even more sanctity. Companies like Bajaj Finserv have introduced a Personal Loan that requires no guarantee or collateral. In fact, they charge a Personal Loan Interest Rate starting from as low as 16%. Many financiers require salary slips for the last 6 months but with Bajaj Finserv, salary slips for the last 3 months are sufficient.
- Employment Proof
Check for the below to prove that you are a working professional:
Employee ID Card
Employee Visiting Card
- Work Experience Documents
Depending on your financier, the requisite work experience documents may vary. Companies like Bajaj Finserv require basic documents like the ones listed below:
Appointment Letter of current and previous employment
Form 16 of current and previous employment
Promotion letters, Transfer letters and Confirmation letters
- Identity Proof
To prove that you are the original person who is applying for the loan, provide any of the below:
- Address Proof
You will also be expected to confirm the originality of your house address. This can be made possible by furnishing any of the below documents:
Current Telephone Bill
Current Electricity Bill
Bajaj Finserv provides an additional choice of address proof, that is, a letter from your employer confirming your address of residence. This has to be further verified by the HR or Admin department.
- Signature Proof
This can be offered by any of the below documents:
While completing formalities for loan documentation, it pays to maintain a checklist. If you’ve got all your documents in order, the loan application process is an absolute cakewalk!
You can apply for a Personal Loan online from Bajaj Finserv up to Rs. 25 Lakh and repay it at your ease by opting for tenures ranging from 24 months to 60 months.You can also use the Personal Loan EMI Calculator to know how much EMI you will have to pay for your Personal Loan.