Documents Required when Applying for a Personal Loan

Considering applying for a personal loan? Have you already prepared? Do you know what kind of papers you should gather?

It is impossible to get a personal loan if you don’t have a full package of documents required by a bank. Even if one of the papers is missing, you’ll probably get a negative answer. So, don’t risk. Read the information below and reach a bank 100% prepared.

 

 

 

 

 

 

 

 

 

Let’s have a closer look at what kind of documents you need in order to get a personal loan as fast as possible. The procedure of getting a loan is quite simple and similar for any bank you apply to. You have only to stick to the rules and the requirements provided by it.

3 Important Documents to Get a Personal Loan

In terms of documents, you will need only those which can guarantee that you’re a reliable, responsible person with a stable financial support. So, what you need to get a loan in the short time are:

  • Financial papers. Get salary slips, showing how much you have earned during the last  2-3 months.
  • Bank papers. Get a salary account statement for the last 3 months.
  • Any kind of employment and address proof you have. It may include an ID card, passport, driving license, ration card, telephone landline, utility bill, etc. It is a typical proof of identity, residence, and income. Get a current employment certificate from your job. It will add a higher positive effect to your documents in general. Working for a stable company adds value to the documents too. If you’re a self-employed person, you have to get a little bit different papers. For example, you have to prepare a business existence proof document which is a 2-3 years old salary copy. When it comes to income proof, get the latest 2 or 3 years income tax return. In addition, provide your office address with a property document, maintenance bills, and utility bills.

Conclusion

The most crucial documents for getting a personal loan are those which are based on employment stability or income stability. The longer period of time you have a stable income, the higher chances you have to get a positive answer to your personal loan request. So, keep it in mind. For self-employed professionals, it is about 4-5 years, and for regular employees, it is about 2-3 years.

A personal loan is one of the most flexible and advantageous financial options you can get from a bank. Though it is an easy thing to get, you have to stick to certain rules and gather all needed documents in order to have your application approved. So, read the information provided above one more time and start gathering those needed documents to get a personal loan for shopping, travelling, education, marriage, or whatever you want to as fast as possible.

One Reply to “Documents Required when Applying for a Personal Loan”

  1. John Side says: Reply

    I recently took a small loan, and I needed a minimum of documents, I did not even need a certificate from my place of work

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