Essential Checklist of Documents Required for Personal Loan

Documents Required for a Personal Loan!

Personal loans have become increasingly popular among Indian consumers. They help you to meet your short-term and long-term needs, such as buying a car or house, medical expenses, etc. Fullerton India is one of the leading providers of personal loans in India. It offers various financial products and services to individuals and businesses. Also, you can check online for the lowest personal loan interest rates in India, as various lenders offer different rates. Fullerton India offers flexible repayment options for personal loans to meet your needs. 

Checklist of Personal Loan Requirements

Following are the personal loan requirements or the documents you will need to provide when applying for a personal loan:

Proof of Identity

Submitting proof of identity is crucial while applying for a personal loan. It helps establish your identity and ensure you are who you claim to be. A valid proof of identity is government-issued and contains your photograph and signature. Some of the commonly accepted documents for proof of identity include :

  • Government-issued and contains photograph and signature
  • Aadhaar card
  • Passport
  • Voter ID card
  • Driving licence
  • and PAN card

Proof of Address

Proof of address is also an essential document that needs to be submitted along with your loan application. Verifying your residential address and ensuring you reside in India is required. You can submit any of the following documents as proof of address

  • Utility bills
  • Passport
  • Voter ID card
  • Driving licence

Proof of Income

Proof of Income is a crucial document that lenders require to assess your repayment capacity. It helps them ensure that you have a steady source of Income and can repay the loan on time. You can submit any of the following documents as proof of Income

  • Salary slips
  • Financial statements
  • Income tax returns
  • Form 16

Employment Proof

  • Appointment letter: The first thing that the lender will ask for is your appointment letter. It is a document that confirms your employment with a company and should be submitted along with all other documents.
    You can provide other proof of employment if you do not have an appointment letter. It includes documents such as experience letters or business continuity proof (if applicable).
  • Employer’s ID card: Lenders may also ask for an employer’s ID card along with the appointment letter. It is used to verify their identity before approving any personal loan request.

Financial Statements

Financial statements are one of the most important documents in the personal loan application process. It helps verify your Income and expenses. These are two important factors that help determine whether you qualify for a personal loan.

Your financial statement should show all sources of Income from the last six months. It should also show the following:-

  • Investments or sale proceeds on assets like property etc.
  • Interest earned on fixed deposits and recurring deposits etc.
  • Dividends received from stocks held by you in public companies listed on stock exchanges

Credit Score Report

A credit score report is a document that provides you with information about your creditworthiness. It contains details such as past loan repayments, credit card payments, and other factors. It can affect the amount of money you can borrow.

Financial institutions use credit scores to determine whether or not you’re eligible for certain loans (e.g., personal loans). Therefore, if your credit score is higher, you will be more likely to get approved for a loan at better rates!

Application Form for Loan

It is an application form or a document that contains your personal and financial information. It is a crucial document that needs to be filled out accurately and submitted along with other documents. Ensure you complete the form correctly and double-check all the information before submitting it.

Other Documents

In addition to the documents listed above as the personal loan requirements, you may also be required to submit additional documents. For example, it could include guarantor forms, a PAN card copy, etc. Different lenders have different personal loan requirements. Also, you might have to go offline to get an idea of it.


You must have all the necessary documents to get the best personal loan in India. Without them, your loan application will be rejected, and you will be unable to avail of any financial aid from lenders or NBFCs. 

Frequently Asked Questions

Q1: What documents are typically required for a personal loan application?

A1: The standard documents include proof of identity (such as passport or driver’s license), proof of address (utility bills or rental agreement), and proof of income (salary slips or income tax returns).

Q2: Why is proof of identity necessary for a personal loan?

A2: Lenders need to verify the applicant’s identity to ensure they are lending to the right person and comply with regulatory requirements. This helps in preventing identity theft and fraud.

Q3: What documents can be used as proof of address?

A3: Common documents for proof of address include utility bills (electricity, water, or gas bills), rental agreement, or a voter ID card. The idea is to establish the borrower’s residence.

Q4: Is a good credit score important for a personal loan application?

A4: Yes, a good credit score enhances your chances of loan approval. Lenders use it to assess your creditworthiness. However, some lenders also offer loans for individuals with lower credit scores.

Q5: Can I use my bank statements as proof of income?

A5: Yes, bank statements can be used to demonstrate a regular income. Additionally, salary slips, income tax returns, and employment verification letters are commonly accepted as proof of income.

Q6: What is the significance of the employment verification letter?

A6: An employment verification letter confirms your current employment status, position, and income. It adds credibility to your loan application by providing evidence of a stable income source.

Q7: Are there any specific requirements for self-employed individuals?

A7: Self-employed individuals may need to provide additional documents such as business registration certificates, balance sheets, and profit and loss statements to validate their income.

Q8: Why do lenders require information about existing loans?

A8: Lenders assess your debt-to-income ratio by considering existing loans. This helps them evaluate your ability to manage additional debt and ensures responsible lending practices.


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