Personal Loan Documents: Must-Haves for the Application Process - Hindustan Times

Personal Loan Documents: Must-Haves for the Application Process

Published on May 29, 2024 07:50 PM IST

When it comes to obtaining a personal loan, the right documentation is the key to a smooth and swift application process.

Personal Loan Documents: Must-Haves for the Application Process
Personal Loan Documents: Must-Haves for the Application Process
ByHT Brand Studio

A personal loan can be used to cover various personal expenses such as medical bills, vacations, further education, weddings, home renovations, debt consolidation, and so on and is usually unsecured in nature. The documentation required by lenders for personal loans varies depending on whether the applicants are salaried, self-employed, NRIs (Non-Resident Indians), or pensioners.

The following is a table of frequent documents required by various types of applicants when applying for a personal loan:

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Document Type

Specific Documents Required

Salaried Employees

Income Proof

Copy of Form 16, last 3 months’ bank statements, salary slips


Identity Proof

PAN card, Aadhar card, voter’s ID card, driving license


Address Proof

Driving license, utility bills, bank statement, Aadhar card


Employment Proof

Job appointment letter, contract, company/HR email ID, official identity card


Residence Ownership Proof

Property documents, maintenance bill, electricity bill of the residence


Investment Proof

(If any) Fixed deposit or mutual fund receipts



Latest coloured passport-size photograph

Self Employed

Income Proof

Latest income tax returns, audited financials of the past 2 years, last 6 months’ bank statements


Identity Proof

PAN card, passport, voter’s ID card, driving license


Address Proof

Passport, Aadhar card, utility bills


Office Address Proof

Incorporation documents, registration certificates, MSME/GST registration document, shop & establishment act certificate


Office Ownership Proof

Maintenance bill, property documents, electricity bill of office


Business Existence Proof

Company registration license, tax registration



Latest coloured passport-size photograph

Tips For Improving Personal Loan Eligibility

Usually, having a good salary and credit score elevates your chances of getting a Personal Loan. In addition, there are several things you may do to speed up the approval process for your loan application.

  • Maintain a good credit score: The higher your credit score, the more your chances are of being eligible for a personal loan. A credit score of 750 or higher from any of the credit bureaus is generally regarded to be healthy. This suggests that you are not only capable of repaying the debt but also willing to do so. The bank considers you a good customer and may accept your loan application more quickly, as well as provide you with a competitive interest rate.
  • Avoid applying for several loans or credit cards: This will lower your credit score because you will be perceived as credit-hungry. As a result, you should only apply for a loan or credit card if you truly need one. If you are perceived as desperate for credit, the bank may take longer to process your application.
  • Do not default on EMIs or postpone credit card repayment: If you have previous loans, make sure you pay the EMIs on time. Similarly, if you use credit cards on a regular basis, always pay off any remaining balances by the deadline. Avoid defaulting on your loan EMIs or credit card balances. This also has an impact on your credit score, which may lower your eligibility for a personal loan.
  • Keep your EMIs in check: All of your existing loan EMIs should not surpass 40% of your take-home earnings. This reveals your repayment capacity, and if the bank believes you cannot afford to repay the Personal Loan, it may deny your loan application. To avoid this, you might modify the loan amount and pay for a portion of it out of pocket. This could help you minimize your EMI payments while also improving your Personal Loan eligibility.

Importance of Documents When Applying for a Personal Loan

Documentation submitted by an applicant is critical in getting quick personal loans accepted, and any discrepancies in the documentation must be remedied in order to avoid complications when submitting a personal loan application.

Another thing to keep in mind is that all lenders, be it traditional banks or new age small finance banks, evaluate the documents presented by applicants. So, while a thorough and correct collection of paperwork may help you acquire your loan faster, a single wrong document may result in the denial of your personal loan application.


When it comes to obtaining a personal loan, the right documentation is the key to a smooth and swift application process. Whether you are a salaried employee, self-employed individual, pensioner, or NRI, preparing and presenting the correct set of documents as per your category ensures that lenders can quickly and accurately assess your application. This not only facilitates faster processing but also enhances your chances of securing favourable loan terms.

For those looking to streamline their personal loan application process even further, Unity Small Finance Bank offers expert guidance and tailored loan solutions. With a focus on customer-centric service, Unity Small Finance Bank ensures a hassle-free loan experience. Take the first step towards securing your personal loan by reaching out to Unity Small Finance Bank today, where financial solutions are designed with your needs in mind.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. The article does not constitute financial advice.

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