Documents Required for Personal Loan

"Applying for a personal loan? Here is what you will need: essential KYC documents required for personal loans. Get the funds you need hassle-free."

Documents Required for Personal Loan

4 mins read

Published: 18 October 2023

Updated: 6 November 2023

When you are thinking of applying for a personal loan, then it is wiser to know the documents required for a personal loan. The reason behind the same is that the personal loan application will be smoother and you will get quick approval for a personal loan. Get personal loan documents handy and apply for personal loans online or offline. A personal loan is an unsecured loan hence, it does not require any collateral that shall be presented in the bank.

A personal loan can become a helping hand for you in minimizing the financial difficulties of your life. A loan if taken wisely can be a cure for all the financial issues that are making you stuck in your life. The article below will explain the documents needed for a personal loan to make the process of a loan easy. Let's start with the article, and read it carefully to understand the personal loan KYC documents and other documents that are set by the lender to get the personal loan approved.

List of Documents Required for Personal Loan

1. Proof of Identity

The initial step that the lender the borrower is to prove the identity. To prove the identity of individuals there are certain sets of documents that you require to submit to apply for a personal loan. Mentioned below are the personal loan KYC documents that you need while filing your personal loan application.

a. Aadhar Card: It is the basic identification card that is issued by the government it includes your biometric and demographic details. It's widely accepted as proof of identity for financial transactions in India.

b. Passport: Generally not all people have a passport. A passport is considered one of the most reliable forms of identification. It's an internationally recognized document and is accepted by most lending institutions in India.

c. Voter ID: A voter ID Card serves a dual purpose, it proves your identity and also proves that you are 18+ of age. The document is issued by the Election Commission of India. It includes your photograph and address.

2. Proof of Address

Lenders ask for valid residential proof for proceeding with the application for a personal loan in India. As a residential proof of a person, the following documents are commonly accepted.

a. Utility Bills: Electricity bills, water bills, or gas bills in your name can serve as proof of your address.

b. Rent Agreement: You must provide a notarized rent agreement for a suitable address proof if a borrower is a tenant.

c. Driving License: A valid driving license is accepted by many lenders as proof of your address.

3. Proof of Income

Proving that you are financially stable is one of the foremost demands of the borrower. Make sure that you have the ability to repay the loan. For this, lenders typically require:

a. Salary Slips: The latest salary slips (usually the last three months) can provide a clear picture of your income.

b. Bank Statements: Bank statements for the last six months shall be submitted it show your financial habits, income, and expenses.

c. Income Tax Returns (ITR): The income tax returns of a borrower for the last three years can help lenders assess your financial history.

d. Form 16: If you're a salaried employee, your Form 16 is essential. It provides an overview of your earnings and the tax deducted at source.

4. Employment and Business Documents

Lenders also can ask for documents related to the employment or business, depending on your source of income:

a. Employment Letter: A salaried employee should submit an employment letter can confirm your job status, salary, and tenure.

b. Business Registration Documents: For a self-employed individual or a business owner, documents like a business registration certificate, balance sheets, and profit and loss statements may be needed.

c. Shop and Establishment Certificate: In the case of a sole proprietorship business, this certificate is essential.

5. Credit Score Report

A credit score is a significant factor in determining loan eligibility. A credit report can be obtained from credit bureaus like CIBIL, Equifax, or Experian. It's advisable to review your credit report and ensure it's error-free before applying for a loan.

6. Passport-sized Photographs

A borrower needs a few passport-sized photographs for the loan application, and some lenders may ask for additional photographs as well.

7. Loan Application Form

A personal loan application can either be submitted online or offline. This form will capture essential details about your personal and financial background, the loan amount, and the purpose of the loan.

8. Additional Documents

Depending on the type of loan that a lender is applying for, there are certain additional documents that you need to submit to file online or offline personal loans. Here are some additional documents that might be requested:

a. Collateral Documents: If you're applying for a secured personal loan, documents related to the collateral, such as property papers or vehicle registration, may be needed.

b. Guarantor Documents: In certain cases, lenders may ask for guarantor documents, including proof of identity, address, and financial stability of the guarantor.

c. Other Loan-related Documents: If you have existing loans or credit cards, documents related to those loans or cards may be required.


When applying for a personal loan, it's crucial to have all the required documents in order to streamline the process and improve your chances of approval. Each lender may have specific document requirements, so it's advisable to check with your chosen financial institution for a comprehensive list. Remember that a well-prepared application with all the necessary documents can significantly expedite the approval process, enabling you to meet your financial goals with ease. My Mudra is one such organization that is helping people choose the right lender and get a personal loan. The difficult process of personal loans has become easier with My Mudra. Apply for a loan and get it approved with ease from the lender.

Also read: Get your Personal Loan Approved with a Low CIBIL Score

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