Filled-up personal loan application form:
Please ensure that you fill up the form exactly as required by the bank or NBFC. This form should also have your passport size photograph affixed.
Photo ID proof:
You’re free to use any of the following as your photo identity proof: passport, driving license, voter ID card, aadhaar card or PAN Card. Please ensure that your photograph on the proof is clearly visible and can be easily identified with you. If any of these photo identity proofs has your latest address on it, you could use it as your residence address proof too.
Proof of residence:
You can use either of the following documents as your valid residence address proof: registered rent agreement, passport, utility bill, driving license, aadhaar card or voter ID card. Any of these documents can also double-up as a photo ID proof if it has your clearly visible and identifiable photograph on it. Please note, if you’re using the utility bill copy as your residence proof it should be of up to last 3 months. And registered rent agreement is not the same as notarized rent agreement.
The lender might also ask you to furnish a cancelled cheque for bank account validation.
As evident, these are proofs of any investments you might have made, such as mutual funds, LIC, equity shares, property etc. These can be used as collaterals, giving the lender something to fall back on (in case of default) and to sweeten-up the personal loan deal.
Office address / ownership proof:
Some of the documents that can be submitted in this regard include utility bills, maintenance bills and/or property documents of the office.
Business existence proof:
The business existence proof involves documents like SARAL copy for the last 3 years, company registration document or document of registration under the Shop Establishment Act.
When it comes to self-employed professionals, banks and NBFCs usually ask for last 3 years’ IT returns including all accounts-related documents like P&L statement, balance sheet etc. as income proof. They expect all accounts and income related documents to be duly attested by a Chartered Accountant.
You’d be required to submit last 1 year’s bank statement, both of your personal as well as business account, clearly reflecting the transactions as recorded in your business accounts. These statement/s must also show any EMIs that you’ve been paying towards any outstanding debt.