When applying for an instant loan of upto 5 lakh rupees, there are certain essential steps you'll need to follow. One crucial aspect of this process involves preparing the necessary documentation. These documents play an important role in determining your eligibility and helping the lender in assessing your financial stability. While the specific requirements can vary from one financial institution to another, having a comprehensive understanding of the general documents needed for a personal loan will undoubtedly streamline your application process. Let's explore the documentation that lenders might request from applicants seeking a personal loan of up to 5 lakh rupees.
Features of 5 Lakh Personal Loan
● Easy Online Application Process
● No Collateral
● Flexible Repayment Tenure
● Minimal Documentation
● Attractive Interest Rates
● No Hidden Charges and zero foreclosure fees
● No usage Restriction
List of Documents For Personal Loan up to 5 Lakh
Photo Identity
● Passport
● PAN Card
● Voter’s ID
● Aadhar Card
● Driving Licence
Address Proof
● Passport
● Utility Bill (telephone, electricity, water, gas) - less than 2 months old
● Aadhar Card
● Driving Licence
● Ration Card
Income Proof
● Salary Slips (Last 3 months)
● Bank Statement for the last 3 to 6 months
Tax Paid
● IT returns (for 2 years)
● Form 16
Residence Ownership Proof (Any One)
● Property Documents
● Maintenance Bill
● Electricity Bill
Proof of Job Continuity
● Current Employment Certificate
● Appointment Letter from current job
● Experience Certificate
Eligibility Criteria For Personal Loan upto 5 Lakh
To be eligible for a personal loan, specific criteria must be met. These include:
Applicant age
At the time of loan application, the applicant's age must be between 22 and 58 years, which is the maximum age allowed at the time of loan maturity.
Work experience
The applicant must have a minimum work experience of one year with at least two months of stability with the current employer.
Income
The applicant must have a minimum net monthly salary of Rs. 20,000.
Employer category
The applicant should be a full-time employee with a company, private or public limited corporation, or LLP.
Citizenship
Personal loans are only available to Indian citizens.
Credit score
Most lenders require a minimum credit score of 750 or above to be approved for a personal loan. To improve their credit score, individuals should make timely repayments on existing loans, maintain a low credit utilisation ratio, and avoid defaulting on payments.
Meeting these eligibility criteria can increase the likelihood of loan approval and ensure a successful personal loan application.
Conclusion
Being aware of the necessary documentation for securing an instant loan of up to 5 lakh rupees is integral to a successful application process. These documents serve as a means for lenders to assess your financial stability and repayment capability. While the specific documents required might vary among lenders, a consistent theme revolves around providing proof of identity, income, and residence. This information not only streamlines the verification process but also establishes your credibility as a borrower. By ensuring you have these documents ready, you enhance your chances of obtaining the personal loan smoothly and promptly.
An instant personal loan can give you a financial boost in your tough times.
Whether you are a salaried person or self-employed, at certain times you may confront financial crunches.
Yes, a quick & easy personal loan at a reasonable interest rate could be the solution to all your monetary problems.
Being a salaried employee, it can be easier to get the loan approved showing the income proof, but when it comes to a self-employed individual, people believe that it can be difficult to get a loan sanctioned.
Lenders are willing to give loans to self-employed individuals who have their documents ready.
Eligibility Criteria: The borrower should be a resident of India between the age 18 - 65 yearsThe annual turnover or profit has to be 1 lakh or as per the requirement of the lenderThe borrower has to be in the same business for at least 3 years or moreDocuments Required:Proof of age - Birth certificate/passport/PAN cardProof of ID - Voter ID/Passport/Aadhar/PANPhotographsProof of residence - passport/utility billLast 3 months bank statementProof of income - Latest income tax return, the balance sheet of last 2 years, profit/loss certificateCheck with the lender if you need to submit any other documents.
