What are The Documents Required to Get Instant Approval on Personal Loan?

The personal loan

The personal loan market in India is projected to expand at a CAGR of 10% till 2025. These loans have emerged as an essential instrument of financial assistance for individuals coming from different walks of life. 

With no restrictions on the end-use of personal finance, individuals are looking for ways to get approved instantly. To avail an instant personal loan, you can apply with a leading bank or an NBFC in India.

However, they should also know about the personal loan document required. It will help them get such vital documents in order and boost the pace of the approval process further. This article sheds light on the nature of documents that one must possess to avail a personal loan from among various lending institutions. 

Documents required for quick approval on a personal loan 

Individuals should keep the following list of documents handy to benefit from an immediate approval on a personal loan – 

  • KYC documents – KYC or Know Your Customer documents typically include one’s PAN Card, Voter ID Card, and Aadhaar Card. Financial companies ask for an authentic proof of one’s identity before disbursing any personal loan amount. An individual looking for instant personal loan approval should also provide documents such as electricity bill, ration card, or driver’s license. 
  • Employee ID Card – Approval for an instant personal loan is only available to those individuals who have employment in the public or private sector. As a result, the personal loan documents required in this case include the individual’s employee ID card. Apart from that, self-employed borrowers can also present their business document as proof of business continuity. 
  • Salary slips – Lending agencies ask for an applicant’s salary slips to gather an idea about his/her repayment capability. Therefore, one has to produce income related documents in the shape of salary slips for the previous two months. Also, they have the option to submit Form 16 or Income Tax Return (ITR) documents as proof of salary. 
  • Bank account statements – An applicant should additionally possess bank account statements. In most cases, NBFCs accept such statements for the previous three months from the date of application. 

Therefore, individuals should make sure to keep these documents in the proper order to boost their possibility of instant approval for personal finance. It should be noted that the above list is indicative; lenders may ask for additional documents if required during application.  

Before applying, one must check the personal loan interest rate online. Individuals should also compare all the personal loan features and benefits to choose the right lender.

What are the eligibility criteria for personal loans? 

Apart from knowing about the documents required, individuals should also consider certain personal loan eligibility conditions. An applicant should – 

  • Belong within the age bracket of 23 and 55 years. 
  • Have a consistent salary from employment in an MNC or any institution in the public or private sector. 
  • Should be a residing citizen of India

Individuals adhering to such eligibility criteria find it relatively easier to seek approval for personal credit. One can apply for a personal loan up to Rs.25 lakh from financial institutions such as Bajaj Finserv so that you can manage your financial issues.

This company also extends pre-approved offers for existing customers on multiple financial products, including personal loans, business loans and credit cards. Such offers enable an individual to shorten the time required for the approval process significantly. Therefore, you can also check your pre-approved offer by simply providing your name and necessary contact details. 

Apart from personal loan documents required, an applicant should also possess a minimum CIBIL score of 750. A score closer to 900 substantially strengthens their chances of receiving a higher personal loan amount at a competitive interest rate.

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