Sometimes we might not have enough money to purchase what we desire, whether for ourselves or someone else. In such circumstances, people, businesses, firms, and institutions seek funding from lenders. Even though the procedure is straightforward, getting a personal loan in Patna sanctioned can be difficult if you don’t have the right paperwork or meet the wrong eligibility standards. Therefore, it’s essential to gain first-hand familiarity with the paperwork required for any loan.
The majority of loan applications fall short at this point. Rejection can be caused by several factors, including age, income, bank verifications, and even proof documents that don’t fit the lender’s requirements. When applying for a personal loan in Patna, follow industry developments, perform your research, compile all required documentation, and submit your loan application as soon as possible to eliminate any risk of loan delay or denial.
Various lenders, financial institutions, and non-bank financial institutions have different requirements for documents, interest rates, and processing costs (NBFCs). However, a borrower’s KYC document remains the same. A legal requirement known as “Know Your Customer” (KYC) checks the borrower’s identity. Many personal loan documents are needed for KYC, including your Aadhaar Card, Passport, PAN Card, Driving License, and Voter’s Identity Card.
Documents Required for Personal Loan
When you require emergency cash, a personal loan is your friend in need because it enables you to take care of your urgent financial obligations. If you have the proper documentation ready, all different types of government and private institutions in India offer personal loan facilities.
Lenders often don’t charge a fortune to approve a personal loan; you only need the right documents. Before applying for a personal loan in Patna, it’s crucial to review the required documents and have a set of them on hand because it’s practically impossible to obtain one without them.
List of Documents Needed for Salaried Employees
- Income Proof: Copy of Form 16, most recent three months’ bank statements, salary certificate, or salary slips from the account being credited with the salary.
- A copy of your PAN card, Aadhar card, voter ID card, or driver’s licence serves as identification.
- Address verification: a copy of a driver’s licence, utility bills, a bank statement, or an Aadhar card
- Employment Proof – A copy of the contract or letter appointing you to the position and the company’s or HR’s email address or official ID card.
- Residence ownership proof includes copies of the property’s deed and maintenance and utility bills.
- Investment Proof (if any): A copy of the receipts for mutual funds or fixed deposits
- The most recent coloured passport-size photo.
List of Documents Needed for Self Employed
- Income Proof: Your six months’ bank statements, a copy of your most recent income tax returns, and documentation to support your last two financial years’ audited financials.
- A copy of a PAN card, passport, voter ID card, or driver’s licence serves as identification.
- Address Verification: Copy of passport, Aadhar card, or utility bills
- Office Address Proof: A copy of the business space’s shop & establishment act certificate, incorporation documents, registration certificates, MSME documents, or GST registration documents
- Office Ownership Proof: A copy of the property documentation, the electricity bill, or the maintenance bill.
- Business Existence Proof – A copy of the licence or tax registration for the company.
- The most recent coloured passport-size photo.
List of Documents Required for Pensioners
- Income proof: A copy of a pension statement or bank account statement is proof.
- Identity Proof: a copy of your passport, driver’s licence, voter ID card, PAN card, or Aadhar card.
- Address proof: It can be provided by a copy of a driver’s licence, utility bill, bank statement, or Aadhar card.
- Photographs should be recent, coloured passport photos.
List of Documents Needed for Women
- Income Proof: A copy of the most recent ITR, Form 16, or the last three months’ bank statements for applicants who are self-employed, and a copy of the last two months’ worth of pay stubs or the previous three months’ bank statements for salaried employees.
- A copy of your PAN card, Aadhar card, voter ID card, or driver’s licence serves as identification.
- Address Proof: A copy of the applicant’s driver’s licence, Aadhar card, utility bills, or bank statement in the event of a salaried employee; also, for a self-employed application, a copy of the applicant’s company registration licence or tax registration.
- The most recent coloured passport-size photo.
Conclusion
Personal loan applicants must submit personal loan documents that are accurate for their applications to be granted. If there is any kind of discrepancy in the documentation, it must be fixed in order to avoid complications.
Also, you must remember that lenders give a lot of importance to the documents the applicants submit. Therefore, submitting a complete and accurate set of paperwork could help you get a personal loan in Patna more quickly. Moreover, submitting even one wrong document could cause your personal loan application to be denied.
ALSO READ:
Key Trends In NFT Gaming To Watch Out For In 2023
Tech News Key : How an APK Downloader can Simplify Your Digital Life
