Checklist For A Personal Loan Application

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The actual loan may take a few minutes to process, but planning takes time. However, after you have decided to proceed with your loan application, you will need to acquire specific documents to finish the procedure smoothly and obtain the loan.

Applying online is the most convenient option. Then, after you’ve applied for a personal loan, a bank representative comes to your house to collect your paperwork and verify your information. So, before you begin the process of request for a personal loan, make sure you have the following documents on hand.

Proof of Identity

Your birth certificate, passport, driver’s license, voter identification card, PAN card, or Aadhaar card could all be involved. You can use any of these as confirmation of your identification.

Proof of Address 

This can be anything like Utility bills, passports, bank account statements, passbooks, and Aadhaar cards can all be used as proof of address.

Proof of Employment

Personal loans do not require any security from the bank, but they require proof of income to repay them. You must provide your employment information for this purpose. Your employee identity card and employee visiting card are required as proof of employment.

Duration of Employment

You acquire a job after graduating from college and soon want to buy a car. Unfortunately, an application for such a short-term position will be rejected by the bank. Most banks demand at least a year of job experience.

Work Experience 

In addition to the length of time you’ve worked, the bank wants to know if you’ve been a consistent employee who hasn’t skipped jobs or gone unemployed for long periods of time. Previous employers’ appointment letters will be required.

Credit History

If you’ve ever defaulted on a loan, it might seriously hurt your chances of getting a loan. Banks with whom you have a relationship check your credit history. You’ll also need to show your Form 16 from the previous year and the current year in some circumstances.

Once you’ve applied for a personal loan, you’ll only be approved if all of your documents have been cross-checked, your information has been validated, and the bank is particular that you’ll be able to repay the loan.

The loan is offered to the consumer once all of the requirements have been completed and confirmed all the details. Therefore, as a consumer, you should make every effort to repay the loan as soon as feasible. This not only relieves you of the debt but also helps to maintain a clean credit history.

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