A personal loan in India can be the fastest cash solution for an individual in financial need. Taking a personal loan is easy and in a few simple steps, you can complete the application process. Now, the loans are available online which makes them even faster and more transparent borrowing options. Taking personal loan documentation is a mandatory procedure. These documents prove the personal information provided by you during the application.
The required documents may vary from lender to lender apart from a few mandatory ones that every provider will take. The list of these documents is as follows-
Identity Proof: With identity proof, the lender checks your age and citizenship status along with ensuring safety from any identity theft. Apart from it following are the documents you can provide as identity proof:
- Aadhar card
- Driver’s license
- State-issued ID
- Certificate of citizenship
- Birth certificate
Address Proof: Besides the address proof helps to know the residential status it’s useful for communication. At other lenders, you can provide any of the following documents as address proof:
- Utility bill
- Lease or rental agreement
- Mortgage statement
- Proof of insurance on your home, lease/rental, or vehicle
- Voter registration card
- Property tax receipt
- Bank or credit card statement
Banks Details: Bank details are necessary for credit transfer once your personal loan is approved. This also helps in evaluating your financial status along with your credit health. For credit pull as well the bank details are important. With a Bank statement, the lenders can observe this before approving your personal loan.
Income proof: Income proof tells two things; the Status of the income whether stable or not and secondly it’s the indicator of your financial position as well. Since the income of the borrower helps in deciding the quantum of loan to be given, income proof is crucial in documentation while taking a personal loan.
Photograph: One or two passport-size photographs are required to take the personal loan. While you are taking a personal loan online a few lenders may accept a selfie to upload as well.
For taking a personal loan going online is the best way as it saves time and provides instant cash support. Many banks and NBFCs are now present online that extend personal loans to people from various sectors. FlexSalary is one such online lender that extends a personal loan in form of a line of credit exclusively to salaried professionals. At FlexSalary you can get a personal loan based on only the mandatory documents that you can upload using its mobile Flexsalary app or the website. Following is the list of documents that are required at FlexSalary for taking the personal loan:
- Aadhar card
- PAN card
- Salary slip
- Bank Statement
- 1 passport-sized photograph
Besides the documentation is minimal and online at FlexSalary, it’s also online in verification that is completed through online KYC.
FlexSalary gives a personal loan to salaried professionals with relaxed eligibility criteria that are open for people with a salary of Rs.8k/M. Here, the repayment of the credit is also smooth because no fixed EMIs are mandatory and you can pay back your dues in variable installments. Renewal of the credit limit is also easy here which is possible even with part repayment. FlexSalary applies a reasonable rate of interest with no hidden charges and being a line of credit interest is applied only when the credit is used.