Documentation Required for Loan Application

When applying for a loan, submitting the correct documentation is a crucial step. It helps the lender verify your identity, income, and ability to repay the loan. While the exact documents may vary based on the type of loan (personal, business, mortgage, etc.) and the lender, the following are commonly required documents:

1. Identity Proof (Any one of the following)

Used to confirm your identity.

  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Driving License

2. Address Proof (Any one of the following)

Used to verify your residential address.

  • Aadhaar Card
  • Utility Bills (Electricity, Water, Gas – not older than 3 months)
  • Rent Agreement
  • Passport
  • Property Tax Receipt

3. Income Proof

To assess your repayment capacity. The required documents depend on whether you are salaried or self-employed:

  • For Salaried Individuals:

    • Latest salary slips (last 3–6 months)
    • Bank statements reflecting salary credits (last 6 months)
    • Form 16 or Income Tax Returns (ITR)

  • For Self-Employed Individuals:

    • Profit and Loss statements and balance sheets (last 2–3 years)
    • Income Tax Returns (ITR) for the last 2–3 years
    • Business registration certificate or GST registration
    • Bank statements for business accounts (last 6–12 months)

4. Employment Proof (For Salaried Applicants)

To confirm your job stability and tenure.

  • Offer Letter or Appointment Letter
  • Work Experience Certificate
  • Employer ID Card

5. Loan-Specific Documents

Depending on the type of loan, you may need to provide additional documents:

  • For Secured Loans (e.g., Mortgage Loan):

    • Property Title Deed or Sale Deed
    • Encumbrance Certificate (to confirm the property is free of legal disputes)
    • Approved Building Plan
    • Property Tax Receipts

  • For Vehicle Loans:

    • Vehicle quotation or proforma invoice from the dealer

  • For Education Loans:

    • Admission letter from the educational institution
    • Fee structure provided by the institution
    • Academic records (marksheets, certificates)

  • For Business Loans:

    • Business registration documents (e.g., GST registration, MSME certificate)
    • Details of business turnover and profitability
    • Existing loan details (if any)

6. Bank Account Statements

Bank statements for the last 6–12 months are generally required to evaluate your financial stability and transaction history.

7. Credit History

Lenders may require your credit report to assess your repayment history and creditworthiness. Some lenders may ask for documentation related to past loans or credit cards.

8. Photographs

  • Recent passport-sized photographs (2–4 copies).

9. Age Proof (Any one of the following)

Used to verify your age for eligibility.

  • Birth Certificate
  • Passport
  • School Leaving Certificate
  • Aadhaar Card