Personal Loan · Guide
Documents required for a personal loan
Most personal loans are approved on five to seven documents. Have them ready, matching and readable before you apply, and disbursal can happen within a day or two; a missing page or a name mismatch is the most common cause of delay. This checklist covers what salaried and self-employed applicants need, what each document proves, and the papers you receive and sign after approval.
By FinancePaisa Editorial Team · Research & editorialUpdated · 5 min read
On this page (8 sections)
Checklist by applicant type
| Document | Salaried | Self-employed professional | Self-employed business |
|---|---|---|---|
| PAN | Yes | Yes | Yes (and business PAN if a firm) |
| Aadhaar or other address proof | Yes | Yes | Yes |
| Photograph | Usually captured in-app | Usually captured in-app | Usually captured in-app |
| Salary slips | Last 3 months | — | — |
| Bank statements | 6 months, salary account | 6–12 months | 6–12 months, current account |
| Form 16 / ITR | For larger amounts | Last 2–3 years with computation | Last 2–3 years with computation |
| Proof of practice or business | — | Professional registration (e.g. ICAI, medical council) | GST registration, Udyam or shop licence |
| Audited financials | — | If income is above the audit limit | Profit and loss and balance sheet |
PAN
- Salaried
- Yes
- Self-employed professional
- Yes
- Self-employed business
- Yes (and business PAN if a firm)
Aadhaar or other address proof
- Salaried
- Yes
- Self-employed professional
- Yes
- Self-employed business
- Yes
Photograph
- Salaried
- Usually captured in-app
- Self-employed professional
- Usually captured in-app
- Self-employed business
- Usually captured in-app
Salary slips
- Salaried
- Last 3 months
- Self-employed professional
- —
- Self-employed business
- —
Bank statements
- Salaried
- 6 months, salary account
- Self-employed professional
- 6–12 months
- Self-employed business
- 6–12 months, current account
Form 16 / ITR
- Salaried
- For larger amounts
- Self-employed professional
- Last 2–3 years with computation
- Self-employed business
- Last 2–3 years with computation
Proof of practice or business
- Salaried
- —
- Self-employed professional
- Professional registration (e.g. ICAI, medical council)
- Self-employed business
- GST registration, Udyam or shop licence
Audited financials
- Salaried
- —
- Self-employed professional
- If income is above the audit limit
- Self-employed business
- Profit and loss and balance sheet
What each document proves
- PAN: your identity for tax and credit purposes. The lender uses it to pull your credit report.
- Aadhaar: identity and address, verified through an OTP-based e-KYC. You can mask the first eight digits when sharing a copy.
- Salary slips: your gross and net pay and your employer. Lenders look at net pay after deductions, which is what FOIR is applied to.
- Bank statements: that the salary actually arrives, plus your existing EMIs, bounced payments and spending pattern. Statements often reveal EMIs you forgot to mention.
- ITR: income for the self-employed, and stability over two or three years. Lenders look at income after expenses, not turnover.
- Business proof: that the business exists and has been running for the required period.
Mistakes that delay approval
- Name or date-of-birth mismatch between PAN, Aadhaar and bank records. Fix it with the issuing authority before you apply.
- Password-protected or cropped bank statement PDFs. Upload the full statement from net banking, with the password if the lender asks.
- Salary paid in cash or into a different account from the one you share. The lender cannot see the income.
- An ITR filed late or not verified, or one that shows a much lower income than you claim.
- An old address on Aadhaar. Update it online first, or provide another officially valid address proof.
Digital journeys and Account Aggregators
Many banks now run fully digital applications. If you hold a salary or savings account with the lender, it already sees your income and balances, so PAN and an Aadhaar OTP may be all it asks for. Other lenders may ask for consent to fetch your bank statements through an Account Aggregator, an RBI-regulated intermediary that shares your financial data only with your explicit, time-limited consent. It saves uploading PDFs; check the consent screen for what is shared and for how long.
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What you receive and sign after approval
- Sanction letter: the approved amount, rate and tenure.
- Key Facts Statement: the interest rate, annual percentage rate (APR), all fees and charges, and the repayment schedule. RBI requires it before you sign. Read the foreclosure and penal-charge lines.
- Loan agreement: usually signed by Aadhaar e-sign. Ask for a copy if one is not emailed to you.
- Auto-debit mandate (NACH or e-mandate) for the EMIs, from the account where your salary arrives.
- Welcome letter or repayment schedule after disbursal. Check that the disbursed amount equals the loan minus the fee and GST shown in the KFS.
Documents you should never be asked for
A genuine lender does not need your net-banking password, card PIN, CVV or any OTP other than the one you trigger yourself for e-KYC or e-sign. It does not need original property papers for a personal loan, and it does not need a "processing fee" paid before disbursal. Any request like this is a sign of fraud: stop and report it.
Frequently asked questions
Do I need to submit physical documents?
Rarely. Most banks accept uploads and Aadhaar-based e-signing. A branch may ask for signed copies if your digital KYC fails.
What if I don't have a PAN card?
Get one first: you can apply for a PAN online, and an instant e-PAN based on Aadhaar is available. Lenders use PAN to check your credit report, so applications without it are rarely processed.
Is Aadhaar mandatory?
Aadhaar is the fastest route because of OTP-based e-KYC, but other officially valid documents, such as a passport, voter ID or driving licence, can be used for KYC. Expect a slower, sometimes video-based, verification.
Are notarised documents needed?
No. Personal loans are unsecured and do not need notarised documents. Property-backed loans are different.
Can I apply with a new job?
Yes, but many lenders want 6-12 months with the current employer. An offer letter, the first salary slip and a relieving letter from the previous employer help show continuity.
Sources & references
- RBI — Master Direction on Know Your Customer (KYC) — Reserve Bank of India
- RBI — Key Facts Statement (KFS) for loans and advances — Reserve Bank of India
- UIDAI — About Aadhaar & e-KYC — Unique Identification Authority of India
- Income Tax India — PAN services — Income Tax Department, GoI
- Sahamati — Account Aggregator framework — Sahamati (AA industry body)
Rates, fees, eligibility, and product terms cited on this page reflect the sources above at the time of publication and may have changed since. Always verify directly with the lender or regulator.