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Personal loan documents required for salaried and Self-Employed

Easy Personal Loan

Personal loans, because of their benefits and ease in allotment have become a popular choice in today’s date. More and more people are getting attracted towards applying for them as they fulfils potential requirements, both for the people who are earning their daily bread and butter survival through their salaries and those who are their own boss.

While the benefit could be almost same for both income groups, eligibility can differ. The basic information that includes your age, educational qualification, work experience of current organization together with total work expertise, profession, etc. is a matter of account for all financial institutions and banks that helps them determine the right amount over personal loans for individuals. While some may also consider the city you live in and the company you work for.

Listed below are the required documents for both salaried as well as self employed individuals:

For salaried individuals:

  •  Identity proof: – Driving License/ PAN card/Passport/Voters ID
  • Address proof: – Driving License/Passport/Voters ID/Leave and License agreement/Ration card. Some banks may only consider present address proof if its minimum one year old. You can also provide telephone, water or electricity bill if your present address differs from what is written in your documents.
  • Date of birth proof
  • Salary slips of minimum last three months minimum
  • Bank statement of the last few months (precisely as per bank/financial institution requirement)
  • Passport size photographs (minimum two)
  • Form no 16 with clear computation of income
  • Proof of education

For Self Employed individuals:

  • Identify proof: – Driving License/ PAN card/Passport/Voters ID
  • Address proof: – Driving License/Passport/Voters ID/Leave and License agreement/Ration card. Some banks may only consider present address proof if its minimum one year old. You can also provide telephone, water or electricity bill if your present address differs from what is written in your documents.
  • Date of birth proof
  • Office address proof can include latest landline telephone bill, municipal tax receipt, lease deed, or title deed.
  • Last two years audited Financials as income proof
  • Proof of business continuity
  • Bank statement of latest six months
  • Proof of business ownership

Personal loan offers engaging benefits that seem hard to miss, to include they can always be a smart choice when it comes at controlling monthly bills or making significant purchases. Most importantly, it is considered as the best option for closing out higher interest rate debts. Interest rates are calculated quite minimal on personal loans than on credit cards.

If you decide not to make your credit card your last resort then probably you can save good amount of money over the life of your loan. They have fixed interest rates versus a variable rate of interest, leaving zero possibilities of any sort of changes. Moreover, personal loan offers fixed terms of payment, making easier for you to get a repayment plan as per your budget. Also making all your “problematic” unplanned expenses esp. medical bills much convenient for you to deal with, making you always sheltered under your fixed budget plan.

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