Personal Loan Documents You Need For A Smooth Loan Application Process
A personal loan is one of the most convenient and easily available credit options for salaried professionals that gives them instant funding for any need. It can be used for various purposes, such as travel, payment for higher education, weddings, debt consolidation, medical emergencies and so on.
Initially, applying for a loan may seem like a challenge, but it doesn’t have to be. All you have to do is gather all the necessary documents required for a personal loan application. This will ensure a smooth and efficient application process.
Additionally, you will likely be approved for a loan if you have a good score and a steady income. Notably, you can check your credit score on the websites of top lending institutions like Clix Capital for free.
We are here to help you understand the process, including the eligibility criteria and personal loan documents required for instant approval.
Basic Eligibility Criteria For A Personal Loan
Before we get into the list of required documents, here are some basic eligibility criteria that all applicants must meet:
- You must be an Indian citizen
- You must be 21-58 years old
- You should have a minimum 12 months of work experience and six months in the current workplace
- You should have an Experian credit score of 630 or above
You can qualify easily for a personal loan if you meet these main criteria.
Documents Required for Salaried Professionals
For the personal loan process, you require some documents to prove your identity, income, and creditworthiness. These documents include identity proof, address proof, and income proof.
If you have these documents ready, you can expect a smooth process without any hassles. Here are the documents that will work for different eligibility purposes:
Identity Proof (Any one of them)
- Aadhaar card
- PAN card
- Government ID (for government employees)
Address Proof (Any one of them)
- Aadhaar card
- Voter ID Card
- Driving license
- Ration card
Income Proof (Any one of them)
- Last three months’ salary slips
- Current year’s Form 16
Key Features OF Personal Loans
You can submit a duly filled online application for a personal loan on the Clix Capital website. The online application requires basic personal and professional details.
The lending institution will verify your documents online quickly. The filling of the application form itself might take only a few minutes.
After your application is approved, the loan amount is disbursed to your account instantly.
Here are the key features of a personal loan offered by Clix Capital:
- Offers up to Rs 10 lakh in the loan amount
- The interest rates are competitive in the market
- Documentation requirement is minimal
- Paperless, faster approval, and more peace of mind
For personal loan application consideration, NBFCs like Clix Capital prefer an Experian credit score, which should be 630 or more.
You can also check your EMI through a personal loan Calculator, a free tool, you can use as many times you want. This can help you budget your monthly expenses before applying for a loan. The online calculator can help you choose as it will show you the amortisation table – showing you the monthly installment for the whole tenure.
When you are ready to apply for a personal loan, there are a few things you need to have in order. You will need to have a good credit score. You can check your credit score on Clix Capital at any time during your loan application process.
The important thing is to have the personal loan documents ready to establish your proof of income, address and identity. If you have all the necessary documents and meet the eligibility criteria, you can confidently apply for a personal loan without any problem.
Clix Capital offers personal loans at competitive interest rates without any hassles. If you need help determining what documents you need, you can check with the guide above or visit the Clix Capital website for any guidance.