Personal Loan Documents Required

For you to be eligible for personal loan, you need to meet specific requirements. You need to be a resident of India between the ages of 21 years (25 for self-employed) to 65 years. You need to have a total minimum work experience of at least 1 year, and 6 months in the current company. As a salaried employee, you need to be earning at least INR 25,000 per month if you are based in Mumbai/Delhi or Rs. 16,000* per month in the rest of India. If you are self-employed, you need to have a minimum yearly profit after tax that is determined based on your industry. You also need a minimum CIBIL score of 705.

Here are some of the documents that can be used as income proof when applying for a personal loan:

• Salary slips
• Bank statements (displaying income credit)
• ITR statements
• Form 16 (for salaried)

A lender may request one or more of these for income proof.

Here are the basic eligibility criteria for a personal loan from SMFG India Credit:

• Resident Indian, self-employed or salaried, age between 21 – 65 years (25 for self-employed).
• The minimum income for salaried is INR 25,000 (Mumbai and Delhi residents) and Rs. 16,000* (other Indian cities). Self-employed applicants must meet the required criteria in terms of annual turnover and profit after taxes as per our policy.
• Salaried applicants must have a minimum work experience of 1 year with at least 6 months in the current organisation.
• Self-employed applicants must have been in the current business for at least 3 years, with overall 5+ years of business experience.
• A minimum credit score of 705 with a good history is required. Applicants with no credit history or a score of “-1” or “NH” can also apply.
• Cash salary applicants are not accepted.

For a personal loan from SMFG India Credit, salaried applicants from Mumbai and Delhi must earn at least Rs. 25,000 per month. Salaried applicants from other Indian cities must earn at least Rs. 16,000* per month. Applicants must also satisfy other basic eligibility criteria as per our policy.

When applying for a personal loan, you need:

• PAN Card
• Identity proof (Aadhaar Card, Driving license, Passport, Voter ID, etc.)Employment proof
• Address proof (Passport copy, Aadhaar card, driving license, utility bill, etc.)
• Bank statements for the past 6 months

Additional personal loan documents for salaried professionals:

• Salary slips for the last 3 months
• Income tax returns OR form 16
   

Some of the documents that can be used as income proof when applying for a personal loan:

• Salary slips
• ITR statement
• Bank statements (showing credit)
• Form 16 (for salaried professionals)

One or more income proofs can be requested when applying for a personal loan.

We at SMFG India Credit are committed to making your borrowing journey as smooth as possible. Our personal loan requirements are minimal and concise. You only need a few documents to apply for a personal loan. This stage usually takes 1 - 2 hours. We provide you with the decision on your personal loan application within minutes of applying online.

No, you only need to submit photocopies (usually self-attested) of your KYC documents. However, it is advisable to keep the original documents handy.

You need the following:

• PAN Card
• Identity proof
• Employment proof
• Address proof
• Bank statements for the past 6 months
• Salary slips for the last 3 months
• Income Tax Returns OR Form 16

At SMFG India Credit, we provide you with the decision on your personal loan application within minutes of applying online. It is based on factors like age, location, CIBIL score, etc. However, please note that the process may take a few days for offline applications.

You need to submit salary slips for the last 3 months for a personal loan application.

Individuals need to show the Income Tax Returns they filed when they apply for a personal loan. Form 16 gives a breakup of your salary and your tax liabilities – a handy tool that helps assess your loan application.

The mandatory documents required to apply for a personal loan for salaried individuals are as follows:

• Past 3 months' salary slips.
• Last 6 months' bank account statements.