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How Do I Prepare a Loan Document

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The increase in use of internet technology and emergence of online loan portals, apart from the traditional financial institutions has given borrowers more options for fulfilling their loan requirements.
 
A loan application process is completed after all the documents are successfully verified. Now, borrowers can easily apply for any kind of loan by fulfilling the eligibility criteria and providing the necessary documents. Depending on the type of loan required, the document requirements vary. Also, the lenders may have a requirement for specific documents to be furnished by the applicant for his/her loan to get approved. For instance, for granting a personal loan, proof of income and salary slip are given a top priority. A secured loan like a home loan would require property documents.
 
Listed below are documents to be submitted by a borrower to the lender for availing a personal loan, loan against property, commercial vehicle loan and business loan.
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Documents for availing a Personal Loan 
 
  • Identity Proof – PAN Card/Aadhar Card/Voter’s Id/Passport/Driving Licence/Employee Id
  • Address Proof – Telephone Bill / Electricity Bill / Voters Card/Aadhar Card/Passport
  • Bank Statement of the last six months with income details/ salary details
  • Recent salary slips for salaried individuals
     
Documents for availing Home Loan/Loan against Property
 
Salaried Individuals
 
  • Identity Proof – PAN Card/Aadhar Card/Voter’s Id/Passport/Driving Licence/Employee Id
  • Address Proof – Telephone Bill / Electricity Bill / Voters Card/Aadhar Card/Passport/Scheduled bank statements
  • Salary slips of the last 6months
  • Lastsix-months’salary slips with all the deductions and Form 16of past two years
  • Property document of ownership

Self-Employed Individuals
 
  • Identity Proof – PAN Card/Aadhar Card/Voter’s Id/Passport/Driving Licence/Employee Id
  • Address Proof – Telephone Bill / Electricity Bill / Voters Card/Aadhar Card/Passport
  • Bank Statement for last six months with income details
  • Certified financial statement for the past two years
  • Property document of ownership
 
 
Documents for availing Business Loan
 
  • Pan Card of Company/Firm/Individual
  • Identity Proof – PAN Card/Aadhar Card/Voter’s Id/Passport/Driving Licence/Employee Id
  • Address Proof – Telephone Bill / Electricity Bill / Voters Card/Aadhar Card/Passport/Scheduled bank statements
  • Bank Statementsoflast six months
  • Latest Income Tax Returns sheet along with the computation of income, certified and audited balance sheet and profit &loss account for the previous two years
  • Business continuation proof (ITR/Trade license/Establishment/Sales Tax Certificate)
  • Certified Copy of Partnership Deed/ Certified true copy of Memorandum & Articles of Association (certified by Director) & Original Board Resolution/Sole Proprietary Deed or Declaration


Documents for availing Commercial Vehicle Loan 
 
  • Proof of Age
  • Identity Proof – PAN Card/Aadhar Card/Voter’s Id/Passport/Driving Licence
  • Passport size photograph
  • Residence Proof – Telephone Bill / Electricity Bill / Voters Card/Aadhar Card/Passport/Scheduled bank statements
  • Application Form
  • Proof of Income/Bank Statement for last six months with income details
  • Current repayment history
  • Copies of Contract / Current Work in hand
  • Proof of verified signature
  • Proof of current vehicle ownership
 
Documents required post sanction/ prior to disbursement
 
  • Loan Agreement duly signed along with RTO certified
  • Receipt of Margin Money
  • Insurance Cover Note
  • Post Dated Cheques
 
 
The above listed documents are a general list of documents, which have to be presented by a borrower to a lender while availing any loan. This list could differ from lender to lender.
 
 
The necessary documents required to get a loan approval might appear cumbersome but such a process is necessary to ensure you get a loan you desire easily.
 
 
So, as a borrower, you need to make sure that the necessary documents are kept ready before applying for a loan. This would ensure that the lender is satisfied with your loan document, credentials and grants the loan without any delay.

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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