Documents Required for Personal Loan

To get instant approval, you need to furnish some basic documents for personal loans. These documents include a duly filled application form, KYC, income proof, and passport size photograph, among others. However, you should be aware that the personal loan documents for salaried borrowers and those for self-employed borrowers differ slightly.

The turnaround time depends on the list of documents for the personal loan that were attached for loan processing. If you fill your loan application form correctly and verify the documents to be submitted for a personal loan, the loan will be processed faster, without any hassle.

No, while attaching the documents required for a personal loan, you need to submit photocopies of your relevant documents such as KYC, income proof etc. However, it is recommended that you carry all your original documents to the financial institution's branch so that their representatives can cross-verify the photocopies with the originals. Also, don't forget to carry along your recent coloured passport-size photograph when applying for the loan.

When applying for a personal loan online, you must upload a copy of your KYC documents such as identity proof, proof of address, and proof of income. You can also opt for e-KYC by entering your Aadhaar card number which will instantly retrieve your identification and address information. Upon the successful verification of your documents, the lender will approve your personal loan application.

If you want to apply for a personal loan with less documents then pre-approved loans are ideal for you. Since pre-approved loans are mostly offered to previous or existing customers, the lenders already have your information saved in their database. Therefore, when applying for a pre-approved personal loan, you do not have to deal with the tiresome paperwork.

At Hero FinCorp, you can choose a repayment tenure according to your monthly budget and EMI affordability. The minimum term available for a Personal Loan is one year, before which you cannot repay your borrowed amount. Remember that opting for a short repayment tenure will make EMIs bigger, making repayment harder. If you have a tight monthly budget and cannot afford a substantial EMI amount each month, opt for a longer repayment tenure of up to 36 months.

The loan amount you borrow depends on your loan requirement, EMI affordability, and repayment capacity. Use an eligibility calculator to determine your eligibility and borrow according to your repayment capacity. Avoid under or over-borrowing, as both situations will stress your finances and make repayment harder. Depending on your need, you can borrow a Personal Loan of Rs 50,000 to Rs 3 Lakh at Hero FinCorp.

Your salary determines your repayment capability. Borrowers must have a monthly salary of Rs 40,000 to repay their EMIs comfortably. A good income will not stress your budget and enable timely repayment without hassle. Mention all your income sources in the loan application to improve your eligibility and get easier approval for the required loan amount.

We have different documentation requirements for salaried and self-employed individuals. Documents required for Personal Loan for a salaried person include salary slips of the last months, bank account statements of the last six months in which salary gets credited, and Form 16.

On the other hand, Personal Loan documents required for self-employed include the bank statement for the last six months and ITR for the last two consecutive years. Ensure that these loan documents for Personal Loans are ready before applying to get easy approval according to your funding requirement.

No. You must not submit any paperwork when applying for a Personal Loan. We accept scanned copies of Personal Loan documents uploaded through our website.

A PAN card is an essential document for a Personal Loan application. You can use your Aadhaar card, passport, or driver's licence as identity proof if you don't have one.