Personal loans are unsecured loans that you can avail to cover expenses related to different situations in your life. Due to these loans’ increasing popularity among the borrowers, NBFCs have simplified their application procedure, approval rate, eligibility conditions, and documentation requirements to a great extent to make the entire process easy and fast.
As far as personal loan documents are concerned, reputed NBFCs like Clix Capital have minimal documentation requirements and allow online verification of documents to accelerate and simplify the entire process. Let us take a detailed look at the different documents required to apply for a personal loan.
What are Personal Loans?
Personal loans refer to the instalment debts you may borrow to cover various planned or unplanned expenses. These include the costs of a wedding, pay for the home renovation, consolidate debts, cover medical bills during a medical emergency, or fund higher education or a dream vacation.
A personal loan is different from other instalment loans like home loans, auto loans, and student loans, as they have no end-use restrictions and are not meant to cover specific expenses. Offered by several NBFCs in India, you have to pay the borrowed amount over a certain period along with the applicable interest rate. However, before starting the personal loan online apply process, you have to prove your identity, address, and income through a batch of required documents.
Documents Required for a Personal Loan
To apply for quick personal loans from Clix Capital, you have to share the following documents:
- Duly filled online application form
- Recent passport size photograph
- Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
- Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
- Income proof, including your last month’s payslip or current year’s Form 16
Let’s have a look at these personal loan documents in detail below.
The Application Form: You have to visit the lender’s website and fill up their application form for a personal loan online apply. You must fill the form carefully with all the correct details, devoid of errors and discrepancies.
Photograph: You need a recent passport size photograph to prove your photo identity. The photograph that you share should be recent and should indicate your current physical appearance. A real-time photo taken from your web camera will also work for the online application of personal loan.
Identity Proof: You need identity proof issued by the government to prove your identity. These may include your Aadhaar Card or PAN Card. If you are a government employee, you may also use your government ID as identity proof.
Address Proof: While applying for a personal loan, you must prove your residential address to the lender. You can do that by sharing your Aadhaar Card, Voter ID, passport, or driving license.
Income Proof: Since personal loans are unsecured loans for which you are not pledging any security, collateral, or guarantor, the lender would want to ensure that you have enough stable income to pay your loan EMIs on time. You can prove your income by sharing your last month’s payslip or current year’s Form 16.
Faster and Simplified Documents Verification Process Conducted Online
When you apply for a personal loan online from a reputed lender like Clix Capital, you don’t need to visit the lender’s office to submit the required documents. If your KYC is updated with Aadhaar and PAN, you can just share your KYC details with your lender, and your documents will be verified online within a matter of minutes. If everything goes smoothly, Clix Capital may approve your personal loan in as little as 15 minutes*.
Choosing the Best Personal Loan Lender with Minimal Documentation Requirements
You may come across several personal loan offers online. With online NBFCs, you can electronically apply for your personal loan and get your approval in 15 minutes*. While comparing personal loan lenders available, pay close attention to details, precisely the interest rate, loan amount, fees and charges, repayment terms, and collateral requirements. Different lenders have different eligibility criteria, documentation requirements, processing speed, and other conditions. You have to narrow them down based on your financial profile and repayment capacity.
Clix Capital is a reputed lender that offers personal loans of up to ₹25 lakhs with repayment terms ranging from 12 to 48 months. You can check your credit score and apply for a personal loan if you have a credit score of at least 725 or above. Don’t worry about the personal loan documents, as we have minimum of them with an easy online verification process.
You can also reach out to us at email@example.com or call us at 1800 200 9898
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