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Personal loan documents required- Mumbai

The financial hub of India is Mumbai. It is one of the world’s largest and fastest-growing cities, with a population of over 18 million. This city of dreams is populated by people from all walks of life. And to achieve one’s financial goals in Mumbai, everyone needs money.  Hero Fincorp is mindful of these necessities of every Mumbaikar. Living in Mumbai may be extremely expensive, therefore if you want to fulfill any modest desires or find that you suddenly lack the funds to pay your expenses, we recommend getting an easy personal loan in Mumbai.

Every loan requires documentation, and personal loans are not an exception. This is why you only need to provide the personal loan documents required when applying for one of your loans. Your documents determine your eligibility and then the loan is issued.

Documents required for personal loans for salaried individuals

You must provide a few documents for personal loans in order to receive fast approval. These documents include an application form that has been properly filled out, KYC, income documentation, and a passport picture, among others. You must be mindful that there are minor differences between the personal loan documents required for salaried customers and that for self-employed customers.

Mandatory Documents

  • Properly completed loan application
  • Colored passport-size photo

ID Verification (anyone)

  • PAN card
  • Driving License
  • Passport
  • Aadhaar Card

Proof of Residence (anyone)

  • Driver’s Licence
  • Passport
  • Utility Bill
  • Aadhaar Card
  • Ration Card

Proof of residence ownership (anyone)

  • Property Documents
  • Maintenance Bills
  • Electricity Bills

Proof of Income

  • Payslips from the previous six months
  • Bank account statement over the past six months (salary account)
  • Form 16

Job security proof

  • Letter of appointment from the existing employer
  • Certification of experience from the past employer

Self-Employed Person Personal Loan Documents required

Mandatory Documents

  • Properly completed loan application
  • Colored passport-size photo

Proof of Identity (anyone)

  • Driving License
  • Aadhar Card
  • PAN Card
  • Passport

Residence Evidence (anyone)

  • Driving License
  • Passport
  • ID Card, Aadhaar
  • Ration Card
  • Utility/Electricity Bill

Proof of Office Address (anyone)

  • Maintenance Invoice
  • Electricity Bill
  • Property Records
  • Rent Confirmation

Proof of Business Existence (anyone)

  • Tax Registration Copy
  • Proof of Store Establishment
  • Company’s Certificate of Registration

Income Evidence

  • Recent six-month bank statement
  • ITR for the past two years in a row

Job security guaranteed

  • Letter of appointment from the existing employer
  • Certification of experience from the prior employer

Purpose of personal loan 

The purpose of a personal loan makes sure, if necessary, that you are clear on your monthly EMI requirements so that you can smoothly organize your budget.

 Having a strong credit history and credit score is a must for easily obtaining an easy personal loan in Mumbai. When approving the loan, the lender also takes into account your relationship with them. Pre-approved offers from your current lender might be available to you.

Every loan requires documentation, and personal loans are not an exception. This is why you only need to provide the personal loan documents required when applying for one of your loans. Your documents determine your eligibility and then the loan is issued.

Conclusion

A personal loan is one way to obtain funding from reputable banks for any requirement. Additionally, a candidate must submit a specific set of documents in order to submit a successful personal loan application.

These personal loan documents can assist the lender in determining the borrower’s monetary sustainability and in analyzing the credit risk. In addition, it assists a lender in knowing and verifying all the applicant’s information, including age, income, address, job, and employment.

Lenders can get a better understanding of the applicant after they have these facts. And they may provide the applicant with the best loan offer utilizing the information provided.

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