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At Tata Capital, we commit to making your borrowing journey a smooth ride. Gone are the days of lengthy application processes and hefty paperwork. We bring you a range of tailored personal loan options with simple eligibility criteria and minimal documentation. All you need to do is provide the required documents completely the first time, which includes your KYC documents, proof of employment and income proofs.
So, whether you want to fund your child’s education or explore the world, you can have instant access to funds with Tata Capital!
Here, you will find all details about documents required for availing a Personal Loan, Personal loan is a loan used for meeting personal needs like marriage expenses, travel, home renovation, debt consolidation, etc.
The documents required for personal loan include :
When you submit a personal loan application, we follow a series of steps to assess your eligibility and process your request. These include:
Applying for a personal loan in India requires meticulous attention to documentation. Proper documents not only streamline the application process but also significantly boost your credibility and loan eligibility. Key documents such as proof of identity, address, income, and employment history are essential. They help verify your personal details, financial stability, and repayment capability, reducing the lender's risk. Complete and accurate documentation ensures faster approvals and more favorable loan terms. Conversely, missing or incorrect documents can result in delays or even rejections. Therefore, maintaining an organized and comprehensive set of documents is vital for a hassle-free personal loan application.
Yes, you can apply for a personal loan using your Aadhaar card as your identification proof. While applying for a loan at Tata Capital, you can submit a copy of your Aadhaar card as ID proof.
Yes, there are some additional documents that a self-employed applicant must provide at the time of applying for a personal loan.
Personal loan documents that a salaried individual must submit are:
Personal loan documents that a self-employed individual must submit are:
Bank statements are often asked as part of personal loan documents. This is because they give insights into your financial conduct and help lenders make informed decisions about your loan application.
When you apply for a personal loan with Tata Capital, we require your salary slip for the last two months along with the latest six months' salary credit bank statement.
Yes, lenders usually require applicants to submit documents proving their address. While applying for a loan with Tata Capital, you may provide any of the following personal loan documents to verify your address.
#1. Driving License,
#2. Passport,
#3. Voter's ID or
#4. Aadhar Card
These documents should be in your name and have your current residential address.
Tata Capital offers unsecured personal loans. This means you don't have to pledge any assets as collateral to secure a personal loan from us. Thus, you don't need to provide any real estate documents while applying for a personal loan.
However, additional documentation may be required if you need a loan product that needs collateral, such as a loan against property.
If you are an NRI (non-resident Indian) applying for a personal loan, you may need to provide additional personal loan documents. Other than the identification and address proof documents, you may need to provide additional documents like your passport, visa, work permit, overseas address proof, employment contract, or salary payslips.
Lenders may have unique products created for NRIs, and Tata Capital is one popular go-to place for loans in India, but we offer loans on homes for NRIs. Our advantage is that NRIs get attractive rates, a flexible EMI option, and customisable tenure on their loans.
When you apply for a personal loan with a co-applicant, both applicants need to submit a few documents, including.
#1 Aadhaar cards.
#2 PAN cards.
#3 Salary slip or income proof of last three months.
#4 Bank statements for the past six months.
The significant benefit of applying for a personal loan with a co-applicant who earns and has a high credit score is that you can get a higher loan amount and competitive interest rates.
It depends on your occupation. If you are self-employed, then you must submit the ITR of the last three months to apply for a personal loan. However, if you are a salaried employee applying for a personal loan, then you don't have to submit the ITR.
After you submit your loan application and personal loan documents, we will review the information provided, verify your income, and validate your identification and address proof. Once the verification process is completed, we will credit your bank account within one or two business days with the sanctioned loan amount.
You can also track your personal loan application status through our website.
You may have to submit alternative documentation if you do not have typical personal loan documents. These alternatives include a notarized affidavit, income mandate, employer credential, or other documents to show valid evidence of your income, identity, and address. However, alternative documentation availability and acceptance varies from lender to lender.
But here are some other ways how you can apply for a personal loan without any typical documents.
#1 You must have a high credit score.
#2 Try to keep a low debt-to-income ratio.
#3 Develop a good association with your lender.
Yes, you submit your required personal loan documents online. For online submission, you must upload scanned copies or digital snapshots of the documents. Here's how you apply for a personal loan online:
That's how easy and convenient it is to upload personal loan documents and apply for the loan online.
The documentation process for a pre-approved personal loan is simpler and faster compared to standard loans. Since your creditworthiness has already been assessed , you primarily need to submit proof of identity, address, and income. Common documents include a government-issued ID, utility bills, and recent salary slips or bank statements. Additionally, a completed loan application form may be required. Ensuring all documents are accurate and up-to-date helps expedite the approval and disbursement process. This streamlined approach allows for quicker access to funds while maintaining the necessary checks for financial stability.
Income proof documents are essential for verifying your financial stability when applying for a loan. Commonly accepted documents include recent salary slips, bank statements showing salary credits, Form 16 issued by your employer, and the latest Income Tax Return (ITR) with the acknowledgment. For self-employed individuals, audited financial statements, profit and loss accounts, and balance sheets are required. Additionally, bank statements reflecting business income and recent tax returns can be used. Ensuring these documents are accurate and up-to-date is crucial for a smooth loan approval process.
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