📌 What You Need Before Applying for a Personal Loan in India

Applying for a personal loan is simple, but being prepared with the right documents and eligibility criteria can save you time and ensure quick approval. Here’s a quick guide:

👔 For Salaried Individuals

If you’re working in a company or organization, most lenders ask for:

✅ Basic Eligibility

• Age: 21 to 60 years (varies by lender)
  
  

• Minimum monthly income: ₹15,000 – ₹25,000 (depending on city & bank)
  
  

• Stable job history (at least 6–12 months in current job)
  
  

📄 Documents Required

• Identity Proof: Aadhaar Card / PAN Card / Passport / Voter ID
  
  

• Address Proof: Utility bill / Aadhaar / Rent agreement
  
  

• Income Proof: Last 3–6 months’ salary slips & bank statements
  
  

• Employment Proof: Company ID card or employment letter
  
  

💡 Tip: Having a good credit score (750+) increases chances of instant approval at lower interest rates.

🏢 For Self-Employed / Business Owners

If you run your own business or are self-employed, lenders check your financial stability and income consistency.

✅ Basic Eligibility

• Age: 21 to 65 years (varies by lender)
  
  

• Business operational history: Minimum 2–3 years
  
  

• Sufficient annual turnover/profit as per lender’s criteria
  
  

📄 Documents Required

• Identity Proof: Aadhaar Card / PAN Card / Passport
  
  

• Address Proof: Office lease / utility bills / Aadhaar
  
  

• Business Proof: GST registration, Shop Act license, business registration certificate, partnership deed (if any)
  
  

• Income Proof: Last 2–3 years’ ITR (Income Tax Returns), audited financial statements (Profit & Loss, Balance Sheet)
  
  

• Bank Statements: Last 6–12 months of business account
  
  

💡 Tip: Keeping your financials well-documented improves trust with lenders and ensures faster disbursal.

⚡ Quick Checklist Before Applying

• ✔️ Check your credit score
  
  

• ✔️ Keep KYC documents updated
  
  

• ✔️ Ensure income stability (salary or business)
  
  

• ✔️ Compare lenders for the best interest rates
  
  

📢 Bottom Line: Whether you’re salaried or self-employed, having your documents ready and ensuring eligibility will make your personal loan journey smooth and hassle-free.