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How Do I Apply For a Personal Loan in India in 2022?

According to the Reserve Bank of India, the personal loan segment registered a robust year-on-year growth of 12.3% in February 2022. The substantial demand for this credit instrument is due to its convenience in meeting multiple financial obligations- be it a wedding or medical exigencies. 

Given its benefits, if you are planning to apply for a personal loan online, you must have thorough knowledge about the same to avoid any hassle during loan application. 

How to Apply for a Personal Loan Online?

Before sanctioning a personal loan, a lender usually considers your age, nationality, employment status, etc. Therefore, you must ensure that you meet the eligibility criteria before applying for a personal loan to avoid rejection of your application. After meeting all the criteria, follow a few simple steps to avail this credit:

Step 1: Enter your personal and professional information on an online application form.

Step 2: Select the desired loan amount from a lending partner and choose a tenure that seems convenient for you to repay. Note that the loan amount you can avail depends on your eligibility. 

Step 3: Submit the online application form and relevant documents to allow the lender to verify your request. 

Once the lender approves your application for a personal loan, it will disburse the loan amount to your bank account within the least possible time so that you meet your financial requirements. 

What Are the Documents Required for a Personal Loan?

A lender usually requires identity, employment, and residential proof as essential personal loan documents to verify whether you are eligible to obtain a personal loan or not. 

Mentioned below are the essential personal loan documents that applicants falling under respective categories must submit:

Document Type  Self-Employed Applicants  Salaried Employees 
Identity Proof  Aadhaar card, PAN card, driving licence, passport, voter ID Same as self-employed applicants 
Residential Proof  Passport, Aadhaar card, water, electricity, gas or maintenance bills, ration card, driving licence, property documents, etc.  Same as self-employed applicants 
Documents to Prove Business Ownership  Property documents, maintenance and electricity bills NA
Documents to Prove Business Existence Maintenance bill, electricity bill, property documents, copy of tax registration  NA
Income Proof  IT returns for the last two years, including the audit report, computation of income, balance sheet, etc., last 1 year bank statement. Salary slips for the previous 3 months, employment certificate from your present employer and bank statement for the last 6 months.
Photographs  1 recent passport size colour photograph 1 recent passport size colour photograph

Besides, if you are an NRI or a pensioner willing to apply for a personal loan online, make sure to keep the following documents ready while applying for it.

Type of Documents  Pensioners  NRIs 
Identity Proof  Ration card, Voter ID, PAN card, passport, birth certificate, Aadhaar card,  driving licence A copy of your passport and visa 
Residential Proof  Passport, utility bills, ration card, and driving licence Appointment letter, official email ID and identity card 
Income Proof  A copy of your bank account’s passbook and a pension payment order, Form 16, bank statement for the past 6 months, and IT returns Salary slips and the bank statement for the past 6 months
Photographs  Recent passport-size photographs Recent passport-size photographs 

If you are looking for a hassle-free experience of obtaining a personal loan, compare the offerings of multiple lenders and select a lending institution according to your preference. Do not forget to check all associated charges including processing fees, preclosure fees, etc., apart from the rate of interest offered before finalising a lender.

To conclude, a personal loan is an appropriate credit instrument to meet any financial requirements, given its zero end use restriction. However, you must be well-versed on how to apply for a personal loan online to enjoy a hassle-free application process. 

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