Documents Required for Loan Applications
Complete list of documents required for all types of loan
Submitting the right documents is crucial for loan applications, as they help lenders verify your identity, financial stability, and repayment capacity. Some documents, such as identity proof and address proof, are mandatory across all loan types, while others, like collateral details or additional guarantor information, may be optional depending on the loan and lender requirements.
General Document Categories
- Identity Proof (Mandatory): Establishes your legal identity (e.g., Aadhar, PAN, Passport).
- Address Proof (Mandatory): Confirms your current residence for communication purposes.
- Income Proof (Mandatory): Validates your earning capacity and ensures you can repay the loan (e.g., salary slips, ITR).
- Bank Statements (Mandatory): Showcases your financial health and cash flow.
- Collateral Documents (Optional): Necessary for secured loans like home loans or mortgage loans.
- Business Proof (Mandatory for Business Loans): Validates your business operations and revenue.
- Project/Usage Details (Optional): For project or specific-purpose loans, such as education or vehicle loans.
NRI-Specific Documentation Requirements
- Passport and Visa Copy (Mandatory): Confirms NRI status and identity.
- Overseas Address Proof (Mandatory): Required for communication and legal purposes.
- Work Permit/Employment Letter (Mandatory): Validates employment and income abroad.
- NRE/NRO Bank Account Statements (Mandatory): Ensures financial transactions comply with Indian regulations.
- Power of Attorney (Optional): If someone in India will manage the loan on your behalf.
Home Loan List of Documents
- Mandatory Documents: Identity proof, address proof, income proof, property documents, and bank statements.
- Optional Documents: Guarantor details or additional income proofs if required by the lender.
- NRI-Specific Requirements: Passport and visa copies, NRE/NRO bank account statements, and employment proof from abroad.
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport, Voter ID |
| Address Proof | Utility Bill, Passport, Rental Agreement |
| Income Proof (Salaried) | Salary Slips (last 3 months), Form 16 |
| Income Proof (Self-Employed) | ITR (last 2-3 years), Business Proof |
| Bank Statements | Last 6 months' bank statements |
| Property Documents | Sale Agreement, Property Title, Approved Plan |
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport, Voter ID |
| Address Proof | Utility Bill, Passport, Rental Agreement |
| Income Proof (Co-Borrower) | Salary Slips, ITR, Business Proof |
| Admission Documents | Admission Letter, Fee Structure |
| Academic Records | Mark Sheets, Degree Certificates |
| Bank Statements | Last 6 months of the co-borrower |
Education Loan Documents
- Mandatory Documents: Admission letter, fee structure, academic records, co-borrower’s income proof, and bank statements.
- Optional Documents: Additional guarantor details if required for unsecured education loans.
- NRI-Specific Requirements: Passport, visa, and proof of foreign admission for international studies.
Mortgage Loan Documents
- Mandatory Documents: Identity proof, address proof, property documents (title deed, valuation report), income proof, and bank statements.
- Optional Documents: Co-borrower details or additional financial proofs.
- NRI-Specific Requirements: Overseas address proof, employment letter, and property valuation by a recognized authority in India.
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport, Voter ID |
| Address Proof | Utility Bill, Passport, Rental Agreement |
| Income Proof | Salary Slips, ITR, Business Proof |
| Bank Statements | Last 6 months' bank statements |
| Property Documents | Title Deed, Valuation Report, Encumbrance Certificate |
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport |
| Address Proof | Utility Bill, Rental Agreement |
| Income Proof | Salary Slips, ITR |
| Vehicle Documents | Proforma Invoice from Dealer |
| Bank Statements | Last 3-6 months |
Vehicle Loan Documents
- Mandatory Documents: Identity proof, address proof, income proof, and vehicle proforma invoice.
- Optional Documents: Guarantor details for loans with lower credit scores.
- NRI-Specific Requirements: Passport, visa, and Power of Attorney for managing vehicle purchase in India.
Business Loan Documents
- Mandatory Documents: Business registration, financial statements (P&L, balance sheet), bank statements, and ITRs.
- Optional Documents: Project reports or collateral documents for larger loan amounts.
- NRI-Specific Requirements: Passport, proof of overseas business ownership, and Indian guarantor details if applicable.
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport |
| Business Registration | GST Certificate, Partnership Deed, etc. |
| Financial Statements | P&L Statement, Balance Sheet (last 2 years) |
| Bank Statements | Last 6 months' business bank account |
| Income Proof | ITR (last 2-3 years) |
| Document Type | Details |
|---|---|
| Project Details | Detailed Project Report, Cost Estimates |
| Business Documents | Registration Certificate, Tax Details |
| Financial Statements | P&L Statement, Balance Sheet (last 2 years) |
| Bank Statements | Last 6 months |
| Collateral Details | Property Deeds, Valuation Report |
Project Loan Documents
- Mandatory Documents: Detailed project report, business registration, financial statements, and collateral documents.
- Optional Documents: Additional guarantor or financial projections.
- NRI-Specific Requirements: Power of Attorney for project representation in India.
Commercial Loan Documents
- Mandatory Documents: Business proof, financial statements, bank statements, and GST registration.
- Optional Documents: Collateral documents or additional project-specific details.
- NRI-Specific Requirements: Overseas business registration documents and income proofs.
| Document Type | Details |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport |
| Address Proof | Utility Bill, Office Lease Agreement |
| Business Documents | Registration Certificate, GST Details |
| Financial Statements | Balance Sheet, P&L Statement (last 2 years) |
| Bank Statements | Last 6 months of the business account |
Balance Tranfer Documents
- Mandatory Documents: Loan sanction letter, EMI schedule, bank statements, and identity proof.
- Optional Documents: Additional guarantor or co-borrower details if requested by the new lender.
- NRI-Specific Requirements: Updated overseas address proof and NRE/NRO account statements.
| Document Type | Details |
|---|---|
| Existing Loan Details | Loan Sanction Letter, EMI Schedule |
| Identity Proof | Aadhar Card, PAN Card |
| Bank Statements | Last 6 months |
| Income Proof | Salary Slips, ITR |
Top-up Loans Documents
- Mandatory Documents: Existing loan sanction letter, EMI schedule, income proof, and bank statements.
- Optional Documents: Collateral revaluation reports for higher top-up amounts.
- NRI-Specific Requirements: Updated employment proof and Indian guarantor details if applicable.
| Document Type | Details |
|---|---|
| Existing Loan Details | Loan Sanction Letter, EMI Schedule |
| Identity Proof | Aadhar Card, PAN Card |
| Income Proof | Salary Slips, ITR |
| Bank Statements | Last 6 months |
MSME LOAN LODs
- Mandatory Documents: Udyam Certificate, GST registration, financial statements, and bank statements.
- Optional Documents: Additional income proofs or debtor/creditor details.
- NRI-Specific Requirements: Proof of Indian MSME ownership and financial support documents from abroad.
| Document Type | Details |
|---|---|
| Business Registration | Udyam Certificate, GST Certificate |
| Identity Proof | Aadhar Card, PAN Card, Voter ID |
| Financial Statements | ITR, Balance Sheet, GST Returns |
| Bank Statements | Last 6 months |
| Document Type | Details |
|---|---|
| Business Documents | Registration Certificate, GST Details |
| Financial Statements | P&L Statement, Balance Sheet (last 2 years) |
| Bank Statements | Last 6 months |
| Inventory Details | Stock Statements |
| Debtor Details | Receivables List |
Working Capital Loan
- Mandatory Documents: Business proof, financial statements, inventory and receivables details, and bank statements.
- Optional Documents: Additional cash flow projections or co-borrower details.
- NRI-Specific Requirements: Proof of business ownership and financial guarantees.
Cash Credit Documents
| Document Type | Details |
|---|---|
| Business Documents | Registration Certificate, GST Details |
| Financial Statements | P&L Statement, Balance Sheet (last 2 years) |
| Bank Statements | Last 6 months |
| Inventory Details | Stock Statements |
| Debtor Details | Receivables List |
Lease rental Docments
| Document Type | Details |
|---|---|
| Lease Agreement | Rental Agreement, Lease Details |
| Property Documents | Title Deed, Valuation Report |
| Income Proof | Salary Slips, ITR |
| Bank Statements | Last 6 months |
Over draft Documents
| Document Type | Details |
|---|---|
| Business Registration | GST Certificate, Partnership Deed |
| Financial Statements | Balance Sheet, P&L Statement (last 2 years) |
| Bank Statements | Last 6 months |
| Collateral Documents | Property Deeds, Inventory Details |