With the help of fast loan apps, getting a personal loan is now quick and easy. There is no longer a need to wait in line or go to the bank. You can borrow money quickly and without paper with these tools. But you need to send some important files to be accepted. These help us make sure you are who you say you are, check your address, and find out how much money you make and how much you can pay back.
Here is a full list of the personal loan required documents you need to apply for a quick loan app.
Proof of identity
Anyone who wants a loan has to prove who they are. For this, they will need a legal form of ID. Whichever of the following you want to send:
- The Aadhaar card
- PAN Card
- ID card
- ID to vote
- License to drive
It is a good idea to have both your Aadhaar and PAN on hand in case some apps ask for two forms of ID. All of the papers should have the same name, picture, and date of birth.
Proof of address
The place where you live is also important to lenders. It is possible to prove your home on many forms of ID. If not, you can share things like an electric bill.
- Bill for water
- The gas bill
- A bank account that shows where you live
- Agreement to rent
Please ensure the address on the document is accurate and clearly visible. Furthermore, the information you put in the app should match.
PAN Card
To get a loan, you need to have a PAN card. You cannot get most quick loan apps if you do not have a good PAN. It lets them look at your credit score and past debts.
You can connect your PAN to your credit report. The investor looks at this to see if you have any other loans, how well you pay your bills, and how much credit you use altogether. Your loan approval depends on this a lot.
Read more: Navigating Complex Regulations with AI: How Modern Tech is Reshaping Compliance
Proof of income
By looking at your income, the lender can see how much money you make and if you can pay back the loan on time. What kind of proof of pay you need depends on your job.
For paid people:
- Pay stubs from the last three months
- A bank account that shows salary credits
- If there is one, Form 16
For self-employed people:
- bank statement from the last six months
- Forms 1099 and 1080 for the last year or two
- Information about GST (for business people)
- Proof of business registration
Since you may be a worker or work on a project-by-project basis, some apps may ask for extra paperwork like bills or contracts.
A picture
A lot of instant loan app will ask you to add a current picture. During the registration process, you can either use a passport-sized picture or just take a selfie. Most of the time, the app will tell you how to take a good picture with a plain background.
An OTP or eKYC based on Aadhaar
Numerous apps use eKYC based on Aadhaar to make the process go faster. The Aadhaar-linked phone number will send you an OTP. That is it! The
Know Your Customer (KYC) process is over in seconds.
People borrow money in new ways thanks to instant loan apps. To get a loan, you only need your PAN, Aadhaar, and a few other things on your phone. You do not have to wait around or bring written documents. To avoid waiting, make sure all of your papers are ready and in a clear format.
