Loan is an amount of money that a person borrows from a bank on the conditions that he will pay back the money at a certain rate of interest. Loan can be of various types like house loan, car loan, education loan etc. But prior to the sanction of loan the borrower needs to go through a process of documentation which depends on the type of loan being borrowed. He or she needs to submit certain documents required for loan.
House loan requires the following documents:
• Identity proof: Voter id card/Passport/Pan card/Driving license with photographs.
• Age proof: Voter id card/Passport/Pan card/Driving license/School leaving certificate/etc.
• Address proof: Same documents.
• Employment details: Business or service.
• For business persons a brief introduction of business, balance sheet, profit or loss account, income account, photocopy of tax payments etc are required.
• For employed persons salary details like pay slips/bank statements are required.
• Average bank balance.
Documents required for car loan:
• Identity proof: Voter id card/Passport/Pan card/Driving license with photographs.
• Age proof: Voter id card/Passport/Pan card/Driving license/School leaving certificate/etc.
• Address proof: Same documents.
• Employment details along with income details.
• Details of bank balance.
• The documents should be photocopied and attested by the applicant.
Documents required for loan for education:
• Identity proof: Voter id card/Passport/Pan card/ with photographs.
• Age proof: Same documents/School leaving certificate/etc.
• Address proof: Same documents.
• Mark sheets of last examinations.
• Photo copies of admission letter at the respective college or university.
• Estimated expenditures of the mentioned course study.
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