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Personal Loan Documents

Realise your dreams effortlessly with a Personal Loan, perfect for that much-needed vacation or completing home renovations. Navigate the financial journey smoothly by compiling your Personal Loan documents early on. With the essential documents required for a Personal Loan in hand, you'll be able to calculate your monthly EMI effortlessly, ensuring you're well-informed about your fiscal obligations.

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Eligibility Documentation

Eligibility for a Personal Loan

Employed individuals, including salaried doctors.
The staff of both public and private limited companies.
Employees of the government sector, encompassing Public Sector Undertakings and Central and Local government bodies.
Applicants must be at least 21 years old.
The maximum age at loan maturity should be 60 years.
A minimum net monthly income of ₹15,000 is required.

Documentation needed for a Personal Loan

A completely filled-out loan application form.
Necessary KYC documents.
Signed loan agreement and Standing Instruction (SI) Request/ECS Forms.
Please refer to the links for a detailed loan application and disbursement checklist.

Document category

Documents required

KYC Document

Any one of the following KYC documents(OVD) to be collected as per extant policy of RBI:

Passport	Driving license with Photograph	Proof of possession of Aadhaar number
Voter's ID	Job Card by NREGA signed by an officer of the State Government	Letter issued by the National Population Register containing details of Name, Address

Date of Birth Proof

Any one of the following:

Passport	PAN Card	Aadhaar Card with DOB
Driving license with Photograph	Birth Certificate	School Leaving certificate

Signature Proof

Any one of the following:

Passport
Pan Card
Banker's Verification

Proof of Income

Latest 2 months pay slip
Latest 2 months bank statement showing salary credits
One year Employment proof (Not required if DOJ mentioned in payslip and working for more than 1 year)

For Salaried

One can verify their details digitally with the help of a seamless process, without any upload of document and without any paperwork. However, keep the digital copies handy, in case it may be required during the process

Identity verification: PAN card, passport, driving licence or voter ID card
Residential proof: Current utility bill (within the past 3 months), passport or License Agreement Financial records: Bank statements from the last 3 months
Income evidence: Salary slips from the previous 3 months
Photographic identification: Recent passport-sized photographs

Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis. To know more about personal loan, click here

Tips to Improve Personal Loan Eligibility

As a government employee or in a reputable company, you have a better chance of getting a Personal Loan. A high salary and a good credit history also help. You can take steps to speed up the application approval process.

Maintain a healthy Credit Score

The higher your credit score, the higher your Personal Loan eligibility. Typically, a credit score of 750 and above by any of the credit bureaus is considered to be healthy. This indicates that you not only have a high ability to repay the loan, but your willingness to repay is also high. The bank views you as a good customer and may approve your loan application faster and may even offer you a competitive interest rate.

Avoid applying for multiple loans or Credit Cards

This will bring down your credit score as you will be seen as credit hungry. Hence, you should apply for a loan or a credit card only if you genuinely need it. If you are seen as someone desperate for credit, the bank may take time to process your application. The due diligence may be more stringent as a Personal Loan is an unsecured loan.

Do not default on EMIs or delay your credit card repayment

If you have existing loans, make sure the EMIs are paid on time. Similarly, if you use credit cards regularly, always clear the outstanding within the due date. Avoid any kind of default on your loan EMIs or credit card outstanding. This also impacts your credit score, and could thereby, reduce your Personal Loan eligibility.

Keep your EMIs within a limit

All the EMIs for your existing loans should not exceed 40% of your take-home salary. This indicates your repayment capacity and if the bank feels that you cannot afford to repay the Personal Loan , it may reject your loan application. To avoid this, you could reduce the amount you are seeking as a loan and arrange for part of the funds from your pocket. This could help control your EMI outgo and also improve your Personal Loan eligibility.

Great plans start with well-calculated decisions

Personal Loan EMI Calculator

A Personal Loan EMI calculator is an important tool that helps borrowers know the exact amount they are required to pay as an EMI every month to repay their Personal Loans. The online Personal Loan EMI calculator uses parameters such as loan amount, tenure and interest rate to calculate the EMI details for borrowers who have taken a Personal Loan from a bank or a financial institution or are looking for a Personal Loan.

Loan Amount

₹

10K

40L

Interest Rate (p.a)

%

9% 22%

Tenure (months)

Mos

384

Your EMI*₹ 1,14,678

Get instant funds

*Equated Monthly Installment'

Note: To see amortization schedule, please click here.

Total Amount Payable

₹1,37,621

Personal Loan Eligibility Calculator

A personal loan eligibility calculator comes in handy when you need an instant idea of the maximum amount of loan you are eligible for. Personal loan provides you financial support when life takes an unexpected turn or when you need some extra funds to fulfill your goals and ambitions. Whether planning a wedding or giving your home a new interior, personal loan can ease your financial burden. However, checking all the boxes on the personal loan criteria is crucial to getting your application approved. These criteria determine what amount can be sanctioned to you.

That is where a personal loan eligibility calculator helps you. How, you ask? Let us understand.

Date of Birth

Net Monthly Income

₹

10K

5L

Expenses (incl. other EMIs)

₹

0

5L

Apply Now

You are eligible for up to

₹ 15,00,000

A Personal Loan for your personal goals

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Important Links

Generation of Loan Account Statement

List of Loan Centres

Fair Practice Code For Lenders

Download Forms

Frequently Asked Questions

After your Personal Loan is sanctioned, you may need to provide post-sanction documents like a signed loan agreement or ECS mandate. This is crucial for the Personal Loan process and can often be done digitally.

The processing of Personal Loan documentation at Axis Bank is designed for speed. It is typically concluded swiftly, ranging from a few hours to a few days, assuming the complete and orderly submission of the necessary Personal Loan documents.

You can apply for a 24x7 Instant Personal Loan online without the need to submit hard copy of your documents. Similarly, if you are eligible for a pre-qualified Personal Loan, you can apply for it with minimal to zero documentation. To apply for a Personal Loan at an Axis Bank branch you need to submit the basic documents.

You can submit your latest salary slips, audited financials, or income tax returns, reflecting your earning capacity to meet the Personal Loan eligibility requirements.

While applying, original KYC documents are not mandatory; authenticated photocopies are accepted for the Personal Loan documents list.

Pre-approved Personal Loans often benefit from a reduced documentation process, with minimal or no additional documents required for the disbursement.

Proofs of income include detailed salary statements, certified financial records or tax filings to comply with Personal Loan documents requirements.

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