Documents Required for a Personal Loan in Indian Bank

1. Proof of Identity

Your identity proof is crucial as it establishes your identity and nationality. Indian Bank accepts several documents as valid proof of identity:

• Aadhaar Card: The most commonly used identity proof, which also serves as a proof of residence.
• Passport: Valid for both identity and address proof.
• Voter ID Card: Another commonly accepted form of identification.
• PAN Card: Although mainly used for financial transactions, it is also recognized as a valid identity proof.
• Driving License: Accepted as both identity and address proof.

2. Proof of Address

To ensure you are a resident of India, the bank requires an address proof. The following documents are accepted:

• Utility Bills (Electricity, Water, Gas): Recent bills are accepted as proof of address.
• Ration Card: Commonly used in India for identity and address proof.
• Passport: If your passport reflects your current address, it serves the dual purpose of identity and address proof.
• Aadhaar Card: Again, serves as both identity and address proof.
• Driving License: If your current address is reflected on the license.

3. Income Proof

Indian Bank evaluates your repayment capacity, and for this, income proof is mandatory. Different documents are required depending on whether you are salaried or self-employed:

• For Salaried Individuals:

  • Salary Slips: Last three months’ salary slips are typically required.
  • Form 16: A certificate issued by the employer, reflecting the total income and tax paid.
  • Bank Statements: Last six months’ bank statements to track the salary credited.

• For Self-Employed Individuals:

  • Income Tax Returns (ITR): Last two years' ITRs are required.
  • Audited Financial Statements: Profit and Loss statements, along with Balance Sheets for the last two years.
  • Bank Statements: Last six months’ bank statements to verify income.

4. Employment Proof

Employment proof is necessary to verify your employment status:

• For Salaried Individuals:

  • Employment Certificate/Offer Letter: Issued by the employer stating your current employment status.

• For Self-Employed Individuals:

  • Business Registration Documents: Proof of ownership and registration of the business.

5. Age Proof

Age is a critical factor in determining eligibility for a personal loan. The following documents are accepted as age proof:

• Birth Certificate: The most straightforward proof of age.
• School Leaving Certificate: Reflects the date of birth.
• PAN Card: The date of birth is mentioned on the PAN card.
• Passport: The date of birth is reflected on the passport.

6. Signature Proof

The bank requires your signature to match across all documents:

• PAN Card: Commonly used for signature verification.
• Passport: Also serves as signature proof.
• Driving License: Accepted as signature proof.

7. Photographs

• Passport-sized Photographs: Usually two or three recent photographs are required.

In conclusion, ensuring you have all these documents ready before applying can greatly expedite the loan approval process. Indian Bank’s personal loan application is designed to be user-friendly, but the key to a smooth process lies in preparation. Double-check each document for accuracy and validity to avoid any delays or rejections. Remember, the bank might request additional documents depending on individual circumstances, so it’s wise to consult with a bank representative before submitting your application.