Introduction
It is easy to get a ₹3 lakh loan if you have the necessary documents. Lenders require some documents to verify your details. These documents assist them in making a decision on whether or not they can lend you the money. Failure to produce any document will cause a delay in your need 3 lakhs urgently approval. Let us go over the essential documents you need to present.
Proof of Identity
The lenders require you to prove your identity. They request documents that establish your identity. You can provide any one of these:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving Licence
Ensure the information on these documents is accurate. Any error can cause a delay in processing.
Proof of Address
You must provide proof of residence. Lenders accept various documents for this. You can provide:
- Aadhaar Card
- Passport
- Utility Bills (Electricity Bill or Water Bill)
- Rent Agreement
- Voter ID
- Bank Statement
In case your present address is not the same as your Aadhaar, you may provide a utility bill or rent agreement. These are widely accepted for address proof.
Income Proof
Lenders verify your income in order to understand whether you will be able to repay the loan. The documents that are needed vary based on your type of job.
For salaried individuals:
- Salary Slips (3 Months)
- Bank Statements (6 Months)
- Form 16 or ITR (Previous 2 Years)
- For self-employed:
- ITR (Previous 2-3 Years)
- Profit and Loss Statement
- Bank Statement (Previous 6-12 Months)
- Proof of Business Registration
These papers enable the lender to verify your financial stability. If you earn a regular income, it becomes simpler for loan approval.
Proof of Employment
Salaried staff must provide an employment certificate. This is proof that you are employed. Some lenders request a joining letter or an offer letter. Self-employed persons can offer their business registration certificate.
Credit Report
Lenders verify your credit score before providing a loan. Having a good credit score will increase the chances of approval. A credit score of over 750 is regarded as good. If your credit score is low, the lender might decline your application or quote a higher interest rate. You can obtain your credit report from CIBIL or other credit bureaus.
Loan Application Form and Passport-Sized Photos
You need to fill out a Instant money loan application form. This form asks for basic details like your name, income, and loan amount. Lenders also ask for passport-sized photos. Some lenders accept online applications, making the process easier.
Case Study: How Right Documents Facilitated
Rahul’s Loan Rahul, aged 30 and an IT professional, wanted a ₹3 lakh loan to renovate his home. He had all his documents in hand. His bank statements and Aadhaar had the correct details about him. His salary slips and credit score were both favorable. His loan was sanctioned within two days by the bank. He received the money without facing any issues. This indicates that with the correct papers, loan sanction gets hastened.
Last Words Getting a ₹3 lakh loan is easy when you know what documents you need. Keep your documents updated so that there are no delays. If the details are clear, then the lenders will sanction your loan quickly. Contact your bank to know if there are any additional documents they require. A little bit of preparation can save time and effort.
