Know the Documents Required for Personal Loan from Piramal Finance

Looking for a personal loan? If yes, then you must be familiar with the loan process and all the documents required for a personal loan.

Piramal Finance allows for easy loan applications and quick disbursal of loans. They have a list of documents that you need to submit to avail of a personal loan from them.

So, without further ado, let us go through the list of documents required for personal loans and other essential details needed to apply for one from Piramal Finance. Let’s start with the common question asked, why does Piramal Finance ask for documents?

Why Do You Need to Submit Documents to Apply for a Personal Loan?

You might have wondered why there are so many documents required for a personal loan from Piramal Finance or any other bank. The answer is simple: the bank wants to be sure that you can repay the loan. For this reason, the bank asks for proof of income, assets, and liabilities. The bank collects this information from your documents. Then reviews it before approving or declining your personal loan application.

Eligibility Criteria for Personal Loan

Piramal Finance checks your eligibility for a personal loan based on the following criteria.

The applicant must be:

• A salaried employee.
• Aged 21 to 60 years.
• Having a minimum income of ₹25,000 per month.
• Having a least 6 months experience in the current job.

Piramal Finance will consider you eligible if you fulfil these criteria. The documents you provide will help prove your eligibility for Piramal Finance personal loan.

List of Documents Required for Personal Loan

Now you know why so much there are so many documents needed in this process. Now, let us look at the list of documents required for a personal loan.

Loan Application

It is the first move in the loan procedure. This form includes details like your name, address, contact number, etc. You must fill out this form to ensure that Piramal Finance can review your application. It is vital to give accurate information in the form. Any discrepancies may lead to the rejection of your loan application.

Pan Card

Your PAN card is used to check your financial history. It helps ensure that there are no bad debts, bankruptcies, or blacklist statuses on your record. This shows that you are a reliable borrower and can repay the loan on time. The PAN card also provides an identity for you and helps in tracking loan repayment. A PAN card is mandatory to submit your application for a personal loan from Piramal Finance.

Identity Proof

Piramal Finance asks for identity proof to verify your identity and to safeguard against any fraud. This is mandatory for all borrowers. It can be anything that can substantiate your identity. To verify your identity, you may submit any of these documents.

• Passport
• Voter’s Identity Card
• Aadhaar Card
• Driving License

Address Proof

You also need to provide address proof. This is to identify your residence. Any of these documents can be used for address proof:

• Passport
• Registered Leave and Lease Agreement
• Aadhaar Card / Aadhar Acknowledgement
• Driving License
• Utility bills like Telephone Bill /Electricity Bill etc. (Not more than 3 months old)
• Voter’s Identity Card

This document gives your residential details and confirms your claim of where you live.

Income Proof

A personal loan is an unsecured loan. So, it is important to prove your income to qualify for it. Banks consider your income as the main eligibility criterion.

As proof of your income, you have to submit these documents:

• Salary slips
• Bank Statement (last 3 months)

Co-Applicant

Suppose you are applying for a personal loan for a higher loan amount. In that case, you can include your co-applicant in the loan application. According to Piramal Finance policies, only your spouse can be your co-applicant. You will have to submit all the above-listed documents for the co-applicant too.

Other Information You May Include

These are the essential documents required for personal loans. In some cases, you can also include additional information like

Credit Score

Having a good credit score is useful for a multitude of reasons.

First, it shows that you are a responsible borrower and that you can repay the loan on time.

Second, a good credit score can help you secure better rates on loans in the future.

Finally, a good credit score can even help you get approved for a home loan or a car loan.

Loan Purpose

Submitting all of the documents required for a personal loan. Now, you must state the purpose for which you are taking out the loan. This is to help Piramal Finance understand why you need the loan. It can be for any reason from paying off existing debts to buying a car or a house.

Tips For Improving Your Chances of Getting a Personal Loan

There are a few things you can do to increase your chances of getting a personal loan from Piramal Finance.

• Firstly, make sure that you are well-resourced. This means having a good income and no bad debts or bankruptcies on your record.
• Second, have a solid credit score.
• Third, prepare the documents required for your personal loan application and make sure that they are authentic and up to date.
• Fourth, be honest about the purpose of the loan.
• Finally, give accurate details so that Piramal Finance can decide on your loan application.

Summing Up

Getting a personal Loan from Piramal Finance is a quick and hassle-free process. Ensure that you have all the necessary documents and information ready. The key is to make sure your credit score is good. Show that you have a good income and that you are honest about your purpose for the loan.

With these steps, increase your chances of getting a personal loan from Piramal Finance. For more financial advice and tips, be sure to check out their website and its blog section.