In this article, we will discuss about...
Loan
Loan means borrowing money from individuals or from a financial institution or from any other person or entity, which shall be repaid with interest within certain intervals or installments. The loans may be either secured or unsecured
Bank Loan is nothing but borrowing money from a financial institution (Bank), which shall be paid back with specified interest within the stipulated time period.
Types of Loan
Loans are divided into various types based on the requirement or purpose of loan. Following are the prevailing types of loan
- Business Loan
- Personal Loan
- Education Loan
- Home Loan
Compliances
To obtain or avail aforesaid loans from bank one need to submit certain documents based on the requirement of loan as listed by the bank. The documentation may differ from one borrower to another based on their loan scheme, credit score, loan purpose, etc..,
Documents required for loan
Following are the list of common documents required for loan
Business Loan
Business loans are specifically meant for meeting the requirements or purposes of a business, to obtain or avail a business loan following documents are needed to be furnished
- Proof of Identity– Driving License or PAN Card or Passport or Voters ID Card or Aadhaar Card.
- Proof of address– Ration Card or Telephone/Postpaid Bill or Electricity Bill or Passport or Trade license or Lease agreement or GST registration certificate.
- Financial documents– Last 3 years Income tax returns along with last 3 years audited Profit and Loss account and Balance sheet, last 6 months bank statements.
- Business existence proof– Copies of any Statutory returns.
- Proof of Business ownership– Declaration of a sole proprietorship, Certified true copies of Memorandum & Articles of Association, copies of the partnership agreement.
- Other Documents– Such other additional documents required for credit assessment and processing of a loan.
Personal Loan
Personal loans are usually unsecured loans provided to individuals to meet their personal requirements. Interest rates under this loan are usually high when compared with other loans, the following are the documents needed to avail a personal loan.
- Proof of Identity– Driving License or PAN Card or Passport or Voters ID Card or Aadhaar Card.
- Proof of address– Ration Card or Telephone/Post-paid Bill or Electricity Bill or Passport copy etc..,
- Proof of Age– Birth certificate, 10th class marks sheet, Driving License or PAN Card or Passport or Voters ID Card or Aadhaar Card, etc..,
- Proof of Income– Last six months Bank statement, salary certificate, in case of self-employed audited financial statements of the last 3 years
- Business Proof- Proof of existence or continuity of business in case of self-employed.
Education Loan
Education loans are given to finance and to meet out the requirements of the college or school-related expenditures. Normally payments are often deferred up to a certain period (e.g.6 months) after graduation of students. following are the documents needed to avail of an education loan.
- Proof of Identity– Driving License or PAN Card or Passport or Voters ID Card or Aadhaar Card.
- KYC Documents
- Demand letter or admission letter along with fees schedule from school or college.
- Certificates or mark sheets of 10th or 12th or degree courses.
- Guarantor if needed
- And such other additional documents required for processing of a loan.
Home Loan
Home loans are usually availed or obtained for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. The following are the documents needed to avail of the Home loan.
- Proof of Identity– Driving License or PAN Card or Passport or Voters ID Card or Aadhaar Card.
- Proof of address– Ration Card or Telephone/Post-paid Bill or Electricity Bill or Passport etc..,
- Application form and photograph copies of the applicant
- Proof of Income– Last six months Bank statement, salary certificate, in case of self-employed audited financial statements of last 3 years
- Proof of existence or continuity of business in case of self-employed
- Property documents such as original purchase deed, engineers valuation certificate, a legal opinion from an advocate,
- Creation of an equitable mortgage thereon as collateral security in favor of the bank.
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