Eligibility & Documents
Know What LendersLook For, BeforeYou Apply.
A plain-language guide to the criteria and paperwork typically involved, so there are no surprises later in the process.
The basics
Six things assessed on almost every application.
Weightings differ from one institution to the next, but the questions asked are broadly the same.
Age
Applicants are usually assessed within a defined age band at application and at loan maturity.
Income & stability
Each lender sets its own minimum income, and looks for a consistent earning pattern.
Credit history
Bureau records and past repayment conduct carry significant weight. A CIBIL score of 650 or above is mandatory.
Existing obligations
Current EMIs are measured against income to judge repayment capacity.
Employment or business vintage
Time in the current job, or years the business has been running.
Security, for secured loans
Clear title, valuation and the condition or age of the asset offered.
A CIBIL score of 650+ is mandatory for an enquiry to be taken forward. Under RBI rules you can obtain one free credit report a year from each credit bureau, so it is worth checking before you start.
Start here
Documents asked for - in any Loan.
Having these ready shortens the process considerably, whichever product you go on to choose.
- Completed application form with photographs
- PAN card
- Identity proof — Aadhaar, passport, voter ID or driving licence
- Address proof — Aadhaar, utility bill, registered rent agreement or passport
- Bank statements, usually the last 6 to 12 months
- Signature verification, where the lender requires it
Personal Loans
Typical eligibility
- Salaried or self-employed
- Meets the lender's minimum income
- Stable employment or business
- Bureau score and repayment record
- Age within the lender’s band
- Room within existing EMI obligations
Documents required
Salaried applicants
- Last 3 months salary slips
- Form 16 or ITR for 1 to 2 years
- 6 months bank statements showing salary credits
- Employment proof or company ID
Self-employed applicants
- ITR with computation for 2 years
- Audited financials, where applicable
- Recent GST returns
- 6 to 12 months current account statements
- Business registration proof
Business Loans
Typical eligibility
- Business vintage, often 2 to 3 years
- Turnover above a defined threshold
- Profitability trend
- Bureau record and banking conduct
- Constitution of the entity
- Promoter age and profile
Documents required
Business identity
- Registration certificate, GST and Udyam details
- Partnership deed, or MOA and AOA
- Board resolution, for companies
- Proof of business address
Financials
- ITR with computation for 2 to 3 years
- Audited profit and loss account and balance sheet
- GST returns for recent periods
- 12 months current account statements
Existing credit
- Sanction letters for running facilities
- Repayment track record
- Details of collateral already charged
Home Loans
Typical eligibility
- Age against the tenure sought
- Applicant and co-applicant income
- Bureau score and repayment record
- Property type and approvals
- Loan-to-value under the lender's policy
- Existing EMI obligations
Documents required
Applicant
- Income documents as per profile
- 6 to 12 months bank statements
- Proof of own contribution or margin money
- Co-applicant KYC and income documents
Property
- Sale agreement or allotment letter
- Chain of title documents
- Approved building plan and sanction
- Latest property tax receipts
- NOC from the society or builder, where applicable
- Occupancy or completion certificate, for ready property
Balance transfer
- Statement of the existing loan account
- List of documents held by the current lender
- Foreclosure or outstanding letter
Loan Against Property
Typical eligibility
- Ownership of eligible residential or commercial property
- Clear and marketable title
- Valuation of the property
- Income and repayment capacity
- Bureau score and repayment record
Documents required
Property
- Complete chain of property documents
- Approved plan and sanction
- Latest tax receipt and a utility bill
- Details of any existing mortgage on the property
Applicant
- Income documents as per profile
- 6 to 12 months bank statements
- KYC for all owners of the property
Equipment & Vehicle Finance
Typical eligibility
- Business vintage and turnover
- Type, age and intended use of the asset
- Margin or down payment available
- Bureau record and banking conduct
- Obligations on assets already financed
Documents required
The asset
- Proforma invoice or quotation from the supplier or dealer
- Asset specification, and registration details for vehicles
- Insurance details
- Permit and fitness certificate, for commercial vehicles
The business
- Business KYC and GST details
- ITR and financial statements
- 6 to 12 months bank statements
- Driving licence, where the applicant is the operator
Good to know
Three things that quietly move the needle.
01
A co-applicant can help
Adding an earning family member can improve the assessed repayment capacity on secured loans.
02
Keep documents digital
Clear scans of KYC, income and property papers remove most of the back-and-forth later.
03
Obligations weigh heavily
Closing or consolidating a small running loan often matters more than a higher income.