GUIDESPERSONAL LOANS
Personal Loan Documents & Eligibility Criteria Explained
5 MIN • 
LAST EDITED BY PRANAV KARNAD ON DECEMBER 18, 2025.
LAST EDITED BY PRANAV KARNAD ON DECEMBER 18, 2025.
GUIDES LAST EDITED BY PRANAV KARNAD ON DECEMBER 18, 2025.
Personal loans are usually unsecured and can be approved quickly, but lenders still need a few details to verify your identity, income, and address.
If you’re searching for personal loan documents, this guide covers the documents required for a personal loan, a simple personal loan documents list, and also explains personal loan eligibility and the most common personal loan eligibility criteria, so you know what to keep ready before you apply.
Before checking the documents required for a personal loan, it’s important to first assess whether you meet the personal loan eligibility criteria. Doing a quick self-check can save time, prevent rejections, and help you choose the right lender and loan amount.
Personal loans are multi-purpose, but lenders may assess eligibility slightly differently based on usage and amount. For instance, a loan for higher education, a wedding, or home renovation may come with different limits and verification checks.
Start by clearly defining why you need the loan and how much you plan to borrow. This helps you choose a suitable loan amount and repayment tenure.
A personal loan is unsecured, meaning no collateral is required. Because of this, lenders rely heavily on your credit score to assess risk.
Lenders evaluate multiple factors to determine your eligibility:
While eligibility conditions vary by lender, most prefer applicants who meet the following:
Interest rates directly impact your monthly EMI and overall loan cost. Along with the interest rate, your EMI also depends on the loan amount and tenure.
To choose the right loan tenure and plan your finances better, you can use the Fi Money Personal Loan EMI Calculator instead of calculating EMIs manually.
If you’re new to personal loans, it’s a good idea to first understand how personal loans work before applying.
A) KYC (Identity + Address proof)
B) Income & Employment proof
Tip (optional line): Some lenders may ask for additional documents based on your profile (e.g., bonus/variable pay proof).
A) KYC (Identity + Address proof)
B) Business & Income proof
Note: Most lenders don’t offer personal loans to “unemployed” profiles unless there’s a co-applicant, strong income proof, or alternative eligibility basis.
A) KYC (Identity + Address proof)
B) Income proof
C) Other
A) KYC / Identity
B) Address proof
C) Income & Employment proof
D) Other
While you’re at it, give this article a read on steps to apply for personal loans online.
Use this quick checklist before you apply for a personal loan to improve approval chances and get better terms.
What to do: Pay EMIs and credit card bills on time; avoid missed payments.
Quick example: If your card due date is the 5th, set an auto-debit on the 3rd so you never miss a payment.
What to do: Clear overdues, keep credit utilisation low, and check your credit report for errors.
Quick example: If your credit limit is ₹1,00,000, try to keep monthly usage under ₹30,000 (30%).
What to do: Reduce existing EMIs, close small loans, and avoid taking new debt before applying.
Quick example: If you earn ₹50,000/month and already pay ₹22,000 in EMIs, paying off a ₹5,000 EMI can improve your eligibility.
What to do: Don’t apply with multiple lenders at the same time, each hard enquiry can hurt your score.
Quick example: Instead of applying to 5 lenders in one week, shortlist 1–2 lenders after checking eligibility and rates first.
What to do: Choose a longer tenure to reduce EMI and improve affordability, especially if your income is tight.
Quick example: A ₹3,00,000 loan at the same rate may have a much lower EMI over 36 months vs 12 months, making approval easier.
Personal loans are often faster and simpler than many other loan types because they’re typically unsecured. And when you need funds quickly, having the right documents ready can make the process even smoother.
With Fi Money, you can apply for a personal loan in just a few taps. If you’re pre-approved, you could get your loan in minutes, with a 100% paperless approval and disbursal experience. Check your eligibility on Fi, view your offer, and apply instantly when it works for you.
A personal loan is an unsecured loan. This means it requires no collateral or security against it. An accurate and complete application with the pertinent documents will suffice.
A credit score of 700 and above is vital for securing a personal loan. If you meet this criterion, then you will not require a guarantor. However, if your score is lower, then some lenders might require you to have a guarantor to reduce their perceived risk. This is entirely up to the lender’s policy and can be checked before applying for the loan.
In a secured loan, the lender (bank or the NBFC) asks for the original papers of the collateral being provided (like property or vehicle). Since a personal loan is unsecured, such a situation does not arise.
However, to reduce the risk of non-payment, most lenders ask for the applicant's post-dated cheques (PDCs). This can be 3 months or 6 months, depending on the lender’s policy. Do note: that is not a mandatory process across the lending industry, and several companies may not require any cheques at all.
For salaried professionals, most lenders require a minimum salary of Rs. 15,000 or higher, with a preference for those earning at least Rs. 20,000. Self-employed individuals typically need a gross annual income of Rs. 2 lakh or greater to meet lender requirements.
Yes, here are some ways to get a personal loan without salary proof:
A pre-approved personal loan is an instant loan offer from your bank based on your existing financial history. It requires less paperwork and comes with faster approval. On the other hand, regular personal loans need a whole application process in which you submit all documents and wait for bank approval.
Getting a personal loan with a low CIBIL score is challenging but possible. Some banks consider scores around 650, but you'll need to prove stable income and your ability to repay.
The approval process typically takes 2–3 working days, depending on your chosen lender. However, delays may occur if the required documents are not submitted correctly. To avoid any setbacks, carefully review all necessary documents before submitting your application.
