Eligibility & Required Documents

Clear documentation guidance to streamline your loan approval process.

Note: Required documents and eligibility criteria may vary depending on loan category, applicant profile, and specific lender norms.
Evaluation Criteria

General Loan Eligibility Factors

Lending institutions evaluate multiple financial aspects to determine loan eligibility and sanction limits.

Key Factors Influencing Eligibility

Age Criteria

  • Salaried: Minimum 21 years up to 60 years at maturity.
  • Self-Employed: Minimum 23 years up to 65-70 years at loan completion.

Income Profile

  • Stable net monthly salary or business net profit margins.
  • Sufficient disposable income after monthly household expenses.

Employment & Business Continuity

  • Minimum 1-2 years continuous employment for salaried staff.
  • Minimum 2-3 years vintage in current business line with GST/ITR filings.

Credit Score (CIBIL)

  • Healthy repayment track record (generally 700+ CIBIL score preferred).
  • No active defaults or severe delays in past borrowings.

Debt-to-Income (FOIR)

  • Fixed Obligation to Income Ratio typically under 50%-60%.
  • Considers existing EMIs, credit card balances, and household commitments.

Property / Collateral Profile

  • Clear legal title, approved plan layouts, and non-encumbrance status.
  • Valuation report generated by lender-empanelled technical assessors.
Paperwork Preparation

Typical Document Categories

Prepare these general documents in advance for a smoother loan application experience.

Identity Proof

  • Aadhaar Card
  • PAN Card (Mandatory for financial transactions)
  • Passport / Voter ID Card / Driving License

Address Proof

  • Aadhaar Card / Passport
  • Electricity Bill / Water Bill / Gas Bill (Recent 3 months)
  • Registered Rent Agreement (If living in rented accommodation)

Income Proof (Salaried)

  • Latest 3 to 6 months Salary Slips
  • Form 16 for the last 2 financial years
  • Company ID Card copy

Income Proof (Self-Employed)

  • Income Tax Returns (ITR) for last 2-3 financial years
  • Computation of Income, Balance Sheet & Profit & Loss account
  • Audit Report (If turnover exceeds audit thresholds)

Bank Statements

  • Salary Account Bank Statement for last 6 to 12 months
  • Business Current Account Bank Statement for last 12 months

Business Registration Proof

  • GST Registration Certificate
  • Udyam / MSME Registration
  • Trade License / Shop & Establishment Certificate

Property Documents (If Collateral)

  • Title Deed / Sale Deed copy
  • Parent Documents & Encumbrance Certificate (EC 13-30 years)
  • Approved Building Plan & Tax Paid Receipts

Professional Certification

  • Medical Qualification Degree (MBBS/MD/BDS)
  • State Medical Council Registration Certificate

Want a Custom Document Checklist for Your Loan Type?

Our consultants will assess your requirement and provide exact bank-specific paperwork guidelines.

Check Your Loan Requirement
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