When we need money for some important work, a loan can be a very good option to go for in this case. However, when the need for money will be on an urgent basis and we are not in the condition to wait for a long time to get a loan, a personal loan could be a great help for us all. Though personal loans don’t need more documents than any other type of loan, we still have to show some of the very basic types of documents while applying for any personal loan. Today in this article we will have a discussion and a must-have cross-check about all the things and documents before applying for any personal loan.
All loan applicants can be divided broadly into two parts. So we will discuss them separately.
For an employed person
An employed person is a person who works in any private company, for any individual, or in any government company. In such cases, some of the documents submitted by him may be different from the other people. Let us have a look at some of the very important documents which would be required while applying for any lowest personal loan Singapore.
Photo proof
Photo identity is one of the very important documents which you need to have when you apply for a personal loan. There are many types of documents that you can choose to show as your photo identity proof. Some of such very commonly used documents are Identification card Card, Passport, Driving Licence, and etc.
Address proof
Address proof is also one of the most essential documents which you would need when you apply for any personal loan. With the help of this document, the lender or the bank may get assured that their money will be paid off properly and you will not run away after taking the loan. There are many types of documents where you can find your home address and any of such documents that are validated by any governmental authority can be used applying for any personal loan. The most commonly used documents where you can find your address and which can be used as an address proof are Utility Bill, Passport, etc. Any of these documents can be used as address proof for your loan application.
Proof of Income
It is obvious if somebody will lend you some money, he will check first what is the probability that you would return the loan amount on time. So to be safe, many a time the bank or any individual lender may ask you to show some kind of documents that may validate that you are earning sufficient money through which you can repay the loan amount in the future. In most of the cases, the banks ask for the last three months’ salary slip or the bank detail of the loan applicant.
Proof of Job continuity
Many a time it happens that just providing the income proof is not sufficient for the banks. They also want to know whether you are continuing the job at present or not. To know this all, they may ask you to show some documents which can assure them that you are at work these days. For such confirmation, you can either show your job offer letter, a special certificate issued by the firm or company to its employees, or any recommendation letter on behalf of the company, in which you work.
Photo
Now after completing all the document list, you need to have one clear passport size photo. This photo may be either black and white or colored. The photo should not be older than 6 months and your face should be visible and recognizable in your photo too.
Application form
After having all the above things, the next and most important things you should have are the application forms. This application form should be duly filled and no required info should remain missed. The info filled in the form should be the same as that is in the documents you are going to submit. Therefore before you go to submit the form and everything along with this you should cross-check everything written in the form once again and match it with the issued documents.
For A Self-Employed Person Or A Businessman
Now if we talk about the documents required by any self-employed person or any business owner, there may be some new documents added in this category otherwise most of the documents needed for the people of this category would also be almost the same. Let’s have a look at them also.
Photo identity proof
Here in case you are a self-employed person or have any business, you will have to show your photo identity proof also. So here also you can show any of the documents like Identification card, passport and etc.
Residence proof
Just like the residence proof for people who are into jobs, the business people also need to show their residence proof. In the residence proof, they can also use the same documents like Ration card, Passport, Utility bills, etc.
Proof of Office ownership
This one is a new document which you must have if you are self-employed or a business owner. In this document, you need to show any documents which could confirm the exact location of your business office. For this purpose, you can use a Utility bill, passport, or any certificate issued by the government, etc.
Along with this all, you also need to show all of those documents which we discussed in the case of applying for a loan as an employee or working person.
With the above discussion, it must be very clear to you all what kind of documents would be needed for an applicant while applying for the quickest personal loan Singapore. If you will have all those documents while applying for a loan, no doubt you will complete your loan processing formalities very well.