List of Documents Required for Pensioners and Self-Employed


Last Updated on February 14, 2024 by Nasir Hanif

If you wish to go on a vacation, need money for a wedding, or want to invest in an asset, whatever the expense may be, you can consider getting an instant loan. Whether you are a young self-employed person or a pensioner in your sixties, there is a loan for everyone. Loans have been made accessible and easy to borrow. Let’s understand the eligibility criteria and the pre-requisites to apply foran instant personal loan for self-employed individuals and pensioners.

Personal loan for pensioners

The need for some extra cash can arise at any age or time. A personal loan can be of great help to pensioners who are in need of urgent money and do not have anyone to turn to. Applying for a loan is not a cumbersome task anymore. It can be done in a few simple steps with minimal document submission if you meet the eligibility criteria. You can refer to the personal loan documents required list mentioned below.

Documents required for pensioners

Following is the list of documents required for pensioners to apply for a personal loan:

Proof of identity –

Passport, PAN card, ration card, driving license, voter ID card, birth certificate, school leaving certificate

Photograph –

Passport-size photographs clicked recently

Proof of Address –

Aadhaar card, ration card, utility bills, passport, driving license

Proof of Income –

Bank statements of the last six months, form 16, income tax returns, bank passbook, copy of pension payment order

Eligibility criteria for pensioners to apply for a personal loan

Age –

The age of the applicant may differ from lender to lender. However, some lenders allow pensioners up to the age of 76 years to apply for a personal loan.

Meeting the minimum pension amount criteria (depending upon the lender)

Personal loan for self-employed individuals

Getting a personal loan can be the most beneficial for self-employed people. Most self-employed individuals do not have a fixed income flowing in every month. In cases where a payment is delayed or they are in need of some urgent cash, they can rely on a personal loan to come to their rescue. The loan can be obtained easily by fulfilling a few simple requirements.

Personal loan documents required for self-employed people

Following is the list of documents required for self-employed individuals to apply for an instant loan:

Proof of Identity –

Passport, driving license, PAN card, voter ID card

Photograph –

One passport-size photograph clicked recently

Proof of Residence –

Aadhaar card, ration card, utility bill, passport

Proof of ownership (residence) –

Property documents, maintenance bill, electricity bill

Proof of office address –

Property documents, maintenance bill, utility bill

Proof of ownership (office) –

Property documents, maintenance bill, electricity bill

Proof of business existence –

Shop establishment proof, company registration license, tax registration copy

Proof of income –

Income tax returns for the last two years

Bank statement –

Bank statements of the last year (savings and current)

Proof of investments (if applicable) –

Shares, fixed deposits, fixed assets

Eligibility criteria for seld-employed to apply for an instant loan

Age –

Applicant must meet the age criteria as per the lender; generally, the age limit remains between 21 – 57 years for self-employed individuals.


A CIBIL score of 600 or more or an Experian score of 650 or more are required (Experian score is the numeric summary of your repayment history derived from the repayment hygiene of your previous or existing loans)

Minimum income criteria –

Meeting the minimum income criteria as per the lender.

Income should be directly credited to the applicant’s bank account.

Benefits of getting a personal loan

1) Minimal documentation

Traditional loans came with the taxing process of gathering numerous documents and approvals. On the contrary, personal loan documents required in India are way lesser. You are only required to provide some necessary basic ones. Minimal documentation makes the process of taking up a personal loan seamless and accessible.

2) Easy instalments

Lenders provide options for EMIs you can pick as per your paying capacity. EMIs can be divided into 12-60 months or even more, depending upon the lender. You can also plan before applying for the loan with the help of an EMI calculator that you will easily find online.

3) Flexibility of usage

If you want to apply for an instant personal loan for a personal expense, you can freely do so. It is called personal loan for a reason. If you feel the need to splurge on an asset and are confident that you will be able to make the repayments in time, you can take an instant loan from a bank or an NBFC. There is no restriction on the usage of this kind of loan as they provide full flexibility.

3) Quick disbursal

Personal loans give you the added advantage of rapid disbursal. Once your documents have been verified, your application will not take long to get approved. It does not take more than 24 hours for the money to reflect into your account post approval. A personal loan is therefore suitable for anyone in need of emergency money because of its short disbursal time.

4) No Collateral required

Unlike a home loan, lenders do not ask for any collateral with personal loans. It can be acquired by submitting the necessary documents. You need not mortgage any assets like property, gold, shares etc., to the bank for a personal loan. Your credibility will be checked based on your repayment history, i.e. how well you are managing your existing loans or your credit card repayment cycle.


Gone are the times when people had to wait for weeks to get a loan approved. Various banks and NBFCs offer instant loans these days with simple eligibility criteria. These financial institutions are as welcoming to self-employed people and pensioners as they are to salaried employees. Moreover, the loan can be obtained without indulging in a tiring process of endless paperwork. The paperwork is minimal and only asks for necessary documents. They are easy to acquire and can be used flexibly at the borrower’s discretion. Such a loan is suitable for anyone whose situation calls for urgent money, be it for an emergency or personal reasons.

Apart from this, if you are interested to know about Health Insurance Plans For Small Businesses then visit our lifestyle category.