Eligibility & Documents: Begin Your Loan Journey

At Bhagwan Associates, we strive to make your loan application process as straightforward as possible. Understanding your eligibility and preparing the necessary documents in advance can significantly expedite the process. Below, you’ll find a comprehensive overview of general eligibility criteria and common document requirements for various loan types.

Please note that specific requirements may vary slightly depending on the particular loan product and our banking partners. Our team is always available to assist you with the precise requirements for your chosen loan.

These are the fundamental requirements applicable to most loan categories:

1. Nationality: Indian Resident.

2. Age: Minimum 21 years and typically up to 58-65 years (or retirement age, depending on the loan type).

3. CIBIL/Credit Score:

   • Most banks (e.g., HDFC, Axis Bank) generally require a good CIBIL score of 730 or 740 and above. A strong score significantly increases your chances of quick approval.

4. Minimum Income:

   • For Salaried Individuals: Typically ranges from ₹20,000 – ₹50,000 per month (depending on the loan amount and bank).

   • For Example: HDFC Bank’s Personal Loan for ₹15 Lakh requires a minimum monthly income of ₹50,000.

   • For Self-Employed Individuals: Turnover and profitability criteria will apply as per bank policies.

5. Employment/Business Stability:

   • For Salaried: Minimum 1-2 years of work experience in the current organization.

   • For Self-Employed: Business must be operational for a minimum of 3 years.

Here’s a list of general documents you will need for a loan application:

1. Identity Proof (Any one):

• PAN Card (Mandatory)

• Aadhaar Card

• Passport

• Driving License

• Voter ID Card

2. Address Proof (Any one):

• Aadhaar Card

• Passport

• Driving License

• Utility Bills (Electricity, Water, Gas – not older than 3 months)

• Ration Card

• Rent Agreement (if residing in rented accommodation)

3. Income Proof:

• For Salaried Individuals:

  • Latest 3 Months Salary Slips

  • Latest 6 Months Bank Statement (where salary is credited)

  • Form 16 and Income Tax Returns (ITR) for the last 2-3 years

  • Employment Proof (e.g., Appointment Letter)

• For Self-Employed Individuals:

  • Latest 2-3 Years ITR with computation of income

  • Latest 6 Months Bank Statement (Savings and Current account)

  • Audited/Certified Balance Sheet & Profit & Loss Account for the last 2-3 years

  • Business Proof (e.g., GST Registration, Shop & Establishment License)

4. Other Essential Documents:

• Passport Size Photographs

• Signature Proof (e.g., via PAN Card)

• GST Certificate (for Business Loans & OD Limit)

• Processing Fee Cheque

• Loan Agreement and Security Documents (as required)

Certain loan types may require additional specific documentation:

• Home Loan / Loan Against Registry / Business Loan:

  • Copies of Property Documents (e.g., Sale Deed, Title Deed, Approved Plan, NOC)

  • Property Valuation Report

  • Business Profile (for Business Loans)

• Balance Transfer Loans:

  • Existing Loan Statement

  • No Objection Certificate (NOC) from the current bank