Get the Unsecured Loan with No Collateral Proofs
An unsecured loan is the type of loan, which is supported and issued by the creditworthiness of the borrower’s. To get the unsecured loan, there is no need of any proofs like collateral or any other documentation. For the approval of this loan, the borrowers must have the highest ratings in their credits. The unsecured loan is also called as personal loans or signature loans. One thing you have to note in this loan is that there is no security will be provided by the bank for you after the approval of this loan. The reason is since you are not providing any collateral or valued documents to get the loan, it is not necessary for the bank to provide you the security.
There are also two categories of unsecured loans are available, namely business loans and personal loans. A personal loan is for the group of people to organize the meeting while the business loan is for the individual to run their business successfully.
Documents required for an unsecured loan:
The documents are the one which you are providing to the bank for taking the unsecured loan. Here only simple proof document is enough to provide because it is an unsecured loan. The documentation is for two different types of the applicants, namely self-employed applicants and salaried applicants.
Proof required from salaried applicants:
- Fill the application form with the original details
- Recently taken passport size photograph of the borrower of a loan
- Simple proofs that you have to provide during verification are the passport, voters ID, driving license, PAN card or any other proof.
- Residential proofs are needed like usefulness bills, or passport etc.
- To show the bank that the borrowers are creditworthiness, they have to provide slips of the salary for the previous months from 3 to 6 months.
Proof required from self-employed applicants:
- For the individual persons, they have to provide the address of their office.
- Assurance form of business profit with the continuity.
- A cheque for the dispensation fees.
- Fill the application form with the unique details
- Recently taken passport size photograph of the borrower of loan
- During verification, the required are the passport, voters ID, driving license, PAN card or any other proof.
- Residential proofs are essential like usefulness bill or passport etc.
- Provide slips of the salary for the previous months from 3 to 6 months.