Partner With Us NRI

Open Free Demat Account Online with ICICIDIRECT

Checklist for Loan Application in India


Loans are available for various reasons, but effectively, all those reasons mean growth in your life and lifestyle choices. Loans are readily available these days from multiple trustworthy firms, banks, and companies. But the processing of any loan will be incomplete without the submission of proper documentation.

Loan Application Checklist

Different documents are required to avail various kinds of loans such as home loans, education loans, car loans, personal loans, etc. The loan amount that you apply for can be as low or as high as you desire. But the strength of your documentation will play a pivotal role in assessing how much loan banks and other loan advancing companies can extend to you. That is because each of the required documents holds significance as they help evaluate you financially and serve the essential purpose of identifying you and your place of residence.

Here is a category-wise snapshot that lists the documents that you may require for the most commonly applied loans,

Particulars/ Loan Category

Home Loan

Education Loan

Vehicle Loan

Personal Loan

Filled Loan Application along with necessary signatures







Identity Proof

Aadhaar card, PAN card, Voter ID card, Driving licence, Passport, etc.

Address Proof

Aadhaar card, PAN card, Voter ID card, Driving License, Passport, Ration Card, Latest Utility Bills, etc.

Income Proof

  • Last salary slip, Last three months bank statements, Form 16, Updated passbook, Salary certificate, Last 3 years of ITR, etc.
  • For a self-employed individual – Last 3 years of ITR, Chartered Accountant Attested Balance sheet or Profit and Loss statement, Registration Certificate of Establishment, etc.

Last 3 months salary slip, salary certificate, Last 2 years of ITR

Last six months Bank statements,

Previous salary slip, Form 16, Latest ITR

Last salary slip, Last 3 months bank statements, Updated passbook, Salary certificate

Passport size photographs


Age Proof

Secondary School Leaving Certificate, Birth certificate, Aadhar Card, Driving License, etc.


Secondary School Leaving Certificate or Birth certificate




Category Specific documents

  • Construction cost estimates of the house
  • Sale deed
  • Receipts of Property tax
  • Allotment letter issued by Builder or Society
  • Approved building plan along with floor plans in case of a flat purchase
  • Occupancy Certificate(OC) in case of ready-to-move-in properties
  • Utility bills such as Electricity and Maintenance bills.
  • Advance Deposit payment receipt
  • Bank statements reflecting the payment transactions done to the builder
  • An admission confirmation letter with a fee structure from the applied University
  • Mark sheets of Secondary, Higher Secondary, and Graduation School.
  • Scholarship documents, if any
  • A declaration to confirm that you have not availed loan from any other financial institute
  • Documents to prove your travel such as visa approval letter, foreign exchange permit, etc
  • Duly signed Form A2
  • Receipts reflecting the margin money given to the University




Eligibility Criteria for Loans

Home Loan

The eligibility criteria for securing a home loan largely depend on your sources of income and capacity to repay the loan. Here are the general prerequisites to qualify you for a home loan,

  • You should be 21-65 years old if you are salaried or self-employed. This criterion may vary for a business person.
  • Your monthly income should be over Rs 25000, and there should be at least 3 years of employment continuity.
  • Your property should be approved by the bank with a CIBIL score of at least 650.

Additional Read: How to file ITR for Home Loan

Education Loan

Procuring an Education loan is easy for deserving students. Banks and loan advancing institutes have chalked out general prerequisites to qualify you for a loan,

  • You should be an Indian national.
  • You should be 18-35 years old and have a good academic record.
  • As a student, your main source of income is your parents or guardians. They should be financially sound.
  • The University you have applied for should be well recognized in Indian and abroad.
  • Your admission status from the concerned University should be confirmed
  • You may need a loan guarantor or any collateral against the loan amount that you require

Personal and Vehicle Loan

The eligibility criteria for these two loan categories vary depending on who the loan-advancing institute is. The amount of loan required, age, the reason for personal loan, vehicle model, income and repayment capacity, etc are some common grounds to decide if you will be eligible for the loan.

Additional Read: What Are The Tax Benefits On Personal Loans?


Debt has become a part of our lifestyle in the current times. Increasing demand for better lifestyle choices and easy availability of low-cost loans from trusted vendors are the key reasons for this. The process of applying and processing any loan becomes relatively quick and easy if you meet the eligibility criteria for the loan and have the necessary documentation in place.

Additional Read: What are the Documents Needed for Filing Income Tax Returns in India?


ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  Please note, loans related services are not Exchange traded products and I-Sec is acting as a distributor to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Most Popular

  • 13 May 2022
  • ICICI Securities

The Five-Point Financial Planning Checklist For Your Family

Whether you just got married or planning to have a baby or have dependents, you should have financial plans for every stage in your life to ensure a secured future for your family members. Here are five things you can do financially for your family.   

  • 12 May 2022
  • ICICI Securities

What is a Zero Coupon Bond?

You get fixed returns in the form of interest until maturity when you invest in a bond. Zero-coupon bonds work a little differently. In this article, find out what zero-coupon bonds are, their advantages and whether you should invest in them. 

  • 12 May 2022
  • ICICI Securities

What are Cross Currency Pairs?

The forex market is the largest financial market globally. Currency trading is a lucrative and booming business. While most currencies trading happens in relation to the US Dollar, some don’t. That forms the basis of cross currency pairs. Here’s what you need to know about it. 

  • 12 May 2022
  • ICICI Securities

Investing principles from Benjamin Graham: The Father of Value Investing

Benjamin Graham was a British born economist, professor, and investor who taught at Columbia University. He was also a mentor to some of the most famous investors of the 20th century, including Irving Khan, John Templeton, & Warren Buffett. Buffett called him "the second most influential figure in his life, only after my father". 

  • 12 May 2022
  • ICICI Securities

How to Invest in Nifty 50?

The Nifty 50 is the benchmark index of the National Stock Exchange. It represents the 50 largest companies listed in India. Investing in the Nifty 50 can be a good idea for those looking to make index-linked returns. Here’s how you can invest in the index. 

  • 12 May 2022
  • ICICI Securities

Investment philosophy of Cathie Wood: The most powerful woman on Wall Street

Catherine Duddy Wood, also called Cathie Wood, is an investor who primarily invests in disruptive technologies and is the founder, chief executive officer, and chief investment officer of ARK Investment Management, LLC, an investment management firm mostly active in the United States.

  • 11 May 2022
  • ICICI Securities

How to Use Technology to Improve Your Finances

Technology has made life simpler for everyone. In the realm of personal finance, technology has streamlined many processes—from budgeting to automating your payments. On National Technology Day, let’s look at how technology has transformed our finances. 

  • 11 May 2022
  • ICICI Securities

How to Invest in your Every Goal with Mutual Funds?

Each of us is unique. We have different needs and goals in life. Some of us can ride along swinging markets, while some may need a relatively conservative investment tool. 

  • 11 May 2022
  • ICICI Securities

Four Reasons Why Entrepreneurs should Invest in Equity Mutual Funds

Equity mutual funds provide growth opportunities not just for individual investors but also for entrepreneurs and corporates. They make excellent investments for anyone looking for wealth creation. This article will give you four reasons why businesspeople should consider investing in equity mutual funds.