Personal loan eligibility and documents

Each partner lender applies its own credit policy. Commonly considered:

• Income and its stability — salaried or self-employed, and how it is evidenced.
• Existing loans and EMIs — how much of your income is already committed.
• Credit history — your credit report and score (for example from CIBIL).
• Identity and age — verified through KYC.

The lender’s decision and reasons come from the lender; Innopay Money does not approve or reject loans.

• Identity documents for KYC — commonly your PAN and Aadhaar, or another document the lender accepts.
• Access to the bank account your income is paid into — lenders may verify income from it.
• Anything else the lender asks for during its application, such as salary slips or business proof.

Salaried and self-employed applicants may be asked for different proof of income; the lender will say what it accepts.

Lenders usually want to see a regular salary: recent salary slips, or the salary credits in your bank statement. Your employer, how long you have worked there and your existing EMIs typically count too. If you don’t have salary slips, ask the lender whether it can verify your income from your bank statement instead.

Without a salary, lenders look for other evidence of steady income — commonly bank statements showing your business receipts, income-tax returns, or proof that your business is registered. What each lender accepts differs, and it will tell you during the application. Partners that lend to small businesses list smaller amounts — see small loans.

An affordability check only — not an eligibility test. Enter monthly figures:

Lenders differ. A lower score can still lead to an offer from some lenders — often for a smaller amount or at a higher rate — or to a decline. Some lenders verify income from bank statements instead of salary slips. Treat any promise of a loan regardless of your credit history as a red flag.