There will often be times when you need sudden cash, either due to responsibilities or unforeseen happenings. Having a cash crunch at that moment can be disastrous. Even if we move to banks or other financial institutions, it will take a hell of a lot of time to sanction the loan.
Here comes LAS in the picture. It is a loan that is taken by putting the securities in collateral.
The procedure of LAS is very simple, you can get a loan within no time but people have always this mindset about the documents needed for this loan.
Will they have enough documents for the loan or not?
So, let’s dig deep into this topic.
Documents required for salaried employees:
- PAN card
- Adhaar Card
- Identity Proof ( Birth Certificate, Passport)
- Address Proof (Adhaar Card, Passport)
- Income Proof (Salary slip)
- ITR Returns filed for the last 2-3 years
- Passport size photographs
- Bank statements for the last 6 months
- Cancelled cheque
- Investment holding proof
- Demat Account statements
These are the documents that you will need while taking a loan against securities. If you want to avail of the loan you should have all the documents intact with you.
Documents required for self-employed Individuals:
- PAN Card
- Aadhaar Card
- Identity proof (birth certificate, 10th mark sheet, passport, etc.)
- Address proof (birth certificate, passport, etc.)
- Income proof (Salary slips)
- ITR Returns filed for the last 2-3 years
- Passport size photographs
- Bank statements for the last 6 months
- Cancelled cheque
- Investment holding proof
- Demat account statements
- Balance Sheet and P/L Statements for the last 2-3 years
- Office address proof
These are the documents that you will require to avail loans if you are a self-employed individual.
Also, before submitting these above documents you need to check certain eligibility criteria to avail loans. You have to meet those criteria to be eligible for the loan. Those eligibility criteria are:
- Individuals, Companies/Firms, HUFs, Private and Public Ltd. companies can apply
- Indian residents can apply
- Applicants between the ages of 18 and 65 (generally) can apply
- Holders of approved investment holdings can apply
- The investment holdings should be fully paid for and not in the lock-in period
- A net worth of a minimum of Rs. 2 lakhs
Conclusion:
So, planning to take LAS for your personal needs. Keep all these documents checked before taking loans. LAS is hassle-free and easy to get loans, still, you have to follow some rules laid out to avail of those loans.
Divadhvik will help you with this. With our fleet of experienced professionals, we can help you step by step to avail of those loans.
