Turned 18? Here Is The Full List Of Documents That You Need To Be An Adult

Documents That You Require After Turning 18 Years

Here is a breakdown of each category of documents you should prepare after turning 18, along with the importance of each. Below is a list of important documents after 18 years in India and why they matter.

1. Proof of Identity.

You will be applying for financial products under your name once you are treated as an adult, so you need to prove your identity. Examples of acceptable proof of identity are Aadhaar card, PAN card, passport, voter ID, or driving licence.

Importance:

• Verifies you are who you say you are and legally able to borrow.

• Assists lenders in compliance with KYC (Know Your Customer), which is a regulatory requirement and best practice.

• Without accepting proof of identity, your application will not proceed to the next steps.

2. Address Verification

Lenders need to confirm your address for correspondence, verify residency, and assess stability. Address verification documents include utility bills, Aadhaar (with updated address), driving licence, or passport showing the correct address.

Importance:

• To help verify that you are at a verifiable address and lessen the risk of fraud.

• To serve correspondence for loan statements and notices, including any legal requirements.

• To check to see if they provide loan services in your specific area (some loans are based on location and only offered in certain areas sometimes).

• If the address is out of date (e.g. Aadhaar still has your old address), your loan application may be delayed or flagged.

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3. PAN card

The PAN card is one of the most important documents after 18 years in India, especially if you plan to work, pay taxes, or take a personal loan.

Importance:

• It can be linked to credit history and loan applications, as a PAN Card will assist lenders in pulling your credit history from CIBIL or other bureaus.

• Needed for lending purposes over certain thresholds and connects your income tax profile to your borrowing profile.

• A mismatch or not non-link (ex., PAN can't be linked to Aadhaar) can delay your approval process.

4. Proof of Income

Once you turn 18, if you're earning money working or otherwise, lenders will want to see proof that you can repay the loan. In the case of salaried employees, this could be in the form of a salary slip or bank statements. For self-employed individuals, proof of income could include their ITR, business registration certificate or GST returns.

Importance:

• It demonstrates how capable you are of repaying the loan, and if so, how much you could safely borrow.

• Proof of income helps lenders establish an income-to-debt ratio (in other words, how much of your income you're already committed to paying).

• If you can't prove income, then your loan amount may be limited or potentially even denied.

If you're a younger adult who's just turned 18 with very little employment history, lenders may require that you have a longer tenure at said job, or may require a co-applicant.

5. Proof of Employment or Business

If you are employed, you would likely include an appointment letter, employment certificate or an ID from your employer. If you run your own business, you can also provide a business registration or GST certificate.

Importance:

• It shows the lender that your income is regular, and not occasional.

• Lenders prefer lending to people with stable jobs or businesses for the sole reason that it is unlikely the borrower will default.

• Especially for 18-year-olds or recent entrants to the employment market, the length of employment is highly considered.

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6. Bank Statements

You will need bank statements from the past 3-6 months, a cancelled cheque (to validate the account holder's name), and possibly a passbook extract, as these show your transaction history and financial habits.

Importance:

• These are important for the lender to confirm that the salary or business income is wired to your account, and that you have a valid account with your name on it.

• The account/as well as any existing loans or overdrafts, bank statements will also show your spending habits, and specific loans or overdrafts already in place to help the lender assess your financial situation.

• If your salary slips do not match what is being deposited into your account, that will signal a "red flag' to appropriately concerned lenders.

7. Your Photograph

You will need to upload passport-sized photographs as part of the loan documents and verification process.

Importance:

• The photograph completes your identity qualifications in your file for the loan.

• The photograph will aid branch verification and be used for future reference by the lenders.

8. Additional Documentation for Special Cases

If you work in a unique occupation (doctors, CAs, etc), you will need to provide a professional license. If you are a self-employed individual, you may need business registration documents, a GST certificate, etc.

Importance:

• The additional documentation provides validation for your specialised occupation and legitimacy to operate a business, so that the lender can reasonably assess any risk involved with underwriting your loan.

• For young borrowers/ borrowers between 18 - 22 years of age, this documentation can be of advantage, as other than your income, you may not be able to provide employment eligibility or history or credit history to support an application.

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