New Delhi, June 10 -- Indian borrowers applying for a personal loan must typically submit proof of income. Salaried applicants usually provide recent salary slips and Form 16 (annual salary certificate), whereas self-employed borrowers show tax documents.

In practice, salaried customers generally meet banks' criteria with the latest payslips/Form 16, while self-employed applicants are expected to furnish Income Tax Returns (ITRs) for multiple years.

Still, there is no such fixed unanimous rule according to which loan applicants are required to definitely provide a certain number of ITR filings to every bank to be eligible for a particular loan product.

Major lenders on the other hand have clear guidelines and regulations according to t...