A number of documents are required for different financial activities be it procuring a loan, buying insurance, opening an account, etc. The document requirements nearly remain the same with a few changes depending on the kind of financial service availed.
After thorough research we have listed down the documents required for different services which can be seen below:
Documents Required for Loans
Personal Loans
Personal loans are loans which are available to people for vacations, holidays and in general to meet one’s needs. These are mostly offered by all banks. The difference lies in the interest rates, services, and additional facilities being offered by the bank.
Banks may require some or all of the following documents. Each bank has a different set of document requirement based on their policies.
Mandatory Documents:
- Valid national ID for Bahrainis
- Valid Passport and resident Visa for expatriates
- 3 months bank statements
- Original pay slip/ salary slip in company letterhead.
Additional Documents:
- Employment Verification Certificate
- Recent Utility Bill in the name of the applicant.
- Employment confirmation with a service period of 3-7 years
- Minimum 2 Primary IDs can be passport and Bahraini ID.
- Post Dated cheques may be required by some banks
Home Loans
Home loans are loans offered to people who want to purchase a house with extra financial assistance from the bank. Home loans are secured loans.
Banks may request all or few of the documents mentioned below. The document requirement varies from bank to bank according to the policies being followed.
Mandatory Documents:
- Valid National ID for Bahrainis
- Valid passport and Valid resident visa for Non- residents
- Contract of property and purchase agreement
Additional Documents:
- Recent electricity, water or telephone bill or Rental Contract
- Certificate of ownership is required for the finance company
- Proof of Down Payment
- Some Banks require a minimum employment period of 3 years
- An employment confirmation is also required by a few banks.
- Proof of income is required in the case of Self Employed
Car Loans
Car loans are loans available for people who want to buy their dream car with the help of a little financial assistance from the bank.
Car loans are offered by almost all banks and other credit institutions in Bahrain. These loans can be availed for new as well as for used cars.
The document requirement varies from bank to bank and banks may not require all the documents that have been listed below.
Mandatory Documents:
- Valid passport along with Bahraini resident visa
- Proof of salary and employment
- Last 3 Months salary slips
- Last six months bank statements
- Status report of the vehicle by an evaluator which may or may not be provided by the bank.
Additional Documents:
- Driving Licence
- Vehicle fitness certificate in case of used cars
- Promissory note is required by few banks
- Original Salary certificate
- Original Quotation under the Banks name
- Status of the vehicle, Market price (used car) by the Bank Evaluator.
- Recent Utility bill in the name of the applicant
Documents Required for Credit Cards
Credit Cards
Credit cards make life easy by providing financial assistance when needed and pay it at a convenient time.
Mandatory Documents:
- Filled in credit card application form
- Valid passport along with visa for non-Bahraini individuals
- Original CPR is required for Bahraini Nationals
- Last 3 months bank statements
- Employment confirmation letter for Salaried Individuals
Additional Documents:
- Credit report from the Credit Bureau
- Latest original salary slip for salaried individuals
- Proof of ownership for self-employed
- Some banks may also ask for post-dated cheques
Documents Required for Insurance
Health Insurance
Health Insurances are a way to secure your savings from a dent in case of sickness or medical ailments.
Documents Required:
- A document with age proof
- Valid passport along with visa for non-Bahrainis
- Medical tests and records with past history
- Application form with full disclosure
- Recent utility bill etc in the name of the applicant
- Salary certificate in case of salaried individual
- Proof of income should be provided in case of self-employed.
Car Insurance
Car insurance is a way to secure your car in case of any accident or damage. It also saves one from emergency expenditure which might occur.
Documents required:
- A document with age proof
- Valid passport along with visa for non-Bahrainis
- Recent utility bill or any other address proof
- Valid Driver’s Licence
- Proof of vehicle registration
- Proof of ownership of the vehicle
- Salary certificate in case of salaried employees.
- Proof of income in case of self-employed
Life Insurance
Life Insurance plays an important role in the future of the family in case of any tragedy befalls on the policyholder. It acts as a source of income for the family and helps to provide monetary support.
Documents Required:
- Valid Passport along with visa for non-Bahrainis
- Original CPR may be asked for by some insurance companies for Bahraini Nationals
- Document with age proof is mandatory
- Medical tests and records with past history
- Salary Certificate is required for salaried employees
- Income proof is required for self-employed.
Documents Required for Bank Accounts
Savings Accounts
Savings Accounts are an easy way to earn interest as well as keep the money instantly available.
Mandatory Documents:
- Valid passport along with visa for non-Bahrainis.
- Valid CPR for Bahraini Nationals
- Salary certificate for salaried individuals
- 3-6 Months bank statements may be asked by banks
Additional Documents:
- Residential Proof may be required by some of the banks
Current Account
Currents accounts are widely used by businesses and firms for there day to day transactions or by employed individuals as well as a salary account. These accounts help in regular transactions from the account which might not be possible in a saving account.
Mandatory Documents:
- Valid passport along with visa for non-Bahrainis.
- Valid CPR for Bahraini Nationals
- Salary certificate for salaried individuals
Additional Documents:
- 3 Months bank statements may be asked by banks
- Residential Proof may be required by some of the banks
There are many conventional and Islamic banks in the Kingdom of Bahrain which require diverse documents.This is a complete gist of documents required by the banks for providing various financial services, although some additional documents can be demanded by the banks as per their policy or depending on each case.
