Applying for any financial product requires a specific set of documents that allow entities to assess the solvency and payment capacity of the applicant.
Personal Identification and Residence
The first fundamental requirement is the accreditation of identity by means of a valid DNI or NIE. For non-EU foreigners, a passport is also required and, in many cases, a residence and work permit.
Residence in Spain must be demonstrated by means of a registration certificate with a maximum age of three months. Entities also accept invoices for basic services (electricity, gas, water or telephone) in the applicant's name as proof of address.
Justification of income according to employment situation
For employees, the documentation includes the last three payslips, current employment contract, company certificate with seniority and working conditions, and updated work history from the SEPE. Entities especially value job stability and seniority in the position.
Public officials submit similar documentation, although their job stability generally facilitates the approval of financial products.
Documentation for self-employed workers
The self-employed must provide income tax returns for the last two years, quarterly forms 130 and 303 for the current year, registration in the Special Regime for Self-Employed Workers (RETA) and bank statements reflecting professional movements.
According to data from the National Federation of Associations of Self-Employed Workers, 68% of Spanish self-employed workers consider the collection of documentation to be the main obstacle to accessing financing.
Additional financial information
The entities request bank statements for the last three to six months of all the applicant's accounts. This information allows evaluating spending patterns, savings capacity and general financial behavior.
The declaration of assets and rights, including real estate, vehicles, investments and other assets, provides a complete view of the applicant's assets.
Specific documentation according to the product
For mortgage loans, a property deed, simple registration note, certificate of occupancy, official appraisal and, in the case of a sale, deposit or reservation contract are also required.
Vehicle loans require vehicle documentation: technical data sheet, circulation permit and, in the case of purchases, proforma invoice or reservation contract from the dealer.
Information on existing financial obligations
It is essential to declare all current financial obligations: mortgages, personal loans, credit cards, guarantees granted and any other payment commitment. This information allows you to correctly calculate the available debt capacity.
The entities verify this information by consulting risk centers, but the applicant's prior declaration speeds up the evaluation process.
Purpose and destination of the loan
Lenders require detailed information on the destination of the requested funds. For business loans, a business plan, financial projections and justification of the planned investment are required.
Consumer loans require budgets or proforma invoices that justify the amount requested and its specific purpose.
Guarantees and additional guarantees
When personal guarantees are offered, complete documentation of the guarantors is required: identification, justification of income and asset declaration. The guarantors assume the same responsibility as the loan holder.
For real guarantees (mortgage or pledge), specific documentation of the asset being guaranteed is required, including an updated valuation and verification of its ownership.
Digital documentation and online verification
Digitization has transformed the application processes. Many entities accept certified digital documentation and use online verification systems that significantly speed up the procedures.
According to the Bank of Spain, 84% of applications for financial products are currently initiated through digital channels, although the final formalization usually requires physical presence or videoconference.
Tips to speed up the process
Preparing all the documentation before starting the application significantly reduces response times. Keeping official documents updated and keeping digitized copies facilitates the process.
Transparency and accuracy in the information provided is crucial. Inconsistencies or incorrect data may result in automatic rejection of the application or considerable delays in the evaluation.
