Get Instant ₹50,000 Personal Loan on PAN Card

Many people opt for personal loans in order to finance various purchases or pay for financial emergencies. These loans help individuals get financial assistance when it’s required.But in order to avail a personal loan successfully, you need to submit a few important documents. One of these documents is your PAN card.You can get a personal loan effortlessly by submitting your PAN card as per the KYC policies. Personal loans on PAN card are a quick loan option to meet financial needs. Furthermore, you need to keep in mind that the maximum loan amount, interest rate, repayment tenure, and processing fees for these loans will vary from one lender to another.

No Need for Collateral

As a personal loan on PAN card is an unsecured loan, you don’t have to keep any collateral with the lender to avail this loan.

No End-Use Restriction

Unlike secured loans, like home loans , which can be availed to buy a house, a personal loan can be used for multiple purposes. For instance, you can use it to pay for medical costs or a big-ticket expense. Personal loans have no restrictions on how you can use the funds.

Quick Disbursal

One of the most important benefits of personal loans on PAN card is that it gets disbursed quickly. Once the lender approves the loan, you can get the funds in your account within a few hours.

Loan Repayment Tenure

Most lenders offer a flexible loan repayment tenure for personal loans on PAN card. However, the tenure might differ with each lender.

Age

Personal loans on PAN card are offered to individuals between the age of 21 to 60.

Monthly Income

Most lenders require the applicant to have a monthly income of Rs. 15,000.

Work Experience

It’s recommended to have a work experience of 2 years before applying for a personal loan on PAN card.
Furthermore, applicants need to be self-employed or salaried individuals. Also, they must have a good credit score.

You must follow a few simple steps to apply for a personal loan on PAN card-

Check Your Eligibility

As the eligibility requirements might vary from one lender to another, it becomes crucial for you to check the loan amount you’ll be eligible for.

Loan Application Form

Once you select a lender, the next step is to fill out the loan application form.

Submit the Necessary Documents

Apart from your PAN card, you’ll also need to submit a few other documents, like Aadhaar card, income documents, etc.

Loan Disbursal

Once the loan is approved, the disbursal will be made into your account within a few hours.

In order to avail personal loan on PAN cards, you must submit the below documents-

Identity Proof

PAN card, passport, Aadhaar card, etc.

Address Proof

Aadhaar card, passport, electricity bill, etc.

Income Proof

Salary slips or bank statements.

Photographs

2 passport-size photographs.

Your bank accounts, loans, credit cards, etc. are linked to your PAN card. Therefore, your PAN card reflects your credit history. Hence, your PAN card is important for lenders as it informs them about your credit score and credit information. It enables the lenders to assess your eligibility and loan repayment capacity.

Here are some financial transactions for which you’ll need your PAN card-

• To pay income tax
• To buy or sell a vehicle
• To buy equity shares or bonds that are valued over Rs. 50,000
• To apply for a loan
• To register a business
• To rent a home
• To apply for a credit card
• To make financial transactions for a trust or co-operative society
• To open a bank account

These loans are an easy way to get funds to meet various financial needs. Furthermore, to avail it quickly, you must have a good credit history. Also, check the offers from different lenders before making a decision as it will help you select the most affordable option.

• Pay for medical emergencies, vacations, wedding, etc. by availing a personal loan on your PAN card.
• You don’t need a collateral to avail this loan.
• Ensure you have a good credit history before applying for a loan as it will make the application process easy.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.