You only need to go to the bank’s or lender’s website and complete the application to apply online. Your name, birthdate, mobile number, and PAN number will be required.
Nowadays, it’s easier and faster than ever to get a personal loan, especially if you have a PAN card. These days, a lot of banks and lending apps provide loans where your PAN assists in most of the verification process. To assist you in understanding how your PAN card can help you borrow Rs 5 lakh, here is a brief guide.
WHY DOES A PERSONAL LOAN NEED A PAN CARD?
A crucial piece of identification is your Permanent Account Number, or PAN. It assists banks in monitoring your financial history, including past credit card or loan handling.
Aadhaar and PAN are connected, which facilitates online verification. For this reason, a lot of lenders provide speedy loan approvals and accept PAN for e-KYC.
THINGS TO CONSIDER BEFORE APPLYING
The most crucial requirement is that your PAN and Aadhaar be linked to apply for a loan using your PAN card. This step expedites the loan application process and offers an additional layer of identity verification.
A high credit score is also beneficial since it reflects your repayment patterns.
Loans are frequently granted within 24 hours after this is completed, and your documentation is in order. Your prospects of obtaining a personal loan from the majority of banks or NBFCs are greatly reduced if you do not have a PAN card.
HOW DO I APPLY?
You only need to go to the bank or lender’s website and complete the application to apply online. Your name, birthdate, mobile number, and PAN number will be required.
You enter the loan amount, select the appropriate repayment time, and upload your basic KYC information after your number has been verified via OTP. Your application has now been submitted, and you should receive approval soon if all goes according to plan.
Verify your eligibility.
Before issuing a personal loan, you will also need to fulfill a few prerequisites. You should have a solid credit score, a reliable source of income, and be between the ages of 21 and 60.
Having a steady source of income is important, whether you work for yourself or a living, since lenders want to be sure you can make your loan payments on schedule. To find out how much of your earnings is already being used to pay back other loans, they also look at your debt-to-income ratio.
LOW PAPER WORK AND SPEED RESULTS
Taking out a PAN card loan has the advantage of having very little documentation. It suffices to have your PAN, Aadhaar, current bank statements, and pay stubs. Numerous lenders provide flexible repayment alternatives and reasonable interest rates, and the process is made to be hassle-free.
Therefore, as long as you borrow sensibly, utilizing your PAN card to obtain a personal loan is a wise and practical choice if you need urgent cash for anything from travel to school to medical bills.
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