Personal loan on PAN card

A personal loan is an unsecured loan that does not require the borrower to mortgage any of their assets. This feature of a personal loan makes it less risky for the borrower. Additionally, there are no restrictions on loan amount usage. In a nutshell, personal loans are excellent financial instruments and benefit the borrower in every possible way. Now let’s check out how you can get a personal loan on PAN card.

Personal loan on PAN card

PAN is your permanent account number. This is your financial identity that the income tax department uses for tracking all types of financial transactions you make. PAN is linked to your Aadhaar card to add another layer of authentication and preserve your identity. When coupled with Aadhaar, your PAN card can be used for availing of a personal loan as well. Due to its convenience, a loan on PAN card or instant loan on PAN card is increasingly popular these days among borrowers.

• You must have a government-issued PAN and Aadhaar to get a loan on PAN card.
• Ensure that your PAN and Aadhaar are linked.
• PAN is a crucial document, and if it is not linked with Aadhaar, there can be severe delays in getting a PAN card loan online.
• If your PAN and Aadhaar are linked, the loan amount is sanctioned within 24 hours* from approval.
• Not having a PAN will drastically reduce your chances of availing yourself of a personal loan from any lending institution in India.

Personal loan on PAN card - Eligibility criteria

To get the best personal loan interest rates, you must fulfil the eligibility criteria. Although the requirements might differ slightly from lender to lender, the general conditions are pretty much the same across all financial institutions.

• The borrower’s age should be between 21 years and 67 years.
• The borrower must have a minimum credit score of 750 while applying for a personal loan on PAN card to improve his chances of getting a loan.
• The minimum monthly income of the applicant depends on their city of residence.
• The income criteria vary for tier 1, tier 2, and tier 3 cities.
• Applicants must provide complete personal and financial details such as KYC documents, PAN, income proof, and bank statements.
• You can easily calculate your monthly liability using the Personal Loan EMI Calculator.

Apart from meeting the eligibility criteria and submitting the documents required for a personal loan, opting for an instant loan on PAN card is quite simple:

The Aadhaar card is an umbrella identification system that can be used in several ways. Here’s how it works for getting a personal loan.

• Aadhaar card is the primary source of a borrower’s KYC documents, such as name/ address proof, mobile number, age, and biometric indicators.
• Aadhaar is already certified by the government of India as a valid identity proof that can be used as a single KYC document for all types of KYC-related needs.
• If your Aadhaar card is linked to your bank account and PAN, you can use it directly to opt for a personal loan.
• Just request an e-KYC, and the bank/ financial institution can verify your details without any physical documentation.
• This makes the whole personal loan procedure quite fast, as checking and verifying documents online is way more seamless.

Summary: The whole process of availing yourself of a personal loan is relatively easy, but you must consider a few things and carefully choose your options. When going for a PAN card loan online, you should pay attention to the personal loan interest rates, EMI amount, and other conditions that the lending institution may have imposed. Using a Personal Loan EMI Calculator to determine your monthly instalments will ensure that your repayment journey remains smooth and trouble-free. Go through this article if you need help securing a PAN card loan online.