Steps to Get a Personal Loan with Just a PAN Card

Last Updated: 11 Oct 2024

An unanticipated financial need, like travel expenses or medical bills, can be effectively managed with a Personal Loan. Furthermore, given that it is an unsecured loan, there’s no requirement to provide any collateral or assurance to the lender. This makes it a convenient solution for obtaining quick funds in pressing situations. So, if you want to get a personal loan on PAN card, this post is a must-read for you. It will highlight the benefits and steps to apply for a PAN card personal loan.

Sapna aapka. Personal Loan Humara

Apply Now

Importance Of Having A PAN Card For a Personal Loan

Typically, when seeking a Personal Loan, you usually need only a few documents for the application. Yet, a significant identification requirement is the PAN card. This card gives the lender insights into your financial status and repayment ability. Consequently, attempting to apply for a loan without a PAN card could lead to inconsistencies during the verification procedure.

Certain lenders might choose to overlook the PAN card prerequisite for loans under Rs. 50,000. Nonetheless, this policy can differ between different lending institutions.

Use of PAN Card in Financial Transactions

A PAN card serves a pivotal role in enabling the Indian legal framework to monitor all inflows and outflows of funds from your bank accounts. Moreover, your PAN card or PAN number must be readily available when engaging in the subsequent activities:

• Filing income tax
• Acquiring a property exceeding the value of ₹5 Lakhs
• Seeking a loan
• Purchasing or selling a vehicle
• Establishing a business
• Purchasing equity shares/bonds valued at over ₹50,000
• Renting a residence
• Commencing a bank account
• Applying for a credit card
• Establishing an e-commerce store in India
• Executing financial transactions under the name of a cooperative society or trust

What Do You Mean by PAN Card Personal Loan?

While obtaining a substantial personal loan is possible, there might be additional demands for documentation or assets. On the other hand, situations may arise where a smaller loan is necessary to manage a financial crisis or promptly settle a bill swiftly. Hence, choosing a personal loan on PAN card for amounts up to Rs 50,000 is a convenient option, as it can be approved quickly and assist in alleviating your financial needs.

These rapid and compact loans can also be secured for lesser sums, such as Rs 10,000 or Rs 20,000, leveraging your PAN Card and credit score, all without the necessity of collateral.

What Are the Eligibility Criteria for A PAN Card Loan?

To meet the qualifications for a personal loan with PAN card amounting to Rs. 50,000, the following prerequisites need to be fulfilled:

• The candidate’s age should range between 21 and 66 years.
• A minimum monthly net income of Rs. 15,000 is required.
• Connecting the loan with the salary account is mandatory.
• A credit score of no less than 700 is essential for the applicant.

What Are the Benefits of Taking a Personal Loan with A PAN Card?

A personal loan with PAN card can prove to be beneficial for you in the following ways:

24/7 Availability

A significant benefit of modern loans is their availability around the clock. You no longer need to queue up or wait for bank hours to initiate a loan application has passed. Now, you can conveniently complete the application from the comfort of your home, regardless of the time. Time constraints no longer bind the process, as you can easily apply for a loan 24/7 with just a few clicks.

Easy Application Process

Acquiring a personal loan with PAN card is a simple process. All you require is the loan provider’s app installed on your smart device. You can complete the application form and promptly submit it upon accessing the app. The process is swift and remarkably straightforward, demanding minimal time and effort.

Safe

Most lenders conduct their loan processes with the highest level of integrity and openness. Nonetheless, it’s important to verify the credibility of the lender and opt to engage with a well-established bank. If you chance upon an unfamiliar app or website proposing personal loans at exceptionally low-interest rates, or if an offer seems exceedingly attractive, it’s advisable to conduct a comprehensive assessment before proceeding with any financial transaction on that platform.

Flexible EMIs

Repaying a personal loan with PAN card becomes convenient and stress-free due to the availability of numerous flexible EMI choices. This simplifies the loan repayment process, preventing the EMIs from turning into a significant financial strain for you.

Affordable

Attractive interest rates accompany small personal loans, making them accessible and cost-effective when required without imposing a heavy financial burden. A higher credit score can even lead to a reduction in the interest rate.

Taking into account these advantages, it’s evident that these quick and modest loans offered by reputable lenders serve as valuable financial tools, assisting in overcoming diverse financial obstacles.

How Can You Apply for A PAN Card Personal Loan?

To initiate the process of obtaining a personal loan with PAN card, adhere to the following steps:

• Step 1:

  Begin by completing the online application form, furnishing your personal and professional particulars.

• Step 2:

  Select the desired loan amount from your chosen lending partner and your preferred repayment duration.

• Step 3:

  Progress by submitting all necessary documents and your PAN card information for validation.

• Step 4:

  Upon approval of your loan and successful verification of your documents, the loan amount for the PAN card personal loan will be deposited into your bank account within a span of one day.

Things to Remember Before Applying for a PAN Card Loan

Are you wondering ‘how to get a personal loan on PAN card,’ following are some pointers to keep in mind while applying for a PAN card personal loan.

Understand the Terms and conditions

Before applying, it’s crucial to thoroughly comprehend the loan’s terms and conditions before applying. Take the time to assess your financial standing and ascertain the necessary loan amount. Familiarize yourself with the interest rate, repayment conditions, and any applicable fees or charges linked to the loan.

Compare Lenders

Numerous lenders in the market provide personal loan with PAN card. Conduct thorough research and opt for a reliable lender that presents clear and straightforward terms, competitive interest rates, and sensible repayment timelines.

Check your Credit Score

The status of your credit score holds considerable influence in establishing your loan eligibility and the interest rate you’re presented with. Before submitting an application, review your credit score and, if required, implement measures to enhance it.

Sapna aapka. Personal Loan Humara

Apply Now

Conclusion

As evident from the aforementioned points, the personal loan on PAN card proves to be a blessing for those requiring immediate funds. This loan option is also viable in the event of sudden medical emergencies at home. Furthermore, mini loans present a solution when faced with a shortfall while organizing significant family events like weddings. They can also be utilized for down payments on desired assets. Embracing this form of financing offers numerous advantages, with speed and convenience at the forefront.

The process itself is transparent, eradicating concerns about potential fraud or unfortunate incidents. Hence, don’t hesitate to apply for a personal loan using your PAN card through reputable lenders, effectively tending to your pressing financial requirements.