News India Live, Digital Desk: Personal Loan on PAN Card: Nowadays taking personal loan has become much easier than before. With the help of PAN card, now you can take a loan of up to ₹ 5 lakh fast and easily. Many banks and online lending apps are offering loans through PAN cards as most of this verification process is completed immediately.
Why PAN card is necessary for loan?
The PAN card is a very important identity card that keeps your financial history record. This helps the bank and NBFC to check your old loan, credit card payments and other financial information faster. PAN’s link to Aadhaar card accelerates the e-KYC process, causing the loan approval process to be extremely simple and immediately. It is almost impossible to take a loan without a PAN card.
Keep these things in mind before taking a loan
- PAN card must be linked to Aadhaar: This increases your verification process.
- Keep the credit score good: A good credit score shows that you pay the loan on time. This provides loan approval easily.
- Keep the necessary documents ready: Such as PAN card, Aadhaar card, bank statement, and salary slip.
How to apply for personal loan?
Online application is extremely simple:
- Go to the bank or NBFC website or app.
- Enter the name, date of birth, mobile number and PAN number in the application form.
- Verify through mobile number OTP.
- Select loan amount and duration.
- Upload information about Aadhaar card and essential KYC documents.
- When all the information is correct, your loan may be approved within 24 hours.
Eligibility Terms for Personal Loan
- The age should be between 21 and 60 years old.
- There should be regular income (from job or business).
- Good credit score is necessary.
- The EMI of the loan already paid should be in the appropriate range according to your income.
Benefits of taking loan from PAN card
- Low documents: Only PAN card, Aadhaar card, bank statement and salary slip are required.
- Fast process: The process is completed rapidly due to low paperwork.
- Attractive interest rates and convenient repayments: Many banks offer flexible repayment options.
Taking a personal loan through a PAN card is a smart and convenient option for travel, education, medical expenses or any other need.
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