There are a lot of loan providers who offer a loan based on PAN card. They provide small loans of around Rs 50,000, which you can get instantly. There are many benefits of opting for a pan card loan such as instant disbursal and negligible paperwork. Let’s find the exact process for taking such a loan, and who can do so.
How to Apply for a ₹50,000 Loan on a PAN Card?
If you are planning to take a personal loan of Rs 50,000, or opt for even smaller loans, follow these simple steps:
Step 1: Download the app of the loan provider.
Step 2: Fill in the application form.
Step 3: Select a suitable loan repayment scheme.
Step 4: Upload scanned copies of the documents needed.
Step 5: Submit the application.
If your application is accepted, you will be instantly notified about it. Then, the loan will be disbursed, and it will be credited to your bank account within a few hours.
Calculate Your EMI on a ₹50,000 Loan on PAN Card
To calculate the EMI (Equated Monthly Instalment) on a ₹50,000 loan, we need three pieces of information:
- Principal amount (P) – ₹50,000 in this case.
- Interest rate (r) – Depends on the lender. For this example, Let’s assume it’s 12% annually.
- Loan tenure (n) – Number of months for repayment. Let’s assume 12 months (1 year).
The formula for EMI is:
EMI=[P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P is the loan amount (₹50,000),
- R is the monthly interest rate (annual interest rate divided by 12),
- N is the loan tenure in months.
Let me calculate it for you.
The EMI for a ₹50,000 loan at an annual interest rate of 12% over a 12-month period would be approximately ₹4,442.44 per month.You don’t need to calculate this manually, instead, you can use the Tata Capital Personal Loan EMI calculator for quick calculations.
Calculate the Interest Rate for a Rs.50,000 Loan on PAN Card
The interest rate, loan amount, and loan tenure are among the variables used to determine the interest rate for a 50,000 INR loan based on a PAN card. Interest rates on personal loans typically range from 10% to 20%.
For example, the interest payable over one year at a 15% interest rate would be around INR 7,500. However, lenders may have different interest rates.
Benefits of PAN Card loan on ₹50000
24/7 Availability
One of the biggest advantages of present-day loans is that they are available around the clock. Gone are the days when you had to wait in queues or wait for a bank to open before you could apply for a loan. You can fill up the application while comfortably sitting at home and at any hour of the day. These days, you can apply for it 24/7 by just clicking some buttons.
Easy application process
As mentioned above, the process of applying for a Rs 50000 loan on a PAN card is very simple. You just need to have the app of the loan provider on your smart device. You can go to the app, fill in the application form and submit it. The process doesn’t take a lot of time and is very uncomplicated in nature.
Safe
Most lenders carry out the loan procedures with utmost honesty and transparency. However, you should check the credibility of the lender and look to transact with a reputed bank or NBFC. If you come across a random app or website offering personal loans at very low rates of interest, or you find the offer to be too good to be true, run a thorough verification before you carry out any financial transaction there.
Flexible EMIs
You get to repay the personal loan in an easy and relaxed manner as there are many flexible EMI options available. This makes it simple to pay back the loan without the EMIs becoming a large financial burden on you.
Affordable
Small personal loans are available at attractive rates of interest. This makes it easy and affordable to take such a loan when needed without burning your pocket. If you have a high credit score, the interest rate further goes down.
Keeping these benefits in mind, it can safely be said that the mini, instant loans from reliable NBFCs are handy financial aids that help you to meet a variety of financial challenges.
Eligibility criteria to get a ₹50,000 loan on a PAN card
The following are the standard eligibility criteria to apply for a Rs. 50,000 loan on a PAN card-
1. You must be an Indian citizen
2. You must be between the age of 21 and 58 years
3. You must have a monthly income of Rs. 15,000 along with a minimum of 6 months of work experience
4. You must have a CIBIL score of 600 or above
Documents required to get a ₹50,000 loan on a PAN card
The documentation process to get a small loan on a PAN card is minimal. You only need to submit the following list of documents-
1. PAN card
2. Aadhaar card
Things to consider before applying for 50,000 loans on a PAN card
Here are certain things to consider before applying for 50,000 loans on a PAN card-
- 1. Eligibility Criteria
Before applying for a 50,000 loan on your PAN card, ensure you meet the eligibility criteria outlined by lenders. Typically, this includes being an Indian citizen or resident, aged between 21 and 58 years, and having a stable source of income. Moreover, lenders may also consider your credit history and employment status to assess your eligibility for the loan.
- 2. Loan Amount
Choose the loan amount based on your repayment capacity. Consider the loan tenure, interest rate, and applicable charges to determine a loan amount you can comfortably pay.
- 3. Repayment period
The repayment period for a 50,000 loan on a PAN card can vary from lender to lender. It typically ranges from a few months to 1 year or even more. Choose a repayment period that aligns with your financial situation, as it will ensure you can make timely repayments to avoid penalties and maintain a good credit score.
- 4. Interest rate
Interest rates for loans on a PAN card can vary based on market conditions, lender policies, and your credit profile. Since the interest rate affects the overall cost of the loan, compare interest rates from different lenders to find a competitive rate that suits your repayment capacity.
- 5. Fees and charges
Alongside interest rates, the loan may carry additional fees and charges such as processing fees, prepayment penalties, and late payment fees. Understand these fees upfront to calculate the total cost of the loan and make an informed borrowing decision.
- 6. Documentation
To apply for a 50,000 loan on a PAN card, you typically need to provide basic documentation such as proof of identity (Aadhaar Card) and PAN card. Additional documents may be required based on the lender’s specific requirements. When applying for a loan, ensure all documents are accurate and up to date to facilitate a smooth loan application process.
Conclusion
As you can clearly see from the points mentioned above, the Rs 50000 loan on a PAN card is a boon for anyone who needs urgent funds. You can also opt for this type of loan if you have a sudden medical emergency at home.
Also, if you fall short of some funds when arranging a large family function like a wedding, you can turn to mini loans. Such a loan can also be taken when making a down payment for any asset that you wish to buy. There are several benefits of opting for this kind of financing, speed and convenience being the main ones.
Also, since the entire process is transparent, there is no fear of fraud or any unfortunate event taking place. So go ahead and apply for a personal loan on a PAN card from Tata Capital and take care of your urgent financial needs.
FAQs on PAN Card Loan
Can I get a 50000 loan without a salary slip?
Yes, you can get a 50,000 loan using your PAN card without a salary slip, depending on the lender’s terms and if alternative income proofs are accepted.
What is the interest rate of a PAN card loan?
Interest rates on loans against a PAN card vary by lender and your credit profile. It’s advisable to compare offers from different lenders to find the best loan offer.
Can I get a loan of Rs.50,000 using my PAN card if I have a low credit score?
While it is possible, it might be difficult to get a loan on your PAN card with a low credit score. Most lenders require you to meet their eligibility criteria, which includes a good credit score.
What is the limit of a PAN card loan?
The maximum limit of loan you can avail on a PAN card differs from one lender to another based on their policies and your eligibility criteria. You can contact the lender to find out the loan amount for which you are eligible.
Is it hard to get a loan for 50000?
It can be relatively easier to secure a loan of 50,000 than larger amounts, especially because it carries minimal documentation requirements and flexible eligibility criteria.
09 October 2024
8 mins read
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