From unexpected medical treatments to sudden home renovations, financial emergencies can arise anytime. Personal loans help you manage these expenses comfortably without dipping into your savings. They give you access to funds quickly, allowing you to repay the loan in manageable EMIs over a long tenure. Moreover, personal loans typically have a simple application process, making them a secure and convenient option for unforeseen financial needs.
However, it’s important to have a Permanent Account Number (PAN) card to apply for a personal loan as it provides lenders with essential insights into your financial history and tax records.
If you are looking to get a PAN card loan, read on to understand the steps, eligibility criteria, and documents required to secure the loan.
The Importance of PAN Card for Personal Loans
A PAN card is a government-issued identification proof that provides a record of your financial history. It helps financial institutions verify your identity and assess your eligibility for the loan. Since personal loans are collateral-free, a PAN card streamlines and accelerates the loan approval process, benefitting both lenders and borrowers.
Here’s how a PAN can help you secure a PAN card personal loan:
- It lowers the number of documents required for loan application.
- It helps lenders verify your details quickly, often within a day or two days.
- It gives the lender access to financial details, including credit history, CIBIL score, employment information, tax records, and transaction patterns.
- When linked with your Aadhar card, the PAN card can simplify banking transactions and the loan application process.
Steps to Get a Personal Loan with a PAN card
You can apply for a personal loan on a PAN card online. All you need to do is follow these steps on your preferred financial institution’s official website or mobile application:
Step 1: Visit the lender’s website or app
Start by downloading the lender’s mobile app or visiting their official website to initiate the loan application process.
Step 2: Enter your details
Once you’ve successfully logged in, navigate to the personal loan section and enter your mobile number and name. These details will be verified using your PAN number.
Step 3: Enter the loan requirement
If you are pre-approved for a personal loan, enter the amount you need within the approved limit.
Step 4: Provide personal details
Enter your personal and banking details, including your address, employment information, and bank details. Make sure the information is accurate to reduce the chances of rejection.
Step 5: Set up your e-mandate
Complete a one-time e-mandate authorization for seamless EMI payments directly from your account.
Step 6: Opt for additional facilities
Consider opting for insurance to safeguard your personal loan liability in case of an emergency.
Step 7: Loan disbursement
Accept the e-agreement, verify the loan details, and get the loan amount disbursed directly into your bank account.
Eligibility Criteria to Get a Personal Loan with a PAN Card
Applying for a PAN card personal loan is a straightforward process. However, to reduce the chances of rejection, it’s essential to verify your eligibility before filling out the application form. While the eligibility criteria vary from lender to lender, some common requirements include:
- Age: Your age must be between 21 and 58 years.
- Citizen: You must be an Indian citizen.
- KYC Verification: You must submit a valid PAN card along with other required documents.
- Work Experience: You must have at least one year of work experience.
- Monthly Income: Your minimum monthly income must be Rs. 15, 000.
- CIBIL Score: You must have a strong credit score to secure the loan.
Documents Required to Get a Personal Loan with a PAN Card
When applying for a personal loan with your PAN card, it’s important to submit all the required documents to verify your eligibility and ensure a seamless application process. Different lenders may have different documentation requirements. However, some common documents typically include:
- PAN card: A valid PAN card to verify your identity and financial history.
- Photo identity proof: A copy of documents like your Aadhaar Card, Passport, Voter ID, or Driving License.
- Address proof: A copy of your Passport, Aadhaar Card, Voter ID, or utility bills.
- Salary slips: Copies of last two months’ salary slips.
- Bank statement: A primary bank statement for the last three months.
- Employment certificate: A certificate confirming a minimum of one year of continuous employment.
Conclusion
Applying for a personal loan using a PAN card is a simple process. All you need to do is meet the eligibility criteria, fill out the application form, and submit the necessary documents. Once your application is verified and processed, you will receive the funds in your bank account.
If you’re looking for a lender with affordable personal loan interest rates, minimal documentation, and quick processing, consider Tata Capital. Enjoy an overdraft facility, no collateral requirements, and zero charges on part pre-payment.
With Tata Capital, you can secure a personal loan on a PAN card as high as Rs. 35 lakh and repay it comfortably over a flexible tenure of up to 6 years. Visit Tata Capital’s official website and the mobile app to easily apply for a personal loan online!
FAQs
You can get a personal loan using your PAN card, provided you meet the eligibility criteria and submit all the required documents.
The maximum loan amount using a PAN card varies for different lenders. With Tata Capital, you can secure a personal loan of up to Rs. 35 lakhs.
Loan interest rates linked to PAN cards vary from lender to lender. For example, at Tata Capital, personal loan interest rates start at just 11.99%.
24 January 2025
5 mins read
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