Everything to know about getting an online Personal Loan on a PAN card?

Whether it is a long-planned vacation, investing in new gadgets, buying a new house, or some urgent medical expenses, an online Personal Loan can always be beneficial when there is an urgent need for money. A Personal Loan is different from a home loan, and it can be a godsend in times of emergency.

Getting a Personal Loan is not as complex as earlier, when a Personal Loan was unavailable on a PAN card, and getting a loan used to be a complicated procedure.

With the growing demand for instant loan apps, Aadhar cards and PAN cards have become indispensable in the Personal Loan documents approval process. Since the financial companies of India have cut short the list of required documents, getting a personal application for a loan has become very easy with a simple KYC verification of the PAN card and Aadhar card.

Why do we need a Personal Loan?

  • A Personal Loan is a favorable option to consolidate the current debt.
  • It’s the best option to cover the expenses related to house renovation or house improvement.
  • You are not required to pledge it against your assets and liabilities as it is an unsecured loan.
  • As Personal Loans have numerous flexible terms and repayment facilities, finding the best-fitted repayment schedule for you will be comfortable.
  • Personal loans offer flexible choices like EMI payment options and competitive interest rates, which come in handy in the long run.
  • The cost of a wedding always runs on the higher side, especially if it’s extravagant. A Marriage Loan is a particular kind of Personal Loan that allows you to carry out your dream wedding at lucrative interest rates.
  • A Higher Educational Loan, a Personal Loan, helps you meet the expectations of all your child’s educational needs. For urgent medical situations, a Personal Loan can be the most flexible option for you in that time of need.

How to get an online Personal Loan with minimal documents?

  • First, you must download the online Personal Loan app from your phone from the Google Play Store.
  • After completing the sign-up and login procedure, you must submit the soft copies or the document number of your PAN card and Aadhar card to the loaner.
  • It is sufficient for some lenders to provide them with your Aadhar card number linked to your mobile number or your PAN card.
  • To access an instant Personal Loan, a PAN card and an Aadhar card are necessary as paperless eKYC records.
  • You have to fill out the application form properly
  • Two passport-sized photographs are needed
  • A bank statement of the last three months as income proof is necessary.

Benefits and features of a PAN card Personal Loan

  • A Personal Loan taken against a PAN Card is an unsecured loan, and you are not needed to pledge any valuable possessions as a security to secure it.
  • After getting the approval for the PAN loan, the loan amount will be transferred to your bank account immediately.
  • No restrictions apply on the use of a PAN Personal Loan.
  • It can be quickly paid off over up to 5 years.

The eligibility criteria for a Personal Loan with a PAN card

  • The age bracket for a candidate must be between 22 and 58 years.
  • The applicant should earn a monthly income of Rs. 20,000.
  • The applicant must be an Indian.
  • The CIBIL score of the applicant should at least be 700● A candidate must sport a minimum of 1 year of working experience and 2 months’ stable employment with the current employer.

The significance of PAN card in financial transactions

A PAN card is an integral part of the Indian legal system to keep track of your financial behaviour. In addition, a PAN card is essential because it helps in:

  • Income tax payment
  • When you apply for a loan
  • Purchasing a property worth over Rs. 5lakhs.
  • Business registration
  • Starting a new bank account
  • Home rental
  • Credit card application
  • Purchasing equity bonds priced at more than 50,000 rupees
  • Starting up an e-commerce store in India
  • Performing financial transactions on behalf of a trust or a cooperative society.

An online Personal Loan on a PAN card is an essential and flexible option in today’s fast-paced world. With the help of a few crucial documents like Aadhar, PAN, and KYC, you can apply for an online Personal Loan instantly.

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