pan card : In today’s digital era, PAN card is not just an identity card, but has become a proof of your credibility in financial transactions. PAN number is a 10-digit alphanumeric identification number issued by the Income Tax Department of the Government of India. It monitors the financial transactions of citizens and prevents all transactions outside the legal framework.
Now linking PAN card with almost every bank account has been made mandatory, due to which it has become easier for loan companies to check your KYC. Linking with Aadhaar card further increases the authenticity and security of PAN. This is the reason why taking a personal loan on the basis of PAN card has now become a common and easy option.
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Keep this in mind while taking a loan on PAN card
If you want to take a personal loan of up to 5 lakhs through PAN card, then you will need both PAN and Aadhaar card issued by the government. Both the cards need to be linked to each other, because if not, the loan process may be delayed. If both the documents are linked, the amount is transferred to your account within 24 hours of loan approval. If you do not have a or it is not linked with Aadhaar, then the chances of getting a loan are very less.
pan card : In today’s digital era, PAN card is not just an identity card, but has become a proof of your credibility in financial transactions.
These documents will be required for a loan
The following documents are required to take a loan of 5 lakhs on a
Aadhaar card, passport, driving license or voter ID as proof of identity
Copy of ID
Any one of these documents as proof of address
Bank statement of the last three months
Salary slip or salary certificate of the last two months with Form 16
Special features of PAN card loan.
The process of taking a personal loan on a PAN card is very easy. It can be applied for online, in which only basic details have to be filled and the e-KYC process has to be completed through PAN. This type of loan gets instant approval, so that you can get money quickly even in an emergency. You can also get the benefit of interest rates, if you compare different banks or financial institutions. The number of documents for this is also very less, only PAN card and Aadhaar card are sufficient. Apart from this, there is an EMI facility for repayment, the period of which can be kept from 6 months to 96 months.
How to apply for PAN card loan
First of all, you have to choose a bank or finance company that offers personal loans on PAN card. For this, the interest rate, loan amount, repayment terms and the reliability of the institution should be kept in mind. Then go to the website of the respective bank and click on ‘Apply Now’. After entering the mobile number and OTP, enter your name, PAN number, date of birth and PIN code in the application form. Now click on Proceed and select the loan amount and type (Term, Flexi Term, Flexi Hybrid). After this, select the loan tenure and submit the form by filling in the KYC details.
Eligibility Criteria
The applicant for PAN card loan should be an Indian citizen. His age should be between 21 and 60 years. Having a PAN card and a good credit score is mandatory. There should also be a stable and regular source of income – whether the person is employed or self-employed. Apart from this, the debt-to-income (DTI) ratio should also be low. For example, if your monthly income is 50,000 and your monthly loan and credit repayments are 28,000, your DTI will be (28000/50000)*100 = 56%. Generally, a DTI of less than 40% is considered good.
Where is a PAN card useful?
A PAN card is used not only for loans but also for many important financial activities like paying income tax, buying property worth more than 5 lakhs, buying or selling a vehicle, applying for a credit card, opening a bank account, investing more than 50,000 in stocks and bonds, renting, and starting an online business.
