With the increase in technology and new-age banking facilities, unsecured loans in India have increased over two decades. Therefore, a PAN card loan is used as a medium for unsecured loans, and a PAN is used as a primary document for processing loan applications. Personal loans can be flexibly available and will cater to the needs of an individual during emergency needs.
The eligibility of personal loans and their application process require fewer documents for getting such loans from NBFCs or banking institutions. However, a PAN card is linked to every bank account and financial product. Therefore, PAN cards help in monitoring credit-related activities by various credit bureaus. The lenders and loan providers require the borrower's PAN card for verification of credit information and scores. These lenders can access the borrower's eligibility and repayment capacity.
The Indian legal system can trace financial transactions through a PAN card. The lenders can check the borrower's financial history associated with the account. If these lenders find no irregularities and adequate repayment history, then it will boost their chances of loan approval quickly. Here are some of the benefits of PAN Card loans that are defined below.
Quick Application Process
The online PAN Card loan application to several financial institutions is easy and convenient. The borrower can easily apply for an online PAN Card loan from the comfort of their home. Due to easy application online, anybody can fulfill their financial need easily.
Minimum Documentation
This PAN card loan most commonly requires fewer documents as compared to traditional loans. However, some lenders may ask for other basic documents like address proof, and income statements. Thus, due to fewer requirements of documents for a loan, the borrower can save time from visiting the bank.
Easy Accessibility
With the use of PAN cards, borrowers with limited history can access the loans. This PAN card acts as a financial identification document that makes it easy for lenders to process and verify the loan application. Due to easy accessibility, the loan application can be processed at a quicker rate and disbursement also happens efficiently.
Flexibility
PAN card loans give access to various types of loans like business loans, instant loans, and personal loans. Therefore, PAN card loans provide flexibility to borrowers to use their funds for several emergencies like medical, education, and business expansion.
Improving Credit Score
The regular repayment of PAN card loans can improve the credit score and increase the borrower's eligibility for larger loans and better interest rates. Therefore, using these small PAN card loans can improve the borrower's credit score and help them to take good loans like home loans and business loans.
Transparency
These PAN Card loans provide transparent terms and conditions. The borrowers are aware of interest rates, repayment schedules, and other fees associated with hidden charges. Due to its complete transparency, the borrowers can utilize their PAN card for taking up loans for various purposes without visiting the branch or lender’s offices.
Eligibility for PAN Card Loan
The eligibility criteria for PAN card loans vary from lender to lender. The borrower must check the criteria before applying for a loan.
The below mentioned documents are essential for getting a personal loan:
Here is the detailed process mentioned for the borrower for applying for PAN Card Loan.
FAQ
1. What is the maximum limit on loan amount on a PAN card?
Ans: The amount on a PAN card loan can be varied from Rs.10000 to Rs. 50 lakh. This creditworthiness varies from lender to lender.
2. How to check loans on a PAN Card?
Ans: The borrower can apply to the lender where it can be checked on the PAN card against the credit report.
Conclusion
This PAN Card loan provides quick access to amounts with minimum documentation, making it an excellent option for borrowers in need of urgent financial needs. This PAN card loan provides flexibility, transparency, and easy application. Thus, these PAN card loans become a popular choice for borrowers. These loan apps ensure that loan terms align with financial needs. This PAN Card loan gives confidence to the borrower for repayment ability and thus allows for easy loan disbursement.
The eligibility of personal loans and their application process require fewer documents for getting such loans from NBFCs or banking institutions. However, a PAN card is linked to every bank account and financial product. Therefore, PAN cards help in monitoring credit-related activities by various credit bureaus. The lenders and loan providers require the borrower's PAN card for verification of credit information and scores. These lenders can access the borrower's eligibility and repayment capacity.
The Indian legal system can trace financial transactions through a PAN card. The lenders can check the borrower's financial history associated with the account. If these lenders find no irregularities and adequate repayment history, then it will boost their chances of loan approval quickly. Here are some of the benefits of PAN Card loans that are defined below.
Quick Application Process
The online PAN Card loan application to several financial institutions is easy and convenient. The borrower can easily apply for an online PAN Card loan from the comfort of their home. Due to easy application online, anybody can fulfill their financial need easily.
Minimum Documentation
This PAN card loan most commonly requires fewer documents as compared to traditional loans. However, some lenders may ask for other basic documents like address proof, and income statements. Thus, due to fewer requirements of documents for a loan, the borrower can save time from visiting the bank.
Easy Accessibility
With the use of PAN cards, borrowers with limited history can access the loans. This PAN card acts as a financial identification document that makes it easy for lenders to process and verify the loan application. Due to easy accessibility, the loan application can be processed at a quicker rate and disbursement also happens efficiently.
Flexibility
PAN card loans give access to various types of loans like business loans, instant loans, and personal loans. Therefore, PAN card loans provide flexibility to borrowers to use their funds for several emergencies like medical, education, and business expansion.
Improving Credit Score
The regular repayment of PAN card loans can improve the credit score and increase the borrower's eligibility for larger loans and better interest rates. Therefore, using these small PAN card loans can improve the borrower's credit score and help them to take good loans like home loans and business loans.
Transparency
These PAN Card loans provide transparent terms and conditions. The borrowers are aware of interest rates, repayment schedules, and other fees associated with hidden charges. Due to its complete transparency, the borrowers can utilize their PAN card for taking up loans for various purposes without visiting the branch or lender’s offices.
Eligibility for PAN Card Loan
The eligibility criteria for PAN card loans vary from lender to lender. The borrower must check the criteria before applying for a loan.
- The borrower must be between the ages of 21 to 80 years.
- If the borrower is a salaried person, then the monthly salary should be more than Rs.25000.
- The borrower must have a credit score of 685 or more.
The below mentioned documents are essential for getting a personal loan:
- The borrower must submit documents like an Aadhar passport or Voter ID.
- The borrower must submit an Employee ID.
- The borrower must submit Salary Slips.
- The borrower must upload bank statements.
Here is the detailed process mentioned for the borrower for applying for PAN Card Loan.
- The borrower must click on Apply for loan to the PAN card loan application.
- The borrower must enter a 10-digit mobile number and enter the OTP.
- The borrower should fill out the application form with all personal details.
- The borrower should select loan tenure and then click on proceed.
FAQ
1. What is the maximum limit on loan amount on a PAN card?
Ans: The amount on a PAN card loan can be varied from Rs.10000 to Rs. 50 lakh. This creditworthiness varies from lender to lender.
2. How to check loans on a PAN Card?
Ans: The borrower can apply to the lender where it can be checked on the PAN card against the credit report.
Conclusion
This PAN Card loan provides quick access to amounts with minimum documentation, making it an excellent option for borrowers in need of urgent financial needs. This PAN card loan provides flexibility, transparency, and easy application. Thus, these PAN card loans become a popular choice for borrowers. These loan apps ensure that loan terms align with financial needs. This PAN Card loan gives confidence to the borrower for repayment ability and thus allows for easy loan disbursement.
