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PAN cards are one of the most important documents you need to furnish while applying for a personal loan. The latest KYC policies laid out by the Indian government state that a PAN card is a mandatory document to get a loan.
With a PAN, you can get the funds without delays, making the borrowing process more convenient.
For various financial transactions, including a loan, a PAN Card is an essential identity document. Some of the details pertaining to a personal loan with a PAN are as follows:
Particulars |
Details |
|---|---|
Maximum Loan Amount |
₹50 Lakhs |
Interest Rate |
Starting from 9.99% p.a. |
Loan Repayment Tenure |
Up to 8 years |
Processing Fee |
Varies from lender to lender |
Prepayment/Foreclosure Charges |
Depends on the lender |
No Collateral Needed
Since it is an unsecured form of credit, you do not have to offer any of your valuable possessions as security
Quick Disbursal
Once the financial institution approves your application, you will receive the money in your bank account within a few hours
No Restrictions on Use
You can use a personal loan for practically anything, including buying the latest gadgets or taking care of emergency medical expenses
Flexible Loan Repayment Tenure
You can pay off your personal loan over a period of up to 8 years
Competitive Interest Rates
On Bajaj Markets, you can get a personal loan at an interest rate starting at just 9.99% p.a.
To get this credit facility, you will have to meet certain eligibility requirements set by the lender. The eligibility criteria for a personal loan with a PAN card are as follows:
You need to be at least 18 years of age
You need to be an Indian national
You can either be a salaried or a self-employed individual
Your CIBIL score needs to be 600 or above
Your income should be at least ₹10,000 a month
You need to have at least 1 year of work experience
While the documentation requirements vary with different financial institutions, here are the general requirements:
Identity Proof: Aadhaar card, passport, Voter’s ID, driving licence
Residence Proof: Aadhaar card, driving licence, Voter’s ID, passport, electricity bill, and telephone bill
Income Proof: Bank statements/salary slips for the last 3 months
Photographs: 2 passport-size photographs
You can enjoy quicker approval by using your PAN card as the primary identity proof. To apply for a PAN card personal loan, follow the below-mentioned steps:
Fill up the online application form with your professional and personal details
Choose your loan amount from the lending partner of your choice in addition to your preferred loan repayment tenure
Provide all of the required documents along with your PAN card details for verification
Once the lender approves your loan after document verification, they will credit the loan amount into your bank account.
Go to the nearest branch of the financial institution that you have chosen
Get the personal loan application form and fill it out with accurate personal and financial information
Submit the completed application form along with all required documents
The lender will verify your documents and process your application
Post approval, the lender will credit the loan amount into your bank account
Each and every bank account that you have, credit card that you own, or loan that you have taken is linked to your PAN card. It also helps credit bureaus track your credit-related activity.
Loan providers ask for a PAN card because it helps them pull up your credit information reports and credit scores from bureaus. Your creditworthiness is a crucial factor in determining your loan repayment capability and eligibility.
A PAN card essentially helps the Indian legal system track every cash inflow and outflow into bank accounts. You need to have your PAN card or PAN number handy while carrying out the following:
Paying income tax
Buying a property valued over ₹10 Lakhs
Applying for a loan
Buying or selling a vehicle
Registering a business
Buying equity shares/bonds valued over ₹1 Lakh per transaction
Renting a home
Opening a bank account
Applying for a credit card
Setting up an e-commerce store in India
Carrying out financial transactions in the name of a co-operative society or trust
Yes, the majority of financial institutions allow you to get a personal loan on a PAN card digitally. You can upload the documents and complete other formalities from the comfort of your home.
Yes, applying for a personal loan with a PAN card online is safe. However, ensure you check the authenticity of the financial institution before applying.
Whether you need to pay any charges for closing the loan before the tenure ends depends on the lender’s policies. Ensure you go through the fees and charges of the lender beforehand to manage the loan better.
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