Pan Card Loan

PAN cards have become one of the most important documents that you must furnish while applying for a personal loan. And now, the latest KYC policies laid out by the Indian government state that you can get a personal loan easily with a PAN card. Read on to know more about the features, benefits, and the process that you need to follow to apply for a PAN card personal loan.

PAN Card Loan Details

Some of the details pertaining to a PAN card personal loan are as follows:

Features and Benefits of PAN Card Personal Loan

Some of the features and benefits of a PAN card personal loan are:

• No Collateral Needed: Since a PAN card personal loan is an unsecured form of credit, you do not have to offer any of your valuable possessions as security.

• Quick Disbursal: Once your PAN card personal loan application has been approved, the money can be credited into your bank account within 24 hours.

• No Restrictions on Use: A PAN card personal loan can be used for practically anything. You can either fund your hard-earned vacation with it, get that latest gadget you have had your eyes on, or even take care of those emergency medical expenses.

• Flexible Loan Repayment Tenure: You can pay off your PAN card personal loan over a period of up to 5 years.

• Competitive Interest Rates: Through Bajaj Markets, you can get a PAN card personal loan at an interest rate starting at just 10.49% per annum. However, keep in mind that the final interest rate applicable to you will depend on your overall credit profile.

Eligibility Criteria for PAN Card Loan

The eligibility criteria for a PAN card personal loan is as follows:

• You must be between 21-60 years of age

• You must be an Indian national

• You should either be a salaried or a self-employed individual

• You should have a CIBIL score of 600 or above

• You should earn a minimum of ₹15,000 a month

• You should have at least 2 years or work experience

How to Apply for a PAN Card Personal Loan

To apply for a PAN card personal loan, follow the below-mentioned steps:

• Step 1: First, fill up the online application form with your professional and personal details.

• Step 2: Next, choose your loan amount from the lending partner of your choice in addition to your preferred loan repayment tenure.

• Step 3: After that, provide all of the required documents along with your PAN card details for verification.

• Step 4: Once your loan is approved and your documents have been verified, the PAN card personal loan amount will be credited into your bank account within a day’s time.

Documents Required for PAN Personal Loan

The documents that you will require for a PAN card personal loan are:

• Identity Proof: PAN card, 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 of the last 3 months

• Photographs: 2 passport-size photographs

Significance of PAN Card While Taking a Personal Loan

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. The reason why loan providers ask for a PAN card is that it helps them pull up your credit information reports and credit scores from bureaus such as CIBIL to determine your loan repayment capability and eligibility.

Use of PAN Card in Financial Transactions

A PAN card essentially helps the Indian legal system track every cash inflow and outflow into your bank accounts. Additionally, you need to have your PAN card or PAN number handy while carrying out the following acts:

• Paying income tax

• Buying a property valued over ₹5 Lakhs

• Applying for a loan

• Buying or selling a vehicle

• Registering a business

• Buying equity shares/bonds valued over ₹50,000

• 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