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.
Some of the details pertaining to a PAN card personal loan are as follows:
Particulars |
Details |
Maximum Loan Amount |
You can get a PAN card Personal Loan of up to ₹50 Lakhs from a lending partner at Bajaj Markets |
Interest Rate |
You can avail a PAN card personal loan at an interest rate starting from 10.49% at Bajaj Markets |
Loan Repayment Tenor |
Up to 5 years |
Processing Fee |
Varies from lender to lender |
Prepayment/Foreclosure Charges |
Depends on the lender |
Features and Benefits of PAN Card Personal Loan
No Collateral Needed
Quick Disbursal
No Restrictions on Use
Flexible Loan Repayment Tenure
Competitive Interest Rates
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:
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First, fill up the online application form with your professional and personal details.
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Next, choose your loan amount from the lending partner of your choice in addition to your preferred loan repayment tenure.
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After that, provide all of the required documents along with your PAN card details for verification.
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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.
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
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.
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
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