PAN Card Loan: Personal loans are cheaper in India now due to easy digital procedures. One of the most crucial papers that are extremely significant in loan sanctions is the Permanent Account Number card. It is a primary identity and financial paper, utilized to make lenders’ work easier to estimate your credit worthiness. If you require an instant personal loan of ₹5 lakh or less, your PAN card will prove useful.
A PAN card connects your transactions through different banks, income tax return and credit record. When you apply for a personal loan, the lenders validate your PAN showing your CIBIL score( credit score), repayment history and past loans. A better score ( usually above 750 ) leads to a faster credit of instant loans with lesser documentation.
There is a plethora of personal loans available from banks and lending portals between ₹50,000 to ₹5 lakh just with your PAN card and minimal income proof. They are unsecured personal loans and no security amount is required. The duration of the loan can either be twelve months or sixty months depending on the lender and the ability of the borrower to repay.
Eligibility Criteria
You must be a resident of India, aged 21 to 60 years.
You must be having a steady income (salary or self-employed).
CIBIL score of 700 and more is usually needed.
Valid Aadhaar card and PAN card are needed.
Select a Lender: Go to a bank or NBFC website or use loan aggregators’ websites.
Complete the Online Form: Provide your PAN card, mobile number, and income details.
Upload Documents: PAN card, Aadhaar, and bank statement are commonly needed.
Loan Approval: In case of approval, it is typically instant or within 24 hours.
Also Read: PAN Card Alert: Not Following This Could Cost ₹10,000
Disbursement: The loan gets credited into your bank account.
With a good credit score and documents, your PAN card can get personal loans of ₹5 lakh or more in a matter of minutes. But compare the interest rate and repayment duration before applying carefully. Borrow and repay on time to maintain a good credit report.
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