If you need money urgently and don’t have access to large cash, you can try applying for an instant personal from your PAN card. Instant loans online ensure quick disbursal. These loans are available through a variety of lenders and have low-interest rates, which makes them an attractive option for borrowers who need money quickly. Instant loans can be helpful if you need money to cover unexpected expenses or emergencies, but be aware and compare all the plans that the different lenders offer.
What are PAN Cards?
PAN cards are the most important identification document for Indian residents. They consist of a unique number that each person gets when they first apply for a PAN card. The PAN card can also act as an identity document and is a key to accessing various services such as opening bank accounts. You can now obtain an instant personal loan on PAN card, according to the most recent KYC standards outlined by the Indian government. You can get a PAN card loan for your various financial needs from loans made through the most credible loan providers within just a single day. One of the major documents necessary to get an instant personal loan is your PAN card and Aadhaar card. In order to receive an instant personal loan, it is necessary to connect your Aadhar card to your bank account. Otherwise, the process will be quite challenging.
Features: PAN Card Loan
PAN card loan has some special features that make them a good option for borrowers. These include
- Low-interest rate – The low-interest rate is especially beneficial for borrowers who have high monthly expenses. However, bear in mind that your total creditworthiness will determine the ultimate interest rate that applies to you.
- No collateral – A PAN loan is an unsecure loan that does not require you to pledge any valuable possessions as security. This type of loan is a good option for borrowers who do not have enough money to secure a traditional secured loan and do not want to put their property at risk.
- Fast processing time – Some people find the idea of borrowing money daunting. But, with a PAN card, it can be quick and easy to get the cash you need. The lending institution swiftly transfers the funds to your personal bank account after approving your PAN card loan request.
- Flexible repayment – This allows consumers to make smaller monthly payments over a longer period. This can help reduce the amount of interest that is accrued on a debt, resulting in lower overall costs. Therefore, if you are eligible for a flexible repayment plan, your creditor might be open to extending the repayment period of your debt.
- No usage restriction – The lending institution will grant you credit for the funds without even asking you any questions. Borrowers have access to a number of funding alternatives through PAN card personal loans, which they can employ for just about any necessity. You can use the funds to pay for house improvements, a vacation, college bills, schooling or other unforeseen costs.
If you want to get an instant loan from your PAN card, there are a few criteria you need to fulfil.
- The applicant must be a citizen of India.
- Applying for an instant personal loan on PAN card is possible for those between the ages of 21 and 60.
- Either self-employed or salaried, individuals should have at least two years of experience.
- The applicant’s monthly salary must be at least Rs. 15,000.
- Applicants should have a minimum credit score of 600 or higher.
PAN Card loan: How to apply?
If you need an urgent loan and don’t have a lot of time to get a traditional loan, consider using your PAN card. Instant loans through your PAN card are available in many cases, and the process is simple. And, it can be done without having to visit a financial institution. You should first determine the status of your PAN card and the maximum loan amount you are eligible to apply for digitally via your PAN card.
- Go to the website of your preferred lending institution and submit an application form for your professional and personal details.
- Find an appropriate loan amount and repayment term to help meet your financial needs and comfort.
- After that, provide all of the required documents along with your PAN card details to verify your identity. For example, income tax returns, and Aadhar card details.
- Your loan funds will be immediately transferred to your bank once your creditor approves your application.
In India, it is now feasible to get an instant loan using your PAN card. This new development is a major convenience for Indian consumers, who no longer have to go through the hassle of applying for a traditional loan and waiting for weeks or even months for a response. Any legitimate money lending institution offers immediate personal loans digitally. Such institutions are reliable and you can receive funds right away with just a little bit of paperwork.