Published on: 7 December 2021
Modified on: 22 May 2023
Highlight: Considering getting a personal loan on a PAN card? Know some important information before applying for one.
You can need money anytime for large expenditures or emergencies. A personal loan is the best option for an immediate financial crunch. Nowadays, personal loans are available online and offline, with minimum paperwork while following a hassle-free process. Unplanned expenses such as medical emergencies, debt repayment, wedding, and many others can be stressful when you don’t have an adequate savings fund to fall back on. The best thing about a personal loan is that you do not specify any reason to avail one; the loan amount raised after successful application approval is free to use for any purpose (except illegal activities).
When applying for a personal loan online, you have to go through procedures like document submission and verification. Generally, these procedures are completed within a day or two, depending on the company policies. There are options like a personal loan on a PAN card or Aadhaar card that make the entire procedure effortless and quick since these are the two primary identification documents recognized all over the country.
Also Read: Know-How To Get Personal Loan Using An Aadhar Card
A PAN card is an identity card with a ten-digit code that acts as a unique identification number. The PAN card stands for Permanent Account Number and is used to identify the taxpayers in the country. This computer-based identification system assigns the unique identification code to every tax-paying Indian citizen. This method allows each person’s tax-related information to be stored in a single PAN number, unique to all. It assures that no two Indian taxpayers can have the same PAN number.
Besides serving as a unique identity proof, a PAN card is essential for all taxpayers. It helps the system track every inflow and outflow of money and is crucial for all financial transactions.
Let’s take a look at some of the uses of PAN cards in financial activities:
The ten-digit number on your PAN card holds many unique information about your financial standing. A PAN card is crucial when applying for a personal loan because it helps the lender check your credit history. Almost all banks and non-banking financial companies (NBFCs) will ask for your PAN card while applying for a personal loan. Some lenders will even need your Aadhaar card to proceed with your application.
The benefit of having a PAN card while applying for a personal loan will make the procedure hassle-free. Usually, the application process for a personal loan can be done at home while following a few simple steps online.
PAN card is mandatory identification proof for all Indian taxpayers. The PAN card will ensure more straightforward and quick financial transactions across many platforms. Even while applying for a personal loan, having a PAN card makes the entire procedure easy for both the lender and the borrower.
Personal loans are easy to get because financial assistance comes in handy at times of monetary crisis or any personal emergencies.
Here are some benefits of taking a personal loan:
Though applying for a personal loan requires comparatively fewer documentation and verification checks than applying for a house loan or a business loan, the few documents required for a personal loan application are crucial for a positive and quick verification process.
Also Read: Need 1 Lakh Rupees Emergency Loan Urgently? Apply Here
The popularity of personal loans has surged in recent times during and after the covid pandemic, which made even the most solid income professional take a hit. The entire procedure from application to verification and loan disbursement being easy and quick has helped with more and more individuals opting for personal loans.
Applying for a personal loan on a PAN card has never been this more accessible and seamless. It resulted in eliminating unnecessary documentation while making the process quick and smooth for both parties.
To get information on how to apply for one and to know the benefits, visit Fibe today!.
Want to talk to us? We are listening all day.
Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.
No, a PAN card is generally used as ID proof. As such, along with a PAN card, loan approval generally depends on other documents, such as proof of address and income.
When you apply with a PAN card, loan amount will depend on your overall creditworthiness and the lender.
To know how much loan you can get, you can use an online eligibility calculator.
With only a PAN card, a loan is an option you can rely on to get the funds you need.
Yes, a PAN card is often a mandatory document required by a majority of lenders.
Category : Personal Loan
Need cash? Get up to ₹5 lacs instantly