Highlight: Planning to avail of a personal loan on a PAN card? Know some important information before applying for one.
You may 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 have any restrictions on the end use, except for using the money for illegal activities.
When applying for a personal loan online, you must go through procedures like document submission and verification. Generally, these procedures take a day or two, depending on company policies.
There are options like a personal loan on a PAN card or an Aadhaar card that make the entire procedure effortless and quick since these are the two primary identification documents recognised nationwide.
Also Read: Get a Personal Loan Using An Aadhaar 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 a unique identification code to every tax-paying Indian citizen. This helps in storing your tax-related information in a single unique PAN number. 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 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 is that it makes the procedure hassle-free. Usually, you can apply for PAN card loan online from your home by following a few simple steps.
A PAN card is mandatory identification proof for all Indian taxpayers. The PAN card will ensure more straightforward and quick financial transactions across many platforms. When applying for a personal loan, a PAN card makes the procedure easy for you and the lender.
Here is how a PAN card can help you with the personal loan process:
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:
Here are the easy-to-meet eligibility criteria for a PAN card loan.
Remember that eligibility criteria may vary from one lender to another.
Applying for a personal loan requires comparatively fewer documentation and verification checks than applying for housing or a business loan. Check out the documents required for a personal loan application:
Also Read: Need a loan of ₹1 lakh urgently? Apply here
The popularity of personal loans has surged since the entire procedure, from application to verification and loan disbursement, has become more accessible. It has eliminated unnecessary documentation while making the process quick and smooth for both parties.
Discover the process of applying for a PAN card loan and explore its advantages by visiting Fibe today! To get a PAN card loan, apply online through our Instant Loan App or by logging in to our website.
No, a PAN card is generally accepted as identity proof. As such, along with a PAN card, you need other documents for your loan application, such as proof of address and income.
The loan amount you can get for your loan with a PAN card depends on your overall creditworthiness and the policies of the lender. At Fibe, you can get a maximum loan amount of up to ₹5 lakhs.
You can use an online eligibility calculator to know the loan amount that you can get when you apply with your PAN card. Visit the lender’s website to check your eligibility.
You can rely on a PAN card loan to get the funds that you need for your planned and unexpected financial requirements.
Yes, a PAN card is often a mandatory document required by a majority of lenders.
Various lenders have different eligibility criteria and documentation requirements for loans. To check if you can get a loan on a PAN card, talk to the lender and understand the eligibility and paperwork requirements.
This can help you plan your borrowing process better and reduce the chances of rejections.
A PAN card is an essential document when applying for a loan because it is linked to most of your financial accounts. This helps when assessing your financial standing. It also helps the lender assess your loan repayment ability, as it is linked to your credit profile.
Yes, banks ask for a PAN card when you apply for a loan since it is an essential proof of identity. A PAN card helps lenders assess your creditworthiness and your ability to repay the loan.
You can get an instant loan without submitting your credit card with Fibe. This is possible since Fibe uses an alternate credit scoring mechanism to check your credibility.
A PAN card loan refers to the funds you can get by providing your PAN card details as proof of identity. There are generally unsecured forms of credit, which implies that there is no need to pledge your valuable asset as collateral.
To get a PAN card loan, apply online or offline with the lender of your choice.