PAN Card Loan- If you have a PAN Card, then todays article is for you. No one can tell when they need money in life. In times of emergency, it is often seen that the bank does not want to give a loan, in which case there is no end to worry. But now your days of worrying are over, because the PAN card you have will help a lot to get a loan. You can get a loan of up to Rs 5 lakh in one jump using a PAN card.

Quick money in emergency through PAN Card Loan

Nowadays banks and financial companies are providing the facility of PAN card based personal loan, which is completely based on digital process. This saves you from having to go through a long paperwork process for the loan and the money is transferred directly to your bank account within 24 hours after loan approval. In this process, the pair of Aadhaar and PAN becomes a powerful KYC tool, through which your identity and credit history can be easily traced.

Documents required for PAN card loan

To take a loan of up to Rs 5 lakh on PAN card, some basic documents are required, which include identity cards like Aadhaar Card, Passport, Voter ID, Driving License. Also, these documents are used as address proof. Apart from this, bank statement of last three months, two months salary slip or Form-16 and salary certificate also have to be submitted. But the most important thing is – PAN and Aadhaar should be linked, otherwise the process may get delayed or the loan may also get rejected.

Rapidly increasing demand for PAN based loans

The demand for PAN card based personal loans has grown rapidly in the last few years. The biggest reason for this is – online process, minimal documentation, and fast disbursement. This facility is especially beneficial for those who need quick cash in case of an emergency – medical, wedding, education or travel. Various banks and NBFCs offer flexible EMIs and loan tenures ranging from 6 to 96 months. Also, you can get competitive interest rates, if you compare correctly.

How to apply for PAN card loan?

First, select the bank or financial institution that offers personal loan on PAN Card. Visit their website and click on the ‘Apply Now’ option and login with mobile number and OTP. Then fill in your name, PAN number, date of birth and pin code in the application form. After this, choose the loan amount, loan type (Term, Flexi Term, Flexi Hybrid) and period. Finally, complete the KYC process and submit the form. Sometimes this entire process is completed in just 10 to 15 minutes.

Who can apply for PAN Card Loan?

To get a PAN card loan, you must be a citizen of India and be between 21 and 60 years of age. Your PAN card must be valid and you must have a good credit score. You must have a stable source of income either from a job or self-employment. Also, your debt-to-income ratio (DTI) should be low – ideally less than 40%. High DTI can affect your loan approval.

Other uses of PAN card

PAN card is not only mandatory for loans but also for other important financial tasks. It is required for buying property worth more than Rs 5 lakh, buying or selling a car, investing more than Rs 50,000 in the stock market, applying for a credit card, opening a new bank account, starting an online business and rent agreement. In this way, PAN has become a strong medium of your financial identification and tracking.