Get a Personal Loan of up to Rs. 5 Lakh with your PAN Card – Know Eligibility – Application Process

Adarsh P

2 days ago

Pan Card Loan Process: In today’s time, a PAN card has become an extremely important document. If you are a PAN card holder, this news could be very important for you. A PAN card is no longer just a tax-related document; it has become your financial identity. Did you know that many people are unaware that you can get a personal loan of up to Rs. 5 lakh based on your PAN card? However, the loan amount depends on the rules of the bank or finance company, your income, credit score, and eligibility. Let’s learn more about the necessary documents, application process, etc., for getting a loan with your PAN card in this article.

Things to Keep in Mind When Taking a Loan with Your PAN Card

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For your information, to get a loan through your PAN card, you must have a valid Aadhaar card along with your PAN card. Your Aadhaar and PAN should be linked. If both are linked, the loan process becomes much easier. In many cases, the loan is approved within 24 hours. On the other hand, it becomes difficult for people who do not have a PAN card to obtain a personal loan.

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Documents Required for a Loan on a PAN Card

For the loan, you may need an Aadhaar card, passport, driving license, or voter ID as proof of identity. Aadhaar card, driving license, or voter ID is valid as proof of address. In addition, you need to provide the bank statement for the last three months. Salaried individuals may also have to submit Form 16 and salary slips for the last two months.

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How to Apply for a Loan with Your PAN Card

Before taking a loan, find out about the banks or finance companies that offer instant loans based on your PAN card. Check the interest rate, loan tenure, and repayment details. Then, visit the bank’s official website and apply online. Verify your mobile number with an OTP. Fill in the necessary information in the application form, such as your name, PAN number, date of birth, and PIN code. Then, select the loan amount and tenure. After that, complete the KYC process, after which your loan application will be processed.

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Eligibility for a loan using a PAN card

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The applicant must be an Indian citizen. Their age should be between 21 and 60 years. The applicant must have a valid PAN card and a good credit score. A regular and stable source of income is also required. If all these conditions are met, a loan of up to ₹5 lakh can be easily obtained using a PAN card.