PAN Card Loan– If you suddenly need money, there is no need to panic. In this era of digital lending, taking a loan has become easier than ever. PAN card, which was till now used only for your identity and income tax returns, now banks and NBFCs are approving loans by checking your credit history through the same. Now a personal loan of up to Rs 5 lakh can be taken only through PAN card. No hassle of too many papers, no long queues at the bank. But for this it is important to keep some basic things in mind.

First of all, check your credit score

If you want to take a loan of up to Rs 5 lakh, then your credit score should be at least 700. The higher the score, the better the chances of getting a loan and the interest rate can also be lower. Therefore, before applying, definitely check the score and try to keep it above 700.

Compare lenders for the best deal

Every bank and NBFC has slightly different loan terms, interest rates and process. Therefore, it is better to compare online before choosing any one. Some digital lenders also offer pre-approved loans by looking at your credit report linked to PAN card.

For a loan, you have to go to the website or app of your chosen lender and select an amount of Rs 5 lakh and a tenure of 12 to 60 months. Basic information like name, phone number, job details, salary and PAN has to be filled. As soon as you enter the PAN, your credit report is automatically fetched, which makes the process quite simple.

Apart from PAN card, Aadhaar card, salary slip or bank statement and passport size photo also have to be uploaded. If you are self-employed, ITR or business related documents may be required. The entire KYC is done online.

After filling all the details and uploading the documents, the lender will verify your information and check your credit. If you are eligible, the loan will be approved quickly. In some cases it happens in just a few hours and the money can come directly to your bank account within 24 to 48 hours. Just make sure to pay the EMI on time, otherwise there may be late fees and your credit score may be affected.

So, getting a personal loan of up to Rs 5 lakh is no longer a difficult task. No bank queues, no heavy documentation. The only condition is that your banking history i.e. credit score should not be bad. If that is good, then just choose the right lender, apply online and the money will be in your account within a few hours. In this era of technology, this facility of getting a loan can prove to be very helpful.