Nowadays, the PAN Card has become not just a tax document but also a very important identity proof, through which the financial information of any person can be easily tracked. It is used in many important bank-related works. Do you know that a personal loan can also be taken from this 10-digit unique alphanumeric identification number PAN card.

The shocking thing is that 90 percent of people do not know how to get a loan of up to ₹ 5 lakh through a PAN card. If you are also thinking of taking a personal loan immediately and want to know how you can get a loan of lakhs of rupees through a PAN card, then let us know its online process and eligibility criteria.

What documents are required for a PAN card loan

To get a loan based on a PAN card, you will need some essential documents that will prove your identity, address, and financial stability:

Identity Proof

Proof of Address

Bank Statement for the last three months

Salary Slip of last two months

Form 16 and Salary Certificate

These are the essential conditions for a PAN card loan

If you want to apply for a personal loan based on a PAN card, then keep one thing in mind. Before applying, it is very important that your PAN and Aadhaar card are linked. This linkage will speed up the process of getting a personal loan and will help you get an instant loan. If PAN-Aadhaar is linked, you can get a loan within 24 hours. It is mandatory to have a PAN card for a personal loan. If you have all these things ready, you can easily apply for a loan with a PAN card.

Eligibility for a PAN Card Loan

To apply for a personal loan through a PAN card, you must meet the following eligibility criteria:

  • Being a citizen of India is a must. The credit score should be good.
  • A high credit score reflects your financial reliability and increases the chances of getting a loan.
  • The age should be between 21 and 60 years. This age limit ensures that you fall into a stable income bracket.
  • Debt-to-income ratio (DTI) should be low. This means that a large part of your monthly income should not go towards the EMI of the loan already taken.
  • Permanent and Regular Income Source is a must. Whether you are salaried or self-employed, your income should be regular.

How to get a loan of ₹ 5 lakh with a PAN card

A PAN card is considered the main document for a loan. Linking a PAN card with Aadhaar as well as the bank can help you get a loan faster.

If you are eligible for a personal loan, you can apply online on the official website of the bank or financial company.

Visit the website of the bank or financial institution of your choice.

Search for the ‘Personal Loan’ or ‘Instant Loan’ section on the website.

Fill out the online application form with your personal and financial information. Here you have to enter your PAN number, Aadhaar number, income details, etc.

Scan and upload all the required documents mentioned above.

Once you have filled in all the information and uploaded the documents, submit the application.

The bank will verify your application and documents. If everything is found correct and you meet the eligibility criteria, your loan will be approved quickly.

You can easily get a personal loan of up to ₹5 lakh. This loan comes with a special EMI facility, and you can pay the loan EMI in easy installments with a tenure ranging from 6 months to 96 months. This provides flexibility according to your financial situation.