If you have a PAN card and you need money urgently, then there is great news for you. Now you can easily take a loan with your PAN card sitting at home. With the rapid increase in the trend of online transactions, the use of PAN cards has become mandatory everywhere. Linking PAN cards to the bank has also been made mandatory so that there is no problem in the KYC (Know Your Customer) process.
If you are also thinking of taking a loan through a PAN card, then read this article carefully for complete information. Let us know how you can get an instant loan with just the help of a PAN card, which documents are required, and how money can come into your account within 24 hours.
Updated role of PAN card
Ever since Aadhaar Card and PAN Card have been linked, trust and security in financial transactions have increased significantly. A PAN card is a 10-digit alphanumeric identification card that ensures the security of transactions. Now linking PAN cards has become mandatory in banks as well. Linking PAN cards makes the KYC process as well as loan giving easier.
How to take a loan with a PAN card
If you want to take a loan with a PAN card, then you will need some essential documents for this:
PAN card and Aadhaar card
Both of these should be linked. If these are linked, the loan amount can come to your account within 24 hours.
Identity Proof
Any Voter ID card, Aadhaar card, PAN card, driving license, or passport is required.
Income Proof
Along with this, you may have to provide the bank statement of the last 3 months and 2 months’ salary slip or Form 16. This will ensure that you are able to repay the loan.
Complete the process of taking a loan from a PAN card
The process of taking a loan with a PAN card has now become largely digital, making it extremely convenient:
Various banks or financial institutions provide the facility of online application for personal loans. You have to visit their website or mobile app.
While filling out the application form, you have to enter the KV number of your PAN card (it is on the PAN card itself) and other required personal details.
Upload the identity and income proof documents mentioned above online. In some cases, you may have to upload a soft copy of your Aadhaar card and PAN card.
The information and documents provided by you will be verified. Linking Aadhaar and PAN makes this process very fast.
If all the information is found to be correct and you meet the eligibility criteria, your loan will be approved. In most cases, the loan amount is disbursed directly to your bank account within 24 hours.
PAN Card Loan Eligibility
The applicant must be above 18 years of age.
A stable source of income is a must.
A good credit score increases the chances of getting a loan.
Having an active bank account is a must.