PAN Card: In today’s digital and financial age, a PAN card is no longer just an identity card. It has now become proof of your financial credibility, especially when it comes to personal loans. Now, it has become very important for banks and finance companies to require PAN cards and Aadhaar cards. If you are also thinking of taking a personal loan up to ₹ 5 lakh, then a PAN card can prove to be an important document for you. Let us know how you can get a personal loan through a PAN card and what documents are required for this.
Process of taking a personal loan with a PAN Card
It has now become very easy to take a personal loan based on a PAN Card. You can get this loan by applying online. For this, you just have to fill in the basic information related to the PAN card and Aadhaar card. If both these cards are linked, then the loan process becomes even faster. After the approval of the loan, the amount is usually transferred to your account within 24 hours.
To complete this process, you have to fill out most of the online forms, which provide basic information like name, PAN number, date of birth, and PIN code. After this, the loan amount and duration have to be selected, and then the KYC process is completed.
What documents are required for the Loan?
To get a personal loan of up to ₹ 5 lakh through a PAN card, you will need some documents. These may include Aadhaar card, passport, driving license, or voter ID as identity proof. Apart from this, proof of address and a bank statement will be required. Also, you will need your salary slip or Form 16.
Special features of PAN Card loans
There are many advantages to the process of taking a loan with a PAN Card. In this, loan approval is received immediately through an online application. You do not need to go through any kind of long process. Apart from this, a flexible EMI facility is also given for repayment, which can range from 6 months to 96 months.
When it comes to interest rates, you can get competitive rates from different banks and finance companies, which you can check out comparatively. The number of documents required in the PAN card loan process is also less, and PAN and Aadhaar cards are enough to get you a loan.
Eligibility Criteria for PAN Card Loan
There are some prerequisites for taking a PAN Card loan. First of all, the applicant must be an Indian citizen. Also, his age should be between 21 and 60 years. The credit score should be good, i.e., more than 750. There should also be a permanent income source, whether he is salaried or self-employed. Apart from this, the applicant should also have a low debt-to-income (DTI) ratio. If your monthly income is ₹50,000 and your monthly loan and credit payment is ₹28,000, then your DTI ratio will be 56%, while a DTI less than 40% is considered good.
Other uses of PAN Card
The use of a PAN Card is not limited to personal loans, but it is also required in many other financial activities. Such as:
- To pay income tax.
- To buy or sell property worth more than ₹5 lakh.
- To buy and sell a vehicle.
- To apply for a credit card.
- To open a bank account.
- To invest more than ₹50,000 in shares and bonds.
- To start an online business.
Conclusion
The PAN card is no longer just an identity proof, but it has become an important tool to make the financial process easier and faster. If you are thinking of taking a personal loan up to ₹5 lakh, then you must have a PAN card and an Aadhaar card. With both these documents, you can easily complete the loan process and achieve your financial goals.
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