Getting a personal loan in contemporary times has become much easier than before. Various reliable financial institutions offer personal loans to help you meet immediate financial needs. The best thing about getting a personal loan is that it can be used for different purposes, depending on your needs. Most people take a personal loan for marriage, studying, home renovation, foreign trips, etc. Another great aspect about an instant personal loan is that it is unsecured, meaning you don’t have to pledge any security against the loan.
The most important document that is needed to process any type of loan is the PAN card. Let’s take a deep dive into what a PAN card is and how you can get a personal loan on PAN card.
Understanding the role of a PAN card
A PAN card can be simply explained as an identity card that has a unique 10-digit identification code that is primarily used for tax-related work. PAN stands for Permanent Account Number. Think of your PAN card as identity proof for any transactions that invite some sort of taxation. All banking and non-banking financial institutions will ask you for a PAN card before you can apply for a personal loan. Since a PAN card has a unique code for every citizen, it helps to easily check their credit history. Having a PAN card with yourself makes it easier to get through the loan process, especially when you are looking for an instant personal loan.
How a PAN card can help to ease loan processing?
Getting a personal loan on PAN card is easier as it allows the lender to easily check the credit profile and history of the applicant. It is a mandatory ID proof that all banks and non-banking financial institutions will require for loan processing. A quick peep into how a PAN card can simplify things for the loan applicant.
- PAN card can help to reduce the total number of documents required for loan processing
- The verification process is simplified using a PAN card and is also quicker
- You can easily apply for your loan online from the comfort of your home without visiting any offices
- Eases decision making for the lending institutions since they have all the credit history in one place
- All banking related transactions are easier in India if your PAN card is linked to your Aadhaar card
Personal loan on PAN card eligibility criteria
Here are some eligibility requirements for getting a personal loan on PAN card.
- You should be 25 to 58 years of age.
- You must be a citizen of India.
- You should be a salaried person earning at least ₹ 25,000 per month.
- You should be working with your present employer for at least six months, and you must have a total work experience of at least 12 months.
How to apply for a personal loan on a PAN card?
A step-by-step guide to applying for a personal loan on PAN card is mentioned below.
- Assess the eligibility criteria and see if you match the minimum requirements posted by the lending party
- Once you have matched with the required eligibility criteria, the next step is to select a suitable loan tenure
- The loan tenure on PAN card loans is usually very flexible so you must pick one as per your budget and income stability
- Now you need to fill out the online personal loan application form without any errors
- The next step is to upload the required documents in case of an online loan application, these documents usually include Aadhaar card, income proof and PAN card
- Once you have submitted the required documents, you will get the loan amount into your account within a few days, depending on your lender’s policies
Benefits of Getting a personal loan
Now that we have understood how you can take a personal loan using your PAN card, let’s understand some important benefits of getting a personal loan for your financial needs.
- Simple application process
One of the best things about getting a personal loan is that you don’t have to get into a complex documentation situation. Most reliable financial institutions like Clix Capital have an easy online application process where you can also submit your documents digitally after filling up the form. There are only a few documents that are required for loan processing including your PAN card, Aadhaar card and income proof.
- No collateral needed
One of the most important benefits of a personal loan is that you don’t need to provide any collateral to the lender. Since personal loans are unsecured, you can easily get one without pledging any security. This is very helpful for those who don’t have substantial security to pledge against the loan. You don’t have to think twice about mortgaging any asset for getting the loan.
- Quick fund disbursal
Getting the loan amount in your bank account is quick and easy when you are applying for a personal loan from reputed institutions like Clix Capital. It also offers instant loan disbursals which are fulfilled within hours of the loan application. This comes in quite handy during emergencies that require instant financial aid.
- Flexible loan tenure and customized plans
In today’s complex world, you can’t have a one-size-fits-all approach. Most institutions that are offering personal loans have customized plans and offer a flexible repayment tenure.
Clix Capital understands that different individuals have varied needs and therefore it offers flexible loan tenures and customized plans which are best suited for you. Your loan can be customized based on your financial needs that can range from medical emergencies and education to travel weddings and home renovations.
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