Get a loan of up to ₹50,000 with just a PAN card, that too in 2 minutes! Instant money without guarantee and long process!
PAN card (Permanent Account Number) is an important document used to track the identity and financial activities of an individual in India. In today’s time, PAN card is being used not only for tax but also to get personal loans. In this article, we will know how you can get a loan just through your PAN card, its process, requirements and other important information.
What is a PAN card?
PAN card is a 10-digit alpha-numeric code issued by the Income Tax Department. It authenticates the identity of the individual and is required in financial transactions. PAN card is used by various financial institutions to verify the credit worthiness and income of the individual.
How to get loan on PAN card?
The following steps are to be followed to avail a loan against PAN card:
- Select a loan providing institution : First choose an authentic and reliable lender.
- Apply Online : Many banks and NBFCs (Non-Banking Financial Companies) provide online application facility.
- Prepare required documents : PAN Card, Aadhar Card, Salary Slip etc.
- Verification of Documents : The documents submitted by you will be verified.
- Approval of Loan Amount : After verification, the loan amount will be credited to your bank account.
Table of Contents
Documents required for taking loan against PAN card
The following documents are required to avail a loan against PAN card:
- PAN Card : As Identity Proof
- Aadhar Card : For residence proof
- Salary slip : To prove income
- Bank statement : Last 3-6 months
- Passport size photo
How much loan can be availed on PAN card?
The amount of loan available on PAN card depends on various factors:
| Factor | Description |
|---|---|
| Credit Score | Usually it should be 700 or above |
| Income | Minimum monthly income should be Rs 15,000 |
| Loan Amount | Rs 2,000 to Rs 50,000 |
Features of the loan process
- Quick Process : Getting a loan through PAN card is very fast. In some cases, the process can be completed in just 2 minutes.
- Less Documentation : Fewer documents are required as compared to traditional loans.
- Online Application : You can easily apply from your mobile or computer.
Process to avail loan from PAN card
Steps to apply online
- Visit the loan providing website : like HDFC, Kotak etc.
- Register : Register with your mobile number and email ID.
- Fill the application form : Fill the required details like name, address, income etc.
- Upload Documents : Upload scanned copy of PAN and Aadhar card.
- Submit : After submitting the application you will get a confirmation.
Steps to apply offline
- Visit Bank Branch : Visit the nearest bank or NBFC branch.
- Fill the form : Fill the required information and submit the documents.
- Wait for the verification process : The bank will verify your information.
FAQ (Frequently Asked Questions)
- Can I take a loan without a PAN card?
- Yes, if you need a loan of less than Rs 50,000 then you can take it even without PAN card.
- Can anyone take a loan using my PAN card?
- No, no one can take a loan using your PAN card. It is only to verify your identity.
- Will I get a loan if my credit score is low?
- No, you need to have a good credit score. Usually 700 or above.
- How quickly will I receive the loan amount?
- Once your loan is approved, the money is usually deposited into your account within 24 hours.
conclusion
PAN card is an important document that not only proves your identity but also helps you get a personal loan. If you follow the right procedure and keep all the required documents ready, you can easily get a loan against your PAN card. It is a quick and simple way to meet your financial needs.
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