Earlier, personal loans would be processed through a complicated mechanism of paperwork and visiting the bank branch. But now that Non-Banking Financial Companies (NBFCs) are making headway into providing personal loans with ease, things have changed radically. Now you can easily get a personal loan with a PAN card.
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Eligibility for PAN Card Loan
To get a PAN card loan, lenders set certain eligibility parameters that a borrower must fulfil. These parameters are as follows:
Age Limit
To get a loan with a PAN Card, age plays an important role. Most lenders will set the age limit where the minimum age would be 23 years while the maximum is 55 years. This age range gives lenders a greater certainty of getting the loan paid back. But certain reputed NBFCs can make things a bit flexible by extending this age range where the minimum stands at 18 years, and the maximum goes as far as 60 years.
Income Proof
You need to have an income to get the loan sanctioned in the first place. The loan amount you get is directly related to your monthly income. Hence, you must submit your income proof to apply for a personal loan. There are loans without income proof, but even there, you have to show other loan sources for the loan to be sanctioned.
Indian Resident
If you are applying for a PAN card loan in India, it is quite self-explanatory that you must be a citizen of India. Your residency would be proven by the documents you submit to the lender. For a PAN card loan, click here to know more.
Documents Required
As the name suggests, a PAN card loan requires a PAN card for the loan to be approved. Apart from a PAN card, you will also be required to submit your Aadhar card. Lenders use PAN cards and Aadhar cards for KYC verification. These two documents would be more than sufficient for you to get a personal loan.
Advantages of PAN Card loan
When you use a PAN card to get a loan, you derive several advantages from it. Most of these advantages are provided by NBFCs. So, you should seek an NBFC to get a loan via a PAN card.
Paperless Verification
A loan with the help of just the PAN card and Aadhar card makes the entire process of getting a loan easy. You do not have to spend a considerable amount of your valuable time filling up one paper after another. By just uploading these documents, you will be able to access the loan with quite an ease in a matter of minutes.
Instant Approval
When you apply for a loan that involves no paperwork, save your PAN card and Aadhar card. The verification process becomes quick and smooth. With the help of just these two documents, it does not take long for the lender to get the necessary information needed for the loan. As a result, you get a loan approved instantly.
EMI Selection
With NBFCs, another advantage you get with a PAN card loan is that you can choose the EMI and tenure of your loan. Whether you want to pay the loan in a short tenure or long will be totally your choice. The EMI amount and interest rates would be adjusted accordingly.
Zero Collateral
As the loan you get through your PAN card is an unsecured personal loan, it will require no collateral. With just your income proof, you will be able to get the loan without needing to compromise on any of your valuable assets.
Thus, the entire process of getting a loan with a PAN card is quite simple and easy. You also get to enjoy numerous benefits of this loan. So, if you are looking for an instant cash loan, go for the PAN card loan option.