Personal Loan on Pan Card

PAN cards are one of the most important documents you need to furnish while applying for a personal loan. The latest KYC policies laid out by the Indian government state that a PAN card is a mandatory document to get a loan.

With a PAN, you can get the funds without delays, making the borrowing process more convenient. 

For various financial transactions, including a loan, a PAN Card is an essential identity document. Some of the details pertaining to a personal loan with a PAN are as follows:

To get this credit facility, you will have to meet certain eligibility requirements set by the lender. The eligibility criteria for a personal loan with a PAN card are as follows:

• You need to be at least 18 years of age

• You need to be an Indian national

• You can either be a salaried or a self-employed individual

• Your CIBIL score needs to be 600 or above

• Your income should be at least ₹10,000 a month

• You need to have at least 1 year of work experience

While the documentation requirements vary with different financial institutions, here are the general requirements: 

• Identity Proof: Aadhaar card, passport, Voter’s ID, driving licence

• Residence Proof: Aadhaar card, driving licence, Voter’s ID, passport, electricity bill, and telephone bill

• Income Proof: Bank statements/salary slips for the last 3 months

• Photographs: 2 passport-size photographs

You can enjoy quicker approval by using your PAN card as the primary identity proof. To apply for a PAN card personal loan, follow the below-mentioned steps:

Online:

1. Fill up the online application form with your professional and personal details

2. Choose your loan amount from the lending partner of your choice in addition to your preferred loan repayment tenure

3. Provide all of the required documents along with your PAN card details for verification

Once the lender approves your loan after document verification, they will credit the loan amount into your bank account.

Offline:

1. Go to the nearest branch of the financial institution that you have chosen

2. Get the personal loan application form and fill it out with accurate personal and financial information

3. Submit the completed application form along with all required documents

4. The lender will verify your documents and process your application

5. Post approval, the lender will credit the loan amount into your bank account

Each and every bank account that you have, credit card that you own, or loan that you have taken is linked to your PAN card. It also helps credit bureaus track your credit-related activity. 

Loan providers ask for a PAN card because it helps them pull up your credit information reports and credit scores from bureaus. Your creditworthiness is a crucial factor in determining your loan repayment capability and eligibility.

A PAN card essentially helps the Indian legal system track every cash inflow and outflow into bank accounts. You need to have your PAN card or PAN number handy while carrying out the following:

• Paying income tax

• Buying a property valued over ₹10 Lakhs

• Applying for a loan

• Buying or selling a vehicle

• Registering a business

• Buying equity shares/bonds valued over ₹1 Lakh per transaction

• Renting a home

• Opening a bank account

• Applying for a credit card

• Setting up an e-commerce store in India

• Carrying out financial transactions in the name of a co-operative society or trust