In today’s digital age, PAN card is not just an identity card, but has become a strong proof of your financial credibility. This 10-digit alphanumeric ID is issued by the Income Tax Department of the Government of India, which helps in monitoring all your major monetary activities.
Nowadays it has become mandatory to link PAN to the bank account in almost every bank and financial institution, which makes KYC verification easier. The validity of PAN card becomes even stronger when linked to Aadhaar.
Taking personal loan on PAN card has now become easy
Nowadays many banks and NBFCs are providing instant loan up to ₹ 5 lakh on the basis of PAN and Aadhaar card only. If your PAN is linked to Aadhaar and KYC process is complete, then you can get the loan amount in your account within 24 hours.
Things to keep in mind
- PAN and Aadhaar cards should be linked
- Loan process is fast and smooth if correct information is provided
- If there is any discrepancy in PAN or Aadhaar, the loan may also get rejected
Documents required for PAN card loan
- Identity proof – Aadhaar card, passport, driving license or voter ID
- Address proof – Any one of the above documents
- Bank statement – last 3 months
- Income proof – Two months salary slip or salary certificate with Form 16
Key features of PAN loan
- 100% digital process – online application and e-KYC
- Instant approval and fund transfer
- Fewer documents required
- Flexible EMI options – from 6 to 96 months
- Competitive interest rates, can compare different institutions
How to apply for PAN card loan?
- Select a bank or financial institution
- Visit their website and click on “Apply Now”
- Enter mobile number and verify OTP
- Fill in name, PAN number, date of birth and PIN code
- Select loan amount and tenure
- Upload and submit required KYC documents
Eligibility Criteria
- Indian citizen
- Age between 21 and 60 years
- PAN card mandatory
- Permanent income source (job or business)
- Good credit score
- Debt-to-income (DTI) ratio should be less than 40%
Example: If your income is ₹50,000 and loan related expenses are ₹20,000, then DTI will be 40%, which is considered ideal.
Major uses of PAN card
PAN card is used not only for loans but also for:
- Filing income tax
- Buying property worth more than ₹5 lakh
- Buying or selling a vehicle
- Opening a new bank account
- Investing more than ₹50,000 in shares, mutual funds or bonds
- Online business registration
Applying for a credit card
Conclusion: If you have a valid PAN card and it is linked to Aadhaar, you can get a personal loan in just a few clicks. This option is especially useful for those who need money in an emergency, without going through a long process.
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