PAN CARD LOAN: You can also get a loan of up to Rs 5 lakh on PAN CARD, you may not know this!

Now it has become mandatory to link almost every bank account with PAN card. This makes it easier for lending institutions to verify your KYC. 

Linking PAN with Aadhaar card further increases its authenticity and security. That is why now taking a personal loan on the basis of PAN card has become a simple and easy option.

Keep this in mind while taking a PAN card loan

If you want to take a personal loan of up to Rs 5 lakh, then you will need both the PAN and Aadhaar cards issued by the government. It is important that both the cards are linked to each other. 

Because otherwise, the loan process may be delayed. If both the documents are linked, the amount will be transferred to your account within 24 hours of loan approval. If you do not have a PAN card or it is not linked to Aadhaar, then your chances of getting a loan are greatly reduced.

Documents required for loan:

- The following documents are required to get a loan of Rs 5 lakh. 
- Copy of Aadhar card, passport, driving license or voter ID as proof of identity.
- Any one of these documents as proof of address.
- Bank statement of last three months.
- Salary slip or salary certificate of recent two months along with Form 16.

Special Features of PAN Card Loan:

The process of getting a personal loan on PAN card is very simple. You can apply for it online. Only basic details need to be filled. The e-KYC process must be completed through PAN. 

This type of loan gets instant approval. That is why you can get money instantly even in an emergency. You can also avail interest rates if you compare different banks or financial institutions. 

The number of documents for this is also very less. Only PAN and Aadhaar are sufficient. Apart from this, flexible EMI facility is also available for repayment. Its tenure ranges from 6 months to 96 months.

How to apply for a PAN card loan?

First of all you have to choose a bank or financial company that offers personal loan on PAN card. For this you have to keep in mind the interest rate, loan amount, repayment terms and credibility of the company. 

After this, go to the website of the concerned bank and click on the 'Apply Now' option. After filling the mobile number and OTP, fill your name, PAN number, date of birth and pin code in the application form. 

Now click on “Proceed” and choose the loan amount and type (tenure, flexi tenure, flexi hybrid). Then select the loan tenure and submit the form by filling the KYC details.

Eligibility Criteria:

To get a loan against PAN card, you must be a citizen of India, the age limit should be between 21 to 60 years. The credit score should be good. 

There should also be a permanent, regular source of income. It is necessary to have a PAN card. Whether the person is an employee or self-employed. Apart from this, the debt-to-income (DTI) ratio should be low. 

Where is PAN card useful?

PAN card is used not only for loans but also for many important financial tasks like paying income tax, buying property worth more than Rs 5 lakh, investing more than Rs 5 lakh, buying or selling a vehicle, applying for a credit card, opening a bank account, buying shares and bonds worth up to Rs 50,000, renting, and even starting an online business, PAN is mandatory in all these.