Emergencies can happen at any time and may require immediate access to funds. While savings and investments are important, they may not always be enough to cover unexpected expenses. If you need quick access to cash during a personal emergency, a personal loan on your PAN and Aadhaar cards could be a good solution. In this article, we will discuss instant loans on PAN and Aadhaar cards, including their features, benefits, and eligibility criteria. We will also provide a step-by-step guide on how to apply for a PAN card-based personal loan.

Advantages of Getting an Instant Loan with Your Aadhaar and PAN Card.

Instant loans on Aadhaar and PAN cards are an attractive option for funding financial needs during emergencies. Here are some features and benefits of this facility:

• No collateral: It is usually an unsecured loan
• Quick approval: Within seconds after confirmation of eligibility
• Flexible repayment tenure: 12 months, 24 months, or more, depending on the lender
• Quick disbursement: Credited directly to bank account within hours (or days at most)
• Hassle-free documentation: No physical documents required
• Other charges: This is usually part of the Fine Print of the loan terms
• Attractive interest rates: This depends on your credit score. In some cases, the rates can be as high as 15% or more.
• Eligibility criteria: Age 21-58, Indian resident citizen, with a minimum income ₹15,000 per month, salaried or self-employed professional
• Documents: PAN card or Aadhaar card as identity proof

How to Apply for a PAN Card Personal Loan?

To apply for a PAN card personal loan, follow these steps:

• Fill in personal and professional details in the online form.
• Choose preferred loan amount and repayment tenure from lending partner.
• Submit all required documents and PAN card details for verification.
• Once approved and verified, loan amount will be credited to bank account within hours.

Documents Required for PAN Based Personal Loan

• Identity Proof: PAN card, Aadhaar card, passport, Voter’s ID or driving licence.
• Residence Proof: Aadhaar card, driving licence, Voter’s ID, passport, electricity bill or telephone bill.
• Income Proof: Bank statement or last three months' salary slip.
• Photographs: Two passport-sized photographs.
• Emergency corpus and mutual funds.

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Importance of a PAN Card When Availing a Personal Loan

Using PAN and Aadhaar cards to get personal loans is gaining popularity in India for the ease they provide. These loans are unsecured, so no collateral is needed. The loan approval process is quick and requires minimal documentation. Advantages include flexible repayment options, attractive interest rates, and fast disbursement.

Getting an Instant Loan on Fi Money

Fi Money's licensed lending partners provide instant loans that are pre-approved personal loans provided to select users with good credit scores. The process is paperless and loans are provided at competitive interest rates. You remain in control with complete visibility of all details and you can avoid EMI late fees by setting up automatic in-app payments.

Here’s what you need to know about the loans:

• Pre-approved personal loans
• Good credit score required
• Paperless process
• Competitive interest rates
• Complete visibility of all details
• Automatic in-app payments to avoid EMI late fees
• Licensed partner bank assigns loan amount (up to ₹5 lakh)

Frequently Asked Questions

1. Can I get a loan on my Aadhar card?

Many Indian banks accept Aadhaar as a valid identification for loans. However, different institutions and loan types can have varying approval processes and terms. Lenders may also require proof of income and credit score to assess creditworthiness.

2. What are the advantages of a PAN card for personal loan?

Some advantages of using a PAN card for a personal loan include ease of use, minimal documentation, no need for collateral, attractive interest rates, and fast disbursement.