Sometimes, your accumulated cash isn’t enough to meet your financial goals. You need to take a loan to fill the gap. However, taking credit can have a lot of hassles. So, is there an easy way to take a loan? Yes, you can get an instant personal loan on PAN and Aadhaar cards without collateral.
That’s not all. The documentation required for an instant loan on a PAN card is also minimal, and the interest rates are attractive and competitive.
Let’s learn about the need for loans and how to get them with your Aadhaar and PAN.
There are things in life that you can achieve with ready money in your account. This is especially true when it comes to financial uncertainties during emergencies.
You may need to travel urgently at short notice to your native place. Or there might be a medical emergency in the family for which you would need funds urgently.
During these times, you can think of your PAN card and Aadhaar card as those buddies you can rely on if you urgently need cash to manage a personal situation.
Knowing more about your PAN card and PAN card loan details is a good idea. In a personal emergency, all you need to do is search the internet for a phrase like “PAN card loan apply”, and the results will have several lenders ready to provide you with an instant loan on your Aadhaar or PAN card.
Here are some aspects of Instant loan on Aadhaar card and PAN card that makes them an attractive option to fund financial needs during personal emergencies. Let’s look at the features and benefits of availing of this facility:
You do not have to pledge or mortgage any of your assets as collateral because a personal loan on a PAN Card and Aadhaar is an unsecured loan.
Since no collateral is required, the process can be quicker. Your personal loan on a PAN card typically gets approved within seconds after the confirmation of your fulfilment of the eligibility criteria set by the lender.
You can choose the tenure of the loan. You may pay back a personal PAN card loan over 12 months, 24 months or more if the lender's policy permits. Different lenders may offer different tenure options. You may use a personal loan EMI calculator to plan the tenure suitable for you. Be sure to evaluate your other monthly expenses and obligations.
The loan amount gets credited directly to your bank account within a few hours.
No physical document is required to be furnished while applying for a personal loan on a PAN card. All of the loan processes are fulfilled online through the instant loan app.
You should read the fine print carefully to understand if there are other charges like processing fees levied by the lender.
A loan on a PAN card offers an attractive and competitive interest rate.
Either your PAN card or Aadhaar card as identity proof. The rest of the documents are required, as seen in the documents required section.
To apply for a PAN card personal loan, follow these steps:
The documents that you will need for a PAN card personal loan are:
PAN card, Aadhaar card, passport, Voter’s ID or driving licence.
Aadhaar card, driving licence, Voter’s ID, passport, electricity bill or telephone bill.
Your bank statement or your last three months' salary slip.
Two passport-sized photographs
Relying on credit during personal emergencies can be taxing on your finances later. It can be better to have a strong emergency corpus to stay financially secure during such difficult times.
Regular investment in liquid mutual funds can help you achieve this goal in simple and economical ways. Download the Fi money app, complete your mandate and get started by setting up your SIP date and amount.
Our financial life is completely linked to our PAN cards. Furthermore, our PAN is linked to our Aadhaar.
Every bank account you have, the credit card you carry or the loan you have taken is linked to your PAN card. It also helps credit bureaus track your credit-related activity. Lenders ask for a PAN card because it allows them to pull up your past credit information reports and credit scores from a credit information company (CIC) such as CIBIL. These factors determine your loan repayment capability and eligibility.
We all usually have a PAN and Aadhaar. We already know the importance of these documents in terms of identifying ourselves as individuals and taxpayers. However, it was surprising to know that these two common members of our purse/wallet can help us during financial uncertainties.
You can quickly avail of an instant loan on PAN or Aadhaar card. These loans are unsecured, meaning you do not have to pledge your existing asset as collateral. They are disbursed quickly with minimal documentation.
Many banks and financial institutions in India accept Aadhaar as a valid form of identification for loan applications. However, the loan approval process and terms may vary depending on the institution and the type of loan. In addition to Aadhaar, lenders may also require other documents such as proof of income and credit score to assess the borrower's creditworthiness.
There are a few steps you can take to get an instant personal loan using your Aadhaar card as identification:
1. Check your eligibility: Different lenders have different requirements for loan eligibility, such as minimum income, credit score, and employment status. Before applying for a loan, check the lender's eligibility criteria to make sure you meet the requirements.
2. Gather required documents: You will typically need to provide your Aadhaar card and other documents such as proof of income and address to apply for a loan. Make sure you have all the required documents on hand before applying.
3. Apply online: Many lenders now offer the option to apply for a loan online. This can be a quick and convenient way to apply for a loan, and you may be able to get an instant loan approval.
4. Compare offers: Compare the loan offers from different lenders to find the best terms and interest rate.
5. Read the terms and conditions: Before accepting the loan, it's important to read the terms and conditions of the loan and make sure you understand the repayment terms, interest rate, and any fees associated with the loan.
It's worth mentioning that some of the NBFCs or digital lending platforms that operate in India offer instant personal loan based on Aadhaar card and other documents, however, these loan providers may have higher interest rate than traditional banks.