Securing a Personal Loan with Just Your PAN Card

Personal loans are a convenient solution for meeting immediate financial needs, including medical emergencies. Securing a  PAN card personal loan is one of the easiest ways to get quick personal loan needs.The PAN card serves as an essential identifier and streamlines the entire loan application process, making it quick and easy.

What is a Loan on a PAN Card?

Many lenders offer quick loans through a PAN (Permanent Account Number) card. This process has become hassle-free with zero to minimum documents required. Thus, getting a PAN card personal loan is easier than before. As the PAN card is proof of identification, it will help you get a loan from a lender in a few simple steps when you need funds immediately. Thus, it is a quick and convenient option for borrowers.

How to Apply for a Personal Loan with a PAN Card

Research and select the lender offering a personal loan. If you are considering choosing a personal loan app like Zype for an instant loan, these are the steps:

• Click on ‘Apply Now’ to start your PAN card loan application online process or download the Zype app from PlayStore/AppStore.
• Fill out basic details like name, email ID, PAN, and employment details, to complete your application.
• If you are eligible, you can get approved for a loan in less than 60 seconds.
• Complete a simple KYC  process by doing a real-time selfie verification and Aadhar-linked mobile OTP to activate your approval limit.
• Select the loan amount you want to transfer along with the desired repayment tenure.
• You will get instant personal loan disbursal directly into your bank account.

Eligibility Criteria for Personal Loan Using PAN Card

Eligibility criteria vary as per the lender one chooses. Instant personal loan apps like Zype offer a PAN card personal loan with minimal personal loan eligibility criteria like

• Citizenship: The borrower should be an Indian citizen.
• Age: Age should be above 18 years
• Credit Score: A minimum credit score of 600 is required but may vary as per the lender. 
• Employment Type: Some lenders may require the borrowers to be salaried or self-employed, to get assurance that the loan is paid back.
• Minimum monthly Income Limit: Salaried or self-employed with a minimum monthly salary of ₹15000 is required
• Documents: Zype requires a PAN or Aadhar card and a mobile number to complete KYC. Some lenders may ask for a few other documents like income proof, electricity bill, etc.

Documents Required Along with PAN Card for Personal Loan

Getting a PAN card personal loan online is quick and easy with minimal required documents. Here’s what you need to provide. 

• Mandatory Documents: Zype only requires a PAN and/or an Aadhar card along with a mobile number to complete KYC is required by most lenders.
• Photo ID: Zype requires a selfie-based verification on loan approval. 
• Proof of Income (optional): To apply for a higher loan amount, you can provide bank statement for the last 4 months.

Advantages of Getting a Personal Loan with PAN Card

PAN (Permanent Account Number) card is linked to an individual’s credit history and banking transactions. If one has a good credit score, it becomes easier to get loan approval. When it comes to PAN card loan, these are the following benefits:

No collateral: You can get unsecured personal loans on a PAN card. Unsecured loans do not require any collateral.

Fast Approval: Quick loan approval as it needs minimal documentation with PAN.

Quick Verification: PAN card makes the verification process fast and seamless.

Convenience: With a PAN card, you can apply for a loan online in easy steps, even with mobile apps like Zype

Quick Loan Disbursal: PAN provides information about the applicant like employment, tax and other transactions. If there is a good personal loan repayment history, it leads to quick loan approval and disbursal.

Repayment Tenure: A borrower has the option to choose the amount, interest rate and repayment tenure that best suits them.

Minimum Documentation: You can get an instant loan with just a PAN card. A lender may ask for just PAN or a few other documents depending.

Also Read: Apply ₹10000 Loan On Pan Card: Eligibility & Interest Rates

Common Mistakes to Avoid while Applying for a Personal Loan with PAN Card

It is important to do thorough research before taking any loan. Thus, here is a list of common mistakes to avoid while taking a personal loan that may lead to hefty penalties or loan rejection.

• Ignoring The Fine Print: Don’t ignore the fine print. Take time to read all the terms and conditions and understand all the financial jargon in the loan documents. The loan documents mention the interest rate, acceptable payment mode, processing fees and any other additional charges you may need to pay.
• Not Comparing Lenders:  If there is an urgent need for a loan, don’t go for the first lender you find. Choose a lender that offers better terms and conditions as per your financial goals. You can use online loan comparison tools, to narrow down on lenders.
• Applying For Multiple Loans: If you apply simultaneously to multiple lenders, your credit score takes a hit and can lead to loan rejections. Apply to one or two lenders, at most, while taking a personal loan.
• Not Choosing The Right Tenure: Use any online personal loan EMI calculator tool to select the right tenure.
• Not Informed About Fees And Penalties: Many lenders charge prepayment fees, if one pays the loan before the due date. Checking the pre-payment terms is important as ignoring it may lead to penalties and additional charges. Thus, review the lender pre-payment plan before you take a personal loan.

Also Read: Get an Instant ₹50000 Personal Loan with Your PAN Card: Quick Guide

Conclusion

PAN card loan is a fast and easy solution for urgent financial needs. Research well and  choose a lender that fits your requirements. Understand the eligibility criteria, PAN card loan application online process and required documents, to get faster loan approval. A good credit score and proper documentation will help you to get the loan approved faster and without much hassle.