PAN Card: In the event of an emergency requiring immediate funds, a personal loan is a preferable choice. This option not only provides quick access to cash but also offers various repayment alternatives. You can secure a loan of up to Rs 5,000 using just your PAN card. The application process is straightforward. In this article, we will provide comprehensive information on this topic. Similar to Aadhaar and Voter ID, the PAN card is a crucial document.
It is often required when applying for a loan; however, you can now obtain a loan of up to Rs 5,000 based on your credit score and identity verification through your PAN card. Numerous banks, along with digital lending platforms and non-banking financial companies (NBFCs), offer such loans.
Here is the procedure to apply for a loan using a PAN card:
First, identify which bank or NBFC offers loans with minimal requirements and in smaller amounts.
Next, it is essential to understand the interest rates, processing fees, and the repayment timeline associated with the loan. This will help you select the most suitable option for your needs.
Then, visit the lender’s website or their branch to submit your application.
During this process, you will need to provide important details such as the amount of the loan you require and your credit score.
Afterward, upload your PAN card as proof of identity.
In some cases, you may also be asked to provide your Aadhaar card or proof of income.
If the information provided is accurate, the loan will be approved promptly.
However, it is crucial to note that the interest rates on these loans tend to be higher, as they are unsecured and do not require collateral.