Good news for PAN Card holder’s. Getting a loan using your PAN card is now super easy and fast. If you find yourself in a pinch and don’t have any assets or collateral, a PAN card loan could be just what you need. Many lenders are now offering personal loans up to ₹50,000 based solely on your PAN card. The documentation required is minimal, and you can receive the funds in no time. Let’s dive into how you can secure a Rs 50,000 loan using your PAN card and the perks that come with it.

 

Applying for a PAN card loan online: How to get a Rs 50,000 loan?

 

If you’re looking to borrow Rs 50,000 against your PAN card, the application process is a breeze. Just follow these simple steps:

 

1. Download the lender’s app

Start by downloading the app of the loan provider on your smartphone. Most lenders have made the loan application process super convenient through their mobile apps.

 

2. Fill out the application form

Once you open the app, you’ll find an application form. Just enter your personal info, contact details, and income information. It’s a straightforward process.

 

3. Select a repayment plan

Next, pick a loan tenure and EMI plan that works for you. Make sure it’s something you can comfortably pay back.

 

4. Upload necessary documents

After completing the form, upload scanned copies of essential documents like your PAN card, Aadhaar card, and bank account details.

 

5. Submit your application

Once everything is filled out correctly, hit submit. The lender will review your application, and you could see the loan amount in your bank account within a few hours.

 

To determine the EMI for a ₹50,000 loan using your PAN card, you’ll need a few key details:

 

– Principal Amount (P) – ₹50,000

– Rate of Interest (R) – For example, 12% per annum

– Loan Tenure (n) – 12 Months

 

The formula for calculating EMI is:

EMI = P × R × (1 + R)^N / [(1 + R)^N – 1]

 

In this formula, P represents the loan amount (₹50,000), R is the monthly interest rate (annual interest rate divided by 12), and N is the loan tenure in months. By plugging in the numbers, the monthly EMI for a ₹50,000 loan over 12 months at a 12% interest rate would be around ₹4,442.44.

 

Benefits of a Rs 50,000 loan on a PAN card:

 

1. 24/7 Accessibility

Applying for a loan using your PAN card is now entirely online, allowing you to submit your application anytime and from anywhere. This is particularly useful when you need funds urgently.

 

2. Simple Application Process

The application process has been streamlined for efficiency. Just visit the lender’s app, complete the application form, and upload a few documents. The loan amount can be credited to your account within hours.

 

3. Minimal Paperwork

Getting a loan against your PAN card requires very little documentation. Typically, you only need basic identity proof, such as your PAN card and Aadhaar card.