A personal loan is a flexible financial tool that can help you smoothly plan your expenses and handle emergencies. The eligibility for a personal loan and its application process involves sharing some crucial documents to prove your creditworthiness. One of the most crucial documents you must provide when applying for a personal loan is your PAN card. Obtaining a personal loan can get significantly simpler if you can provide your PAN card for verification.
Why is a PAN card important for a loan?
Your PAN card is linked to every single bank account, credit card, and loan that you have. It helps in the monitoring of your credit-related activity by credit bureaus as well. Loan providers require your PAN card since it enables them to access your credit information reports and credit scores from bureaus such as CIBIL to assess your eligibility and loan repayment capacity. The Indian legal system can essentially follow each cash inflow and outflow into your bank accounts thanks to a PAN card.
When you submit your PAN card, lenders can check the financial history associated with your account. If they find no irregularities or outstanding loans, and a solid repayment history, it can boost your chances of approval of personal loan on PAN Card.
How to apply for a personal loan with a PAN card?
Here is a detailed procedure for applying for a Bajaj Finserv Personal Loan:
- Click on "APPLY" at the top of this page to open our online application form.
- Enter your 10-digit mobile number and check the OTP that was sent to your phone.
- Fill out the application form with your full name, PAN, date of birth, and PIN code.
- Now, click on "PROCEED" to go to the loan selection page.
- Type in the amount you want to borrow. You can choose between our three personal loan variants: Term, Flexi Term, and Flexi Hybrid.
- Choose your loan tenure. You can choose between 12 months to 96 months.
- Then click on "PROCEED."
- Fill out your KYC information and send in your application.
How much personal loan can you get with a PAN card?
Several factors influence the amount of loan that you can borrow. Your credit score, income level, age, and the policies of the particular lender are just a few of the variables that affect the loan amount you are eligible to apply for. Lenders typically consider your creditworthiness and capacity to repay the loan before determining the loan amount they are willing to offer. You might be able to qualify for a larger loan amount if you have good credit and a steady source of income. For example, a Bajaj Finserv Personal Loan offers up to Rs. 55 lakh with flexible repayment tenures ranging from 12 months to 96 months.
Eligibility criteria for personal loan with a PAN Card
The eligibility criteria for a personal loan differ from lender to lender. You must thoroughly check the criteria of each lender before opting for the loan. Anyone can apply for a personal loan if they meet the five basic criteria listed below.
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*Upper age limit at the end of the loan tenure.
Documents required for a personal loan with a PAN card.
In addition to a PAN card, the following documents are needed to get a personal loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
Interest rate on personal loan with a PAN Card
Check the interest rate on personal loan before starting your application. Make a note of all the associated charges with the loan to plan your repayment comfortably. You can use our interest calculator to get a breakdown of the loan repayment in terms of principal and interest.
Features and benefits of a personal loan
Here are some of the additional features and benefits of getting a personal loan:
No collateral needed: There is no requirement for collateral as personal loans are unsecured forms of lending, therefore you are not required to pledge any of your precious possessions as security.
Quick disbursal: Once your loan application is approved, you can have the funds in your bank account in as little as 24 hours in most cases.
No restrictions on end-use: There are no limitations on what a personal loan can be used for. You can use it to pay for your home renovation or higher education, or even cover unexpected medical costs.
Our representative will help you figure out what to do next. The loan amount will be transferred to your bank account after your documents are checked and approved.
