Can I get a loan on a PAN card
Last updated: Feb 19, 2021, 02:33 AM ISTSince personal loan application is made online instantly through digital platforms, the documentation process has simplified considerably. It is possible to get a personal loan approved with only a few important documents such as Aadhar Card, PAN Card and Income proofs. Instances, where borrowers have misplaced any of their KYC documents, a substitute can work for them. This clearly means when your new Aadhaar card is in transit and the loan application can’t wait, you can very well make use of your PAN card for a loan application.
A PAN card proves to be a strong financial proof giving insight into your financial graph of incomes, loans, insurances, investments, debts and defaults. During the document’s submission step in instant loan apps, input your permanent account number (PAN number) for further verification of your financial history. A PAN card probes the goodness of a borrower’s credit score and thus confirms the chances of loan approval or rejection.
Here are some evident reasons confirming why a PAN card is a significant document for personal loan approval:
- Fake borrowers cannot misuse PAN card details as the PAN number is a unique number and can never be the same for all. Every borrower has a different code, so the scope of fidgeting is low.
- PAN card number linked to your bank account makes loan approval quick.
- Completing a loan tenure successfully increases the level of credit score that is linked via PAN card.
- PAN card enables easy loan approvals for getting quick small cash loans
- Maintaining a good relationship with your lender also gives an advantage of availing loans with PAN card. It can further reduce the interest rates with favourable terms and conditions.
How to use a PAN Card for Personal Loan?
Steps to use PAN card to avail a personal loan online:
- Install an instant loan app on your phone or visit the loan provider’s website
- Register with your mobile number and email id
- Enter mobile number or bank account number that is linked to your PAN card
- Enter the 10-digit unique PAN number
- Some websites may require a scanned copy of PAN card with other income related documents
- After verification of the submitted documents, the sanctioned loan amount will be credited directly into your bank account
Simply cash instant loan app powered by HERO FINCORP is one such personal loan app that requires PAN Card and Aadhar card number linked with the borrower’s mobile number. Simply Cash is a user-friendly instant loan app that follows paperless documentation and gives a relief to the borrower by instant loan sanction.
While submitting PAN card for loan approval, ensure your age eligibility should be between 21-58 years for both salaried and self-employed individuals, with a minimum monthly salary of Rs.15,000.