As a result of the pandemic, we have suffered both financially and personally. Several of us are struggling to meet our expenses. At times like these, a personal loan can come in handy. The use of a personal loan for any planned or unexpected expense is not restricted. Therefore, you can use it for a wedding, medical expenses, or anything else. Lenders these days have been acting as a blessing in disguise by offering easily accessible loans at competitive interest rates. They also provide the facility of determining your EMI using the personal loan EMI calculator on their website.
For an online application, one needs to check the lender’s personal loan eligibility criteria and apply if they are met. When applying for an online personal loan using a PAN Card, the process becomes more accessible. In the article, the process of getting a personal loanon a PAN card is explained.
Every individual has a ten-digit alphanumeric identification number called the PAN, which stands for Permanent Account Number. This is necessary to carry out banking and investment activities and to file taxes. Almost every bank or financial institution requires your PAN number in order to give you a personal loan as well as to carry out most other types of transactions.
With a PAN card, applying for and receiving a personal loan will be a breeze. If you do not have your PAN, the online loan application process can be quite laborious, as you will have to upload several documents. Verifying the same will take longer for the lender, causing the overall time to increase.
The application process for a personal loan on your PAN card is streamlined. Here are the steps for the same:
- Log on to your lender’s website.
- Make sure you meet the personal loan eligibility criteria.
- Once eligible, fill the online application form with basic personal and financial details.
- Add the loan application amount. Prior to that, you should checkthe personal loan interest rates charged by the lender. In case you want to predetermine the EMI, you could use thepersonal loan EMI calculator.
- Submit the necessary documents online.
The lender’s backend team will process your application, and the lender will release your loan within a few hours.
The documents listed below are required to apply for a personal loan:
● Identity proof: Documents that are considered to be valid are a passport copy, driver’s license, PAN card, voter identification card, or Aadhaar.
- Address or Residential Proof:Recent documents such as a utility bill, a phone bill, the tax receipt for the property, a voter’s identification card, or a passport are typically accepted.
- Income Proof: Salary slips, income tax returns, and bank statements will usually suffice.
- Application form containing all required information
- Passport-size photographs
One of the benefits of applying for a personal loan online is that you can do so from the comfort of your home or office. This, along with competitive personal loan interest rates offered by the lenders, is what makes personal loans attractive.
It is highly recommended that you use the personal EMI loan calculator to determine the EMI on the loan you are taking. It is calculated using the stated interest rates once eligible as per the personal loan eligibility criteria.
Therefore, if you have a PAN card, your loan application process is likely to be swift and easy with most banks and financial institutions.
Also Read: A Short Guide to Online Car Loans
