Personal loans are a convenient solution for meeting immediate financial needs, including medical emergencies. Securing a PAN card personal loan is one of the easiest ways to get quick personal loan needs. The PAN card serves as an essential identifier and streamlines the entire loan application process, making it quick and easy.
What is a Loan on a PAN Card?
You can get quick loans through a PAN (Permanent Account Number) card. This process has become hassle-free with zero to minimum documents required. Thus, getting a PAN card personal loan is easier than before. As the PAN card is proof of identification, it will help you get a loan from a lender in a few simple steps when you need funds immediately. Thus, it is a quick and convenient option for borrowers.
How to Apply for a Personal Loan with a PAN Card
Step-by-Step Process Using Zype Personal Loan App
Research and select the lender offering a personal loan. If you consider using a personal loan app like Zype for an instant loan, follow these steps:
Start Your Online Application
Click on ‘Apply Now’ to begin your PAN card loan application online or download the Zype app from PlayStore or AppStore.
Fill Personal Details
Enter your name, email ID, PAN number, and employment details to complete the application form.
Get Quick Approval
If eligible, receive loan approval in less than 60 seconds, ensuring a fast and seamless process.
Complete KYC Verification
Perform a simple KYC by real-time selfie verification and Aadhaar-linked mobile OTP to activate your approved loan limit.
Select Loan Amount & Tenure
Choose the loan amount and repayment tenure that suits your financial needs and preferences.
Instant Loan Disbursal
Receive your personal loan amount instantly credited directly into your bank account.
Ready to Apply for a Personal Loan with your PAN Card?
Experience quick, hassle-free loan approval and disbursal with Zype instant personal loan app.
Apply NowEligibility Criteria for Personal Loan Using PAN Card
Eligibility criteria vary as per the lender one chooses. Instant personal loan apps like Zype offer a PAN card personal loan with minimal personal loan eligibility criteria like
- Citizenship: The borrower should be an Indian citizen.
- Age: Age should be 21 years and above.
- Credit Score: A minimum credit score of 650 is required.
- Employment Type: The borrowers must be a salaried individual.
- Minimum monthly Income Limit: A candidate with a minimum monthly salary of ₹15000 is required.
- Documents: Zype requires a PAN & Aadhar card and a mobile number to complete KYC.
Documents Required Along with PAN Card for Personal Loan
Getting a PAN card personal loan online is quick and easy with minimal required documents. Here’s what you need to provide:
- Mandatory Documents: Zype only requires a PAN & an Aadhar card along with a mobile number to complete KYC is required by most lenders.
- Photo ID: Zype requires a selfie-based verification on loan approval.
- Proof of Income (optional): To apply for a higher loan amount, you can provide bank statement for the last 4 months.
Advantages of Getting a Personal Loan with PAN Card
Key Benefits of PAN Card-Linked Personal Loans
A PAN (Permanent Account Number) card is linked to your credit history and banking transactions, making loan approval easier especially when you have a good credit score. Here are the main advantages of getting a personal loan using your PAN card.
No Collateral Required
You can get unsecured personal loans with your PAN card, meaning no collateral or asset pledge is needed.
Fast Approval
Loan approval is quick due to minimal documentation required when applying with a PAN card.
Quick Verification
Verification process is fast and seamless with PAN card as it contains key applicant information.
Convenience
Applying for a loan is easy and can be done online or via mobile apps like Zype using your PAN card.
Quick Loan Disbursal
PAN provides details about your employment, tax, and banking transactions, enabling faster loan approval and disbursal if you have good repayment history.
Flexible Repayment Tenure
You can choose loan amount, interest rate, and repayment tenure that best fit your financial needs.
Minimum Documentation
Instant loans with almost no paperwork except your PAN card make the process simple and hassle-free.
Get Your Personal Loan with PAN Card Today
Leverage your PAN card to access quick and convenient personal loans with minimal effort. Apply now and achieve your financial goals.
Apply NowAlso Read: Apply ₹10000 Loan On Pan Card: Eligibility & Interest Rates
Common Mistakes to Avoid while Applying for a Personal Loan with PAN Card
It is important to do thorough research before taking any loan. Thus, here is a list of common mistakes to avoid while taking a personal loan that may lead to hefty penalties or loan rejection.
- Ignoring The Fine Print: Don’t ignore the fine print. Take time to read all the terms and conditions and understand all the financial jargon in the loan documents. The loan documents mention the interest rate, acceptable payment mode, processing fees and any other additional charges you may need to pay.
- Not Comparing Lenders: If there is an urgent need for a loan, don’t go for the first lender you find. Choose a lender that offers better terms and conditions as per your financial goals. You can use online loan comparison tools, to narrow down on lenders.
- Applying For Multiple Loans: If you apply simultaneously to multiple lenders, your credit score takes a hit and can lead to loan rejections. Apply to one or two lenders, at most, while taking a personal loan.
- Not Choosing The Right Tenure: Use any online personal loan EMI calculator tool to select the right tenure.
- Not Informed About Fees And Penalties: Many lenders charge prepayment fees, if one pays the loan before the due date. Checking the pre-payment terms is important as ignoring it may lead to penalties and additional charges. Thus, review the lender pre-payment plan before you take a personal loan.
Also Read: Get an Instant ₹50000 Personal Loan with Your PAN Card: Quick Guide
Conclusion
PAN card loan is a fast and easy solution for urgent financial needs. Research well and choose a lender that fits your requirements. Understand the eligibility criteria, PAN card loan application online process and required documents, to get faster loan approval. A good credit score and proper documentation will help you to get the loan approved faster and without much hassle.
Frequently Asked Questions
What Is The Minimum And Maximum Loan Amount On A PAN Card?
If you are looking for personal loan from apps like Zype, the minimum loan amount typically starts from Rs.3,000, while the maximum can go up to Rs.5 lakhs
How Much Loan Can I Get On My PAN Card?
The loan amount you can get on your PAN card depends on your income, credit score, and repayment capacity. Lenders will assess these factors to determine the amount they are willing to offer.
How Do I Know Loans On My PAN Card?
You can check for loans associated with your PAN card by accessing your credit report through credit bureaus.
What Is The Limit Of PAN Card Loan?
The limit of a PAN card loan varies among lenders. However Zype provides personal loan that generally ranges from Rs.3,000 to Rs.5 lakhs, subject to your eligibility and Zype’s policies.
Can I Apply For Multiple Personal Loans With The Same PAN Card?
Yes, you can apply for multiple urgent personal loans online using the same PAN card, but each application will impact your credit score and overall eligibility. It’s important to manage your existing loans responsibly.
How Does Securing A Personal Loan With A PAN Card Impact My Credit Score?
Securing a personal loan with your PAN card and making timely repayments can positively impact your credit score. However, missing payments or defaulting can have a negative effect.
Is It Safe To Apply For A Personal Loan Using My PAN Card Online?
Yes, it is safe to apply for a personal loan online using your PAN card, provided you use the official websites or mobile apps of reputable lenders and ensure the connection is secure.
Reputable lenders are transparent about their fees and charges. However, it is essential to read the terms and conditions carefully to understand any processing fees, prepayment charges, or other costs.
Can I Apply For A Personal Loan With A PAN Card If I Have A Low Credit Score?
While having a low credit score may make it challenging to secure a personal loan, some lenders offer loans to individuals with lower scores, often at higher interest rates or with stricter terms.
What Is The Interest Rate For Personal Loans Secured With A PAN card?
The interest rate for urgent personal loans online secured with a PAN card varies by lender and is influenced by your credit score, income, and repayment history.
