Your Guide to Getting a Personal Loan with a PAN Card

A personal loan can be a lifesaver when you’re in a financial bind. But did you know that you can get a personal loan with just your PAN card? Yes, it’s true! Your PAN card is not only essential for filing income tax returns but also acts as a key document for availing financial services like personal loans. In this article, we’ll guide you through the process of getting a personal loan using your PAN card and how Airtel Finance can help you secure funds quickly and hassle-free.

The Power of Your PAN Card

What makes a PAN card so important?

A Permanent Account Number or PAN card is a crucial document issued by the Income Tax Department of India. It is a 10-character alphanumeric identifier that acts as your unique financial identity. Your PAN card is mandatory for various financial transactions, including applying for a personal loan. Here’s why:

• Identification and verification: Lenders use your PAN card to verify your identity and ensure the authenticity of your loan application.

• Compliance with regulations: Furnishing PAN details helps lenders comply with anti-money laundering guidelines and other regulatory norms.

• Assessing financial credibility: Your PAN card allows lenders to check your income tax status and gauge your financial health.

• Credit history tracking: Lenders can track your credit history and repayment behaviour through financial transactions linked to your PAN.

In a nutshell, your PAN card is indispensable when applying for a personal loan as it establishes your financial identity and credibility.

Eligibility Criteria for a PAN Card Loan

Meeting the eligibility requirements

Before applying for a personal loan with your PAN card, ensure that you meet the eligibility criteria set by lenders. While specifics may vary, here are the general eligibility norms:

• Citizenship: You must be an Indian citizen.

• Age: Typically, you should be between 21-60 years old.

• Employment: You should be employed with a public/private company or be self-employed.

• Monthly income: A minimum monthly income of ₹25,000 is usually required. This may be higher for certain cities.

• Credit score: Aim for a credit score of 750 or above for quick approval. You can check your free credit score on Airtel Thanks App.

Use this handy table to check your personal loan eligibility at a glance:

By ensuring you meet these criteria, you increase your chances of securing a personal loan seamlessly using your PAN card.

Documents Required for a PAN Card Personal Loan

Keeping your paperwork ready

In addition to your PAN card, lenders require a few other documents to process your personal loan application. Here’s a checklist of the documents you’ll need:

1. Identity proof: Any one of the following –
   Aadhaar card
   Passport
   Voter ID card
   Driving license

2. Address proof: Any one of the following –
   Aadhaar card
   Passport
   Voter ID card
   Utility bills

3. Income proof:
   Latest 3 months’ salary slips, if salaried
   Latest 6 months’ bank statements reflecting income, if self-employed

4. Bank statements:
   Latest 3 months’ bank statements

By keeping these documents handy, you can expedite your personal loan application process. Airtel Finance offers a paperless application process, allowing you to apply for a personal loan with PAN card and other documents online.

Applying for a Personal Loan with PAN Card

Now that you know the eligibility criteria and documents required, let’s walk through the steps to apply for a personal loan using your PAN card:

Step 1: Check your loan eligibility and credit score.

Step 2: Calculate your loan amount and EMI using a personal loan calculator.

Step 3: Compare personal loan interest rates of different lenders.

Step 4: Select a lender and submit your PAN card and KYC documents online.

Step 5: Wait for approval and loan disbursal.

For instance, let’s say Priya, a 30-year-old IT professional, needs a personal loan of ₹5 lakhs for her wedding. She checks her eligibility and finds that she meets Airtel Finance’s criteria. She then uses the EMI calculator and finds that at an interest rate of 12% per annum for a 3-year tenure, her EMI would be around ₹16,600. Happy with this, Priya applies for a personal loan online via Airtel Thanks app by submitting her PAN card and other required documents. Within 24 hours, her loan is approved, and the amount is disbursed into her bank account.

By following these simple steps, you too can apply for a personal loan with PAN card and get funds quickly. Remember to borrow wisely and make timely repayments.

Conclusion:

As you can see, getting a personal loan with a PAN card is quite straightforward, provided you meet the eligibility criteria and furnish the necessary documents. Your PAN card acts as a primary document that helps establish your identity and financial credibility. Lenders like Airtel Finance offer instant personal loans that you can apply for online using your PAN card and other KYC documents. So, whether you need funds for an emergency, a big-ticket purchase, or debt consolidation, a PAN card loan can help you tide over a cash crunch without much hassle. To get started, check your personal loan eligibility, use the EMI calculator to plan your loan, and apply online via the Airtel Thanks app for quick approval.

FAQs:

1. Can I get a loan from a PAN card?
   Yes, you can get a personal loan using your PAN card as the primary KYC document, along with other necessary documents like identity and income proof.

    

2. Is PAN Finance legit?
   PAN Finance is not a registered entity. However, you can get a personal loan with PAN card from legitimate lenders like Airtel Finance.

    

3. What are the eligibility criteria for getting a personal loan with a PAN card?
   To get a PAN card loan, you must be an Indian citizen aged 21-60, have a monthly income of ₹25,000+, and a credit score above 750.

    

4. How can I apply for a personal loan using a PAN card?
   You can apply for a personal loan with PAN card online via the Airtel Thanks app. Submit your PAN and other KYC documents for quick approval.