Business

Secure a Personal Loan Using PAN and Aadhaar

The emergence of instant loan apps has revolutionised the Personal Loan approval process. With the help of Aadhaar and PAN cards, document verification can now be done electronically, making the Personal Loan approval process hassle-free and paperless.

Secure a Personal Loan Using PAN and Aadhaar

Unlike home loans, Personal Loans online are unsecured loans that can be acquired for various purposes, such as home renovation, wedding expenses, or purchasing gadgets like laptops and mobile phones. It is a valuable option for people needing money, especially during a medical emergency.

To simplify the process, NBFCs in India have reduced the mandatory documentation required for Personal Loan approval. With KYC verification of just the Aadhaar and PAN cards, borrowers can easily acquire a Personal Loan.

Most instant loan apps now offer paperless documentation through Aadhaar and PAN card numbers registered with your mobile number.


Hassle-free documentation with Aadhar and Pan Card

The digital age has revolutionised how loans are acquired, allowing borrowers to obtain instant loans using only their Aadhar and PAN cards. The process is entirely paperless and speeds up the loan sanctioning process. 

Unlike the traditional method of submitting physical documents, financial institutions have made it easier to acquire loans with minimal documentation through Personal Loans online.

Simple steps to get a Personal Loan with Pan and Aadhar online

  • You can easily download a Personal Loan app of your lender from the Google Play Store on your Android phone and sign up with a simple and hassle-free login method. 
  • To apply for a loan, you can submit your Aadhaar card and PAN card document numbers or upload soft copies of these documents. 
  • Some lenders may allow you to use your mobile-linked Aadhaar or PAN card number to provide your financial details. 
  • The Aadhaar card and PAN card serve as paperless e-KYC documents to facilitate getting an instant aadhar card pan card loan. 
  • You must also fill out an application form and provide passport-sized photographs.

Features and benefits of Personal Loan with Pan and Aadhar online

Instant Personal Loan apps have revolutionised the loan approval process, enabling borrowers to receive loan approvals in minutes and have funds credited to their bank accounts within 24 hours. 

To apply for an online Personal Loan, borrowers must provide their Aadhar card and PAN card details for verification.

Here are some key features and benefits of using Aadhar and PAN cards for a hassle-free Personal Loan experience.

1. Unsecured loan

You don’t have to provide any collateral or security as a Aadhar card PAN card loan; Aadhaar is an unsecured loan.

2. Swift approval

Since no collateral is involved, the loan approval process can be faster. After you meet the lender’s eligibility criteria, your loan on a PAN card can be approved within seconds.

3. Flexible repayment options

You have the flexibility to choose the loan tenure that suits your needs. Depending on the lender’s policies, the repayment tenure may range from 12 to 24 months or more.

You can use a Personal Loan EMI calculator to evaluate the best tenure for you.

4. Quick disbursal

Once your loan is approved, the loan amount gets credited directly to your bank account within a few hours.

5. Paperless documentation

One of the most significant advantages of Personal Loans based on an Aadhaar card and PAN card is that the entire process is online, and there is no need to submit any physical documents.

6. Additional charges

Be sure to read the fine print and understand if there are any processing fees or other charges that the lender may levy.

7. Attractive interest rates

A Personal Loan on a PAN card usually comes with competitive interest rates, making it a cost-effective borrowing option.

Eligibility criteria for a Personal Loan with Pan and Aadhar online

To be eligible for a Personal Loan through many lenders, providing an Aadhar card and PAN card details for E-KYC verification is necessary.

Additionally, the following eligibility criteria must be met.

  • Age must be between 21 to 58 years
  • Must be a resident of India
  • Must be employed with a private or public sector company
  • Must have a minimum monthly income of Rs. 15,000

The latest trend in the loan industry is online instant Personal Loan apps, which offer a convenient way for applicants to apply for a loan without having to go through the hassle of physical documentation. 

The application process for an instant cash loan only requires submitting Aadhaar Card and Pan Card details online, although requirements may differ depending on the lender.

While some lenders may ask for physical copies of KYC documents for records, the loan application is generally approved immediately, and the loan amount is disbursed within 24 hours.


Conclusion

When obtaining an instant loan in India, having an Aadhaar card and a PAN card is crucial. The introduction of the Aadhaar card in April 2010 revolutionised the loan process by eliminating the need for long approval queues.

Now, customers can acquire instant loan approval by providing their KYC documents, including their Aadhaar and PAN cards.

Also Read: Why are Business Loans Applications Rejected?

Jhony Walker

I am Digital marketing expert with over 5+ experience.

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