Get instant loan of Rs. 50,000 with PAN card; No security required
Getting a loan today is not a difficult task. If your documents are correct, getting the loan is simple.
Every type of financial transaction in the country requires a PAN card. The Income Tax Service issues PAN cards, which are permanent 10-digit numbers. You cannot make large bank withdrawals without a PAN card.
But did you know that you can get a loan from banks on a PAN card? One of the most crucial proofs of our identity today is our PAN card. Without it, you will not be able to file a tax return, nor will you be allowed to open a bank account.
How to get a loan on the PAN card?
Getting a loan today is not a difficult task. If your documents are correct, getting the loan is simple. However, it is sometimes difficult to obtain a loan. In such a situation, you can use your PAN card to obtain a personal loan.
On PAN cards, the majority of banks offer loans up to Rs 50,000. Any bank or NBFC will check a client’s CIBIL score before approving a loan against a PAN card. From this, the customer’s track record for loan repayment can be determined.
The loan is available without collateral
Through your PAN card, you can simply get a personal loan up to Rs 50,000. Banks would lend you up to Rs 50,000 without requiring any collateral. Therefore, you are not required to mortgage anything to the bank. Your CIBIL score, however, should be good. Only then can you get this loan. A personal loan is classified as unsecured and has a higher interest rate than a home loan or car loan. For this reason, banks refrain from offering larger loans through PAN cards.
You must provide the bank with certain documents if you wish to apply for a personal loan secured by your PAN card. This also includes your work experience. Only if you have at least two years of professional experience will you be eligible for a personal loan on a PAN card. You will be able to obtain a personal loan on a PAN card only if you practice a trade or your business if you have a better CIBIL score in both situations.
First Published: Aug 09, 2022, 04:29 IST
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