₹10,000 Loan on PAN Card – Check Eligibility & Apply Now!
Getting a small loan of ₹10,000 from a traditional lender may not be a viable option because of the long-drawn and complex documentation and validation process. However, there are many new-age lenders who may be willing to offer ₹10,000 loans on PAN cards. These unsecured loans are popular because they can be availed without collateral and with minimum documentation.
So, if you are looking for ways to avail a ₹10,000 loan on your PAN card, here’s everything you need to know before you apply for the loan.
How to Apply for a ₹10,000 Loan on a PAN Card?
- Visit the official website or download the mobile application of the lender.
- Check your eligibility.
- Select the loan amount and tenure.
- Fill out the application form and complete e-KYC by entering your PAN details. Some lenders may ask for additional documents as well.
- Link your bank account and set up auto-pay. Wait for the loan application to be processed. Once approved, the money will be transferred to your bank account almost instantly.
Features and Benefits of ₹10,000 Loan on a PAN Card
1. Simple Application Process
The loan application process is simple and hassle-free. You can apply for the loan online or through a mobile app. The application process usually takes no more than a few minutes.
2. Minimum Documentation
The documentation required for a ₹10,000 loan on a PAN card is usually minimal. While most lenders will only ask for your PAN or Aadhar card details, some may ask for additional documents, such as employment proof, income records, and more.
3. Quick Disbursal
Once your loan application is approved, the loan amount is disbursed quickly into your bank account. The time taken to disburse the funds may take between a few minutes and a few days.
4. Affordable Interest Rates
The interest rates for a ₹10,000 loan on a PAN card are usually affordable and competitive. You can compare the interest rates offered by different lenders and choose the one that suits you best.
5. Flexible Repayment Terms
You can choose a repayment term that suits your financial situation. Most lenders offer flexible repayment terms ranging from a few months to a few years.
6. No Restrictions on Usage
You can use the loan for any purpose, such as paying bills, buying groceries, or meeting medical expenses.
7. No Collateral Required
A ₹10,000 loan on a PAN card is an unsecured loan, which means you don’t need to provide any collateral or security to avail the loan.
Eligibility Criteria for a ₹10,000 Loan on a PAN Card
| Age | 21 years to 60 years |
| Nationality | Indian resident |
| Credit score | 650 and above |
| Monthly income | Rs. 15000 per month. It can vary from lender to lender. |
| Work experience | At least 2 years (could vary from lender to lender) |
Documents required for ₹10,000 Loan on a PAN Card
Some lenders may ask for additional documents such as:
- Identity proof: Voter ID card, Passport, driving license, or Aadhaar card `
- Address proof: Utility bills or rental agreement
- Income & employment proof: Salary slips or bank statements
- Passport-size photographs
Also Read
Interest Rate on a PAN Card Loan of ₹10,000
| Banks | Interest rates |
| Navi | 9.9% p.a. onwards |
| Bajaj Finance Limited | 12.99% p.a. onwards |
| Fullerton India | 11.99% p.a. onwards |
| Muthoot Finance | 13.75% p.a. onwards |
| InCred | 16-36% p.a. |
Calculate Your Interest Rate on ₹10,000 Loan on a PAN Card
Suppose you took a loan of ₹10,000 for 1 year at an interest rate of 13%.
Then, you will have to repay a total of ₹10,716 in total, with the interest component being ₹716. Your monthly EMIs will be ₹893.
Calculate Your Interest Rate on PAN Card
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Things to Remember Before Applying for a PAN Card Loan
1. Understand the Terms and Conditions
It’s essential to read and understand the terms and conditions of the loan before you apply. Carefully evaluate your financial situation and determine the loan amount you need. Ensure you know the interest rate, repayment terms, and any fees or charges associated with the loan.
2. Compare Lenders
Many lenders in the market offer PAN card loans. Do your research and choose a reputable lender who offers transparent terms and conditions, competitive interest rates, and reasonable repayment schedules.
3. Check your Credit Score
Your credit score plays a significant role in determining whether you’re qualified for a loan and what interest rate you’re offered. Before you apply, check your credit score and take steps to improve it, if necessary.
Final Word
Getting a ₹10,000 loan on your PAN card could be a quick and convenient way to avail of emergency funds or to meet unplanned expenses. However, please compare the interest rate, repayment schedule, and fees and charges before you pick a lender. A lender that you can trust. Like Navi. Simply download the Navi App to apply for an online Personal Loan up to ₹20 Lakh, starting at an interest rate of 9.9% p.a. You can also choose flexible tenures of up to 72 months.
FAQs
Yes, anyone with a valid PAN card and who meets the eligibility criteria set by the lender, can apply for such a loan.
The eligibility criteria for may vary from lender to lender. However, in general, the borrower should be at least 21 years of age, have a valid PAN card, and have a source of income.
Visit the lender’s website or download the mobile app. Check your eligibility, and complete the application form and the e-KYC process with your PAN. Link your bank account and set up auto-debit. Upon approval, the loan amount will be transferred directly to the bank account.
The time to get a ₹10,000 loan on a PAN card approved and disbursed may vary from lender to lender. However, in general, the loan processing time is quick, and you can expect some lenders to get the loan amount credited to your bank account within even a few minutes of loan approval.
The interest rate may vary from lender to lender. However, the range could be between 9% p.a. and 45% p.a.
No, you do not need to provide any collateral or security. Instead the lender will use your creditworthiness to evaluate your eligibility.
Yes, you can prepay the loan before the due date. However, some lenders may charge a prepayment penalty for early repayment of the loan. It is recommended to check the terms and conditions of the loan agreement document before making any prepayments.
