If you are looking for a personal loan and don’t want to go through the hassle of a lengthy documentation and verification process, getting a ₹20,000 loan on your PAN card could be a viable alternative. There are many new-age lenders today who offer loans based on your PAN details alone. To get instant approval on your unsecured personal loan application of ₹20,000, all you have to do is provide your PAN card details to complete the e-KYC process.
In this blog, we will tell you everything you need to know to get a ₹20,000 loan on your PAN card, including its features, benefits, and eligibility criteria. So, let’s get started!
The loan application process is straightforward and simple. You can apply for a loan online by filling in basic details and providing your PAN Card number to complete e-KYC.
One of the major advantages of applying for a loan on a PAN Card is that the approval process is almost instantaneous. It means you can access funds quickly, which can be especially helpful in case of emergencies.
With a loan on a PAN card, you can avail of competitive interest rates, which can help you save money in the long run. Most app-based lenders charge you interest only on the amount used, not the total loan amount. Make sure to compare the rates offered by different lenders to find the best deal.
Your PAN card acts as the primary and often the sole document required. Minimal documentation improves the speed of approval and also disbursal.
Another benefit of a ₹20,000 loan on a PAN card is that you can choose from a range of repayment options that suit your needs. It can include choosing the loan tenure, EMI amount, and payment frequency. This flexibility ensures you can repay the loan comfortably without putting much strain on your finances.
|Age||21 years to 65 years|
|Credit score||650 and above|
|Type of employment||Salaried and self-employed|
|Minimum monthly income||Varies with the lender and the city you reside in|
In addition to your PAN card, some lenders may also ask for additional documents as follows:
|Banks||Interest rates (pa)||Tenure|
|Navi||9.9% onwards||Up to 72 months|
|MoneyTap||13% onwards||From 2 to 36 months|
|Bajaj Finserv||11% onwards||12 to 84 months|
|Dhani||13.99% onwards||3 to 24 months|
|IndiaLends||10.75%- 25%||12 to 60 months|
Suppose you took a loan of ₹20,000 for 1 year at an interest rate of 12%.
You will have to repay ₹21,324 in total, with the interest component being ₹1,324. Your monthly installments will be ₹1,777.
Rate of Interest (P.a)
Loan Tenure (Months)
To be eligible for a PAN card loan, you need to have a valid PAN card. Additionally, you must be an Indian citizen, at least 21 years of age, and have steady income.
Your credit score plays a crucial role in determining your eligibility for a ₹20,000 loan on a PAN card. A decent credit score (at least 650) will help you get better loan terms and interest rates, while a poor score may result in higher interest rates or loan rejection.
The loan terms include the amount you can borrow, the interest rate charged on the loan, and the tenure of the loan. Make sure that you understand the terms and choose a loan that fits your needs and repayment capacity.
Make sure that you are aware of all the charges associated with the loan, including processing fees, administrative charges, and other hidden costs. It will help you avoid any surprises later on.
You may need to provide certain documents to apply for a PAN card loan, such as proof of identity, address, and income. Make sure that you have all the necessary documents ready before applying.
The repayment period for a ₹20,000 loan on a PAN card can vary, depending on the loan terms and the lender. Make sure that you choose a repayment period that is suitable for your financial situation.
Now you know that obtaining a ₹20,000 loan with just a PAN card is possible and quite easy with the right lender, such as Navi. At Navi, we offer instant Cash Loan of up to ₹20 Lakh, at attractive interest rates, starting at just 9.9% p.a. One can use the loan amount to fulfil urgent short-term financial needs, simply download the Navi App today.
The maximum loan amount you can get on a PAN card depends on various factors, such as your credit score, income, and repayment history.
It may be difficult to get a loan with a bad credit score. However, some lenders may consider your application based on other factors such as income, employment history, and repayment capacity.
The processing time for a may vary from lender to lender. Generally, it takes 1 to 2 working days to get the loan amount credited to your account. However, there are lenders, such as Navi, who disburse cash within a few minutes of approval.
The PAN and Aadhaar will be the primary and most often the only document required. However, some lenders may ask for additional documents to establish your proof of address, identity, employment, and income.
Most often, you can. Some lenders may charge a prepayment penalty. Read your loan offer carefully to know more about this.
The tenure for a ₹20,000 loan on a PAN card can vary depending on the lender. Generally, the tenure would be between 3 months and 72 months.
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