If you require money to cover an unexpected expense or to meet a cash shortfall, a personal loan can be a good option. But with strict eligibility criteria and lengthy paperwork, obtaining it can often take a lot of time and effort. However, some lenders offer personal loans for which you need to submit only your PAN for e-KYC. In this blog, we’ll explore everything you need to know to obtain a ₹50,000 loan on your PAN card, including the eligibility criteria, documentation, application process, and more.
You can apply for a ₹50,000 loan on your PAN card online with minimal paperwork. All you need to do is provide basic information about yourself, your income, and your employment status. Enter the amount you need and your preferred loan tenure, and the application will be processed.
Once your loan has been approved, the money will be credited to your bank account within a short time. The time of disbursal could vary from a few minutes to a few hours to a few days, depending on the lender you have chosen.
Unlike many other types of loans, loans against PAN cards are unsecured. This means that you are not required to pledge assets as collateral with the lender to get the loan. Instead, the loan is granted based on your creditworthiness and ability to repay.
An unsecured loan of ₹50,000 on a PAN card comes with no restrictions on how you can use the funds. This allows you to use the money for any purpose you deem fit, including paying for medical expenses, home renovation, and travel.
A ₹50,000 loan on a PAN card usually comes with flexible repayment terms and tenures. You can choose a repayment term that suits your budget, whether a shorter term with higher monthly payments or a longer term with lower monthly payments. However, you must keep in mind that while a longer tenure allows lower EMIs, the overall interest burden increases as the duration extends, making the loan costly.
The interest rates on PAN card loans are often very competitive. A low interest rate would make your loan more affordable. Make sure you compare the rates offered by different lenders to get the best deal.
|Age||21 years to 65 years|
|Credit score||650 or above|
|Income||₹15,000 per month. Though it can vary from lender to lender.|
|Type of employment||Salaried or self-employed|
To get a ₹50,000 loan on a PAN Card, you will generally have to provide no other documents, since the lender will use your PAN details to complete the KYC process. However, some lenders may also seek additional supporting documents as follows:
|Banks||Interest rates (pa)||Tenure|
|Navi||9.9% p.a. onwards||From 3 months to 72 months|
|Bajaj Finserv||11% p.a. onwards||From 12 months to 84 months|
|Tata Capital||10.99% p.a. onwards||From 12 months to 72 months|
|Aditya Birla Capital||14% – 26% p.a.||From 6 months to 36 months|
|Fullerton India||11.99% onwards||From 12 months to 60 months|
The interest that you have to pay depends on various factors, including the interest rate, loan amount, and loan tenure.
For example, suppose you took a loan of ₹50,000 for 1 year at an interest rate of 11%. Then, your EMI will be ₹4,419. The interest payable will be ₹3,028 and the total amount including principal and interest will be ₹53,028
You can also calculate this amount using online loan calculators.
Rate of Interest (P.a)
Loan Tenure (Months)
The eligibility criteria for applying for a loan of ₹50,000 on a PAN card may differ from lender to lender. You can check the requirements for each bank and financial institution from their website. The criteria usually mentions the age, income, employment status, and the minimum CIBIL score required by the lender. Make sure that you meet these terms before applying for the loan.
Choose the loan amount carefully. Consider the interest rate and the applicable fees as well. Make sure you have the capacity to repay the loan on time.
Research the interest rates offered by different banks and financial institutions before applying for a ₹50,000 loan on a PAN card. Interest rates can vary significantly from one lender to another, so comparing rates and choosing a lender that offers competitive interest rates is important.
Select a comfortable repayment period while applying for the loan. Make sure that you are comfortable with the repayment schedule and that it fits within your budget. Longer repayment periods may result in lower monthly payments but can lead to higher interest charges.
Make sure that you have all the necessary documents ready before applying for a loan. Apart from your PAN card, you may be required to furnish proof of income, address proof, and bank statements.
Be aware of any hidden charges that may be applicable. This will give you a real value of your cost of borrowing.
Obtaining a ₹50,000 loan on a PAN card can be a convenient way to finance various expenses. It is important to carefully consider the terms and conditions of the loan. Additionally, it is crucial to use the funds responsibly. Make sure you don’t default on your loan. This will help you maintain a decent credit score as well.
Want a simple, transparent, and cost-effective way of lending? Try Navi Instant Personal Loan. You can get up to ₹20 Lakh at low interest rates, starting at 9.9% p.a. It also comes with flexible loan tenures of up to 72 months. To get started, download the Navi App today!
The maximum loan amount you can get based on your PAN card will depend on various factors, including your credit score, income, and repayment capacity.
You can apply for a loan based on your PAN card by visiting the website or mobile app of a lender that offers such loans. Check your eligibility criteria, choose your loan amount and tenure, provide your PAN details and supporting documents (if asked for), and get approval within a few hours.
The interest rate on a loan based on your PAN card will vary from lender to lender and your credit profile. Generally, the interest rates start from around 9.9% p.a. and can go up to 45% p.a.
The repayment tenure for a loan based on your PAN card will depend on the lender and the loan amount. Typically, the repayment tenure ranges from a few months to a few years.
While it is not impossible to get a loan based on your PAN card with a low credit score, it may be difficult, as lenders generally prefer borrowers with a good credit history. The minimum credit score that lenders ask for is usually 650.
The documents you need to provide to apply for a loan based on your PAN card may vary depending on the lender, but generally, you will need to provide your PAN card, address proof, identity proof, and income proof.
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