₹20,000 Loan on PAN Card – Check Eligibility & Apply Now!
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!
How to Apply for a ₹20,000 Loan on a PAN Card?
- Visit the official website or download the app of the loan provider.
- Check your eligibility by entering a few basic details.
- Select your loan tenure and amount.
- Complete e-KYC with your PAN card. Some lenders may ask for additional documents.
- Link your bank account and set up auto-pay. Once your loan is approved, the money could be transferred to your account within a few minutes to a few hours.
Features and Benefits of ₹20,000 Loan on PAN Card
1. Easy Application Process
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.
2. Instant Approval
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.
3. Competitive Interest Rates
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.
4. Minimal Documentation Required
Your PAN card acts as the primary and often the sole document required. Minimal documentation improves the speed of approval and also disbursal.
5. Flexible Repayment Terms
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.
Eligibility Criteria for a ₹20,000 PAN Card Loan
| 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 |
Documents Required for ₹20,000 Loan on a PAN Card
In addition to your PAN card, some lenders may also ask for additional documents as follows:
- Identity proof: Voter ID card, Aadhaar card, Passport, Driving License
- Address proof: Voter ID card, Aadhaar card, Driving License
- Income proof: Salary slips, bank statements, etc.
- Passport size photographs
Also Read
Interest Rate on PAN Card Loan of ₹20,000
| 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 |
Calculate Your Interest Rate on ₹20,000 Loan on PAN Card
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.
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 ₹20,000 Loan on PAN Card
1. Eligibility Criteria
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.
2. Credit Score
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.
3. Loan Terms
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.
4. Hidden Charges
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.
5. Documentation
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.
6. Repayment Period
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.
Final Word
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.
FAQs
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.
