How to Get an Instant Loan on PAN Card and Aadhaar Card
Did you know that you can now get instant loans on Aadhaar card and PAN card? Popularly known as the Aadhaar or Pan card loan, these are unsecured modes of financing for retail borrowers in India. These two documents act as KYC documents for the lender, thus eliminating the need to physically visit their office to submit all the documents in case of an Aadhaar card personal loan.
This blog provides a detailed overview of Aadhaar and PAN card loans, how to apply, eligibility criteria, documents required and more. Keep reading!
Aadhaar Card Loan: An Overview
Aadhaar card can be used as the primary KYC document when applying for a loan. It works as an ID, age, address and citizenship proof which ensures instant loan disbursal from any bank or financial institution.
Some important aspects of Aadhaar card loans are as follows:
- Aadhaar card loan is unsecured, meaning no collateral is required for eligibility
- Requires less documentation than traditional bank loans
- Repayment terms of principal amount and interest accrued are flexible
- The loan availed by producing your Aadhaar card can be used for any purpose
- Loan amounts could range from Rs.20,000 to lakhs, with a variety of interest rates available.
- Customers who have an existing bank account and are applying for a loan will get the fund disbursement on the same day
- New customers can apply for the loan online, and funds will be disbursed within 24-48 hours of loan approval
How to Apply for Instant Loan on Aadhaar Card and PAN Card
Here’s how you can apply for an instant cash loan with Aadhaar and/or PAN card:
Step 1: Go to the concerned lender’s app or website
Step 2: Provide personal details
Step 3: Do your V-KYC with your PAN or Aadhaar
Step 4: Check loan eligibility
Step 5: Click Apply to complete your application
The steps may vary from lender to lender.
Instant Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Just so you know, Navi offers instant cash loans up to Rs.20 lakh in minutes. All you need is a PAN card to apply. Download the Navi app now.
Features and Benefits of a Loan on PAN and Aadhaar Card
The features and benefits are as follows:
- Choose EMI: Apart from selecting the loan amount, the borrower also has the option of selecting the EMI amount based on his cash flow. The tenure will be set in accordance with the loan amount and the interest rate.
- Paperless Process: Another good part about these loans is the Aadhaar card loan application, which is completely online; so the borrower can avail an Aadhaar cash loan and will not have to visit the branch with all the documents.
- Instant Approval: Once you submit your loan application, the lending team will analyse it and give instant approval or rejection decision. Also, once approved the loan amount will be transferred to your loan account instantly.
- Collateral-free Loans: This Aadhaar card par loan does not require a borrower to submit any collateral, thus you would not have to pledge any asset as collateral.
Eligibility Criteria for Instant loan on Aadhaar Card and PAN Card
- Age: 18 years and above
- Fixed income source: Salaried or Self-employed
- Nationality: Indian
Interest Rates & Charges of Aadhaar Card and PAN Card Loan
| Interest Rate | 9% to 24% p.a.* |
| Processing Fee | 0%-5% of the loan amount |
| Foreclosure Charges | Zero (floating rate loans) |
*Rates may vary from lender to lender and the final rate depends on customer profile. Navi offers personal loans starting at 9.9% p.a.
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Documents Required for Aadhaar and Pan Card loans
If you’re a salaried professional, you need to submit the following documents:
- Aadhaar Card
- PAN Card
- 3 months’ Salary slip
- Any other address proof
If you are self-employed, you may have to submit the following documents:
- Aadhaar Card
- PAN Card
- 3 months’ bank statements
- Any other address proof
Also, to check your EMI, you can use online EMI calculators to understand your monthly repayment obligations.
Things to Consider Before Applying for Aadhaar and PAN Card Loan
Here are some points that must be considered before taking a loan using Aadhaar or PAN card:
- Purpose of the Loan
Ask yourself whether you have a definite purpose for taking the loan. If you do not have a plan chalked out on how you will be spending the borrowed funds, you might have a problem deciding the loan amount. Taking a loan is like a commitment, so one should think wisely before going for it.
- Qualifying Factors
In some financial institutions, there is an age limit that borrowers must fulfil to avail of a loan. This varies from one lender to another. Other important factors like your monthly income, credit score, and ability to pay for utilities come under consideration before your loan gets approved.
- Assess Your Credit Score
Before applying for a loan, make sure to check whether you have a decent credit report. The credit report contains the credit score that is awarded to you by RBI-licensed bureaus like CIBIL, TransUnion or Experian after analysing information about your credit history. A 750 to 900 score is considered good to get approval for your personal loan.
- Decide the Loan Amount
Loans on Aadhaar and PAN cards are unsecured loans, so you must consider your current liabilities before deciding on the loan amount. Make sure to decide an amount that you can pay comfortably along with your other monthly payments.
In this regard, availing of a flexible repayment option is great as it will ease your payment obligations. Personal loans have a flexible repayment plan of up to 60 months.
- Other Charges
There are some additional charges that one must be aware of before applying for a loan. Some of those charges have been described below:
- Processing Fees: This must be compared as it is different for different banks. While some banks charge something between 0.25 to 3.03% of the loan amount, others might charge a flat processing fee.
- Prepayment Fee or Part-payment Fee: Prepayment is when you are allowed to repay the loan amount. While some banks permit the customers to do so after a period of 12 months, others allow it only in multiples of the EMI. Certain banks permit even part-payment of a loan amount.
- Late Payment Fees: This is when you are charged for paying a late EMI instalment. Banks usually charge 2% per month as late fees.
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Final Word
At a time when you need financial help, an instant loan on Aadhaar and PAN card is the easiest and fastest way to get urgent cash directly into your bank account. Note that these loans are unsecured and come with a higher interest rate. To apply, just download or go to the lender’s website, enter your Aadhaar and PAN card details, the amount and repayment tenure. After KYC verification, then you will get the loan instantly.
For hassle-free and 100% paperless loan approvals, download the Navi App and apply now!
FAQs on Loans on Aadhaar and PAN Card
Ans: Yes, Aadhaar card loans are offered by many lenders, especially those who are app-based. However, your loan sanction will depend on your eligibility criteria. Also, not all lenders are reliable. So, do your research before applying for a loan. Make sure to check your credit score and repayment capacity too.
Ans: Just like Aadhaar Card, you can get instant loans with a PAN card as well. However, to avoid application rejection, make sure you meet the eligibility criteria as set by the lender.
Ans: Navi offers personal loans that range between Rs. 10,000 to Rs. 20 lakh. For other fees and charges, you can contact the loan support team at Navi.
Ans: The interest rate starts from 9.9% p.a. However, the final rate offered is at the sole discretion of Navi. The tenure is up to 48 months.
Ans: You just have to install the Navi app, sign up and do your KYC. Once it’s verified, you can choose the loan amount you’re looking for. If you satisfy the eligibility criteria, the loan will be disbursed within minutes.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
