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 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:
Here’s how you can apply for an instant cash loan with Aadhaar and/or PAN card:
The steps may vary from lender to lender.
Rate of Interest (P.a)
Loan Tenure (Months)
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.
The features and benefits are as follows:
|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.
If you’re a salaried professional, you need to submit the following documents:
If you are self-employed, you may have to submit the following documents:
Also, to check your EMI, you can use online EMI calculators to understand your monthly repayment obligations.
Here are some points that must be considered before taking a loan using Aadhaar or PAN card:
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.
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.
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.
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.
There are some additional charges that one must be aware of before applying for a loan. Some of those charges have been described below:
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!
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.
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