Instant Loan On Aadhaar & Pan Card In India: Features, Benefits & Steps To Apply

Personal Finance

Did you know that you can now get instant loans on Aadhaar and pan card? All you need to do is show these two proofs to get a loan of your choice. These loans are now being popularly known as Aadhaar card or Pan card loans, which is a type of an unsecured mode 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 Aadhaar card personal loan.

Today, many personal apps like the Navi app are offering instant loans with just Aadhaar, Pan and a few other details. With the help of such apps, you can get loans within minutes. However, do a bit of research before choosing and comparing fees & charges before going for a loan service provider.

Impact of Aadhaar Card & Pan Card on Loan

PAN card loan, as they are famously referred to, requires just a PAN Card and an Aadhaar card from the borrower, not even a collateral. These are personal loans which can be taken to finance an emergency requiring immediate cash. The time taken for getting an instant loan on a pan card and aadhaar card has reduced significantly, as these two documents act as KYC for the lender. As a result, the loan approval process has become faster.

This process of Know-Your-Customer was made mandatory by the central bank for every borrower applying for a loan to curb money laundering. Lenders have initiated the e-KYC procedure, which has streamlined the application process. This change has circumvented the erstwhile process of submission of multiple documents during loan applications. An Aadhaar card and pan card are enough to provide almost every detail of a borrower, and thus, these aadhaar card and pan card loans are less time-consuming. 

Also read: What are pre-approved personal loans: Check eligibility and process

How to Apply for Instant Loan On Aadhaar Card & Pan Card

These days, the loan application process is completely online, making it even easier to apply for one. There are many lenders present online, and one such famous Aadhaar card & Pan card verification-based loan app is Navi, which is known to give the best offers on personal loans, with same day sanctioning of loans. Here, you get access to lucrative offers and lower interest rates than what traditional lenders are offering.

You have to download the app and sign up to apply for a loan. You can either do a VKYC or choose to upload a scanned version of your Aadhaar card and PAN card. Enter the loan amount and EMI you are comfortable with. A representative will call you to confirm and verify your details. You might be asked to upload your salary slip or other such proofs, post which the loan amount will be transferred to your bank account. This is how easy it is to get an instant personal loan on an Aadhaar card and pan card.  

Features and Benefits of Pan Card & Aadhaar Card Loan

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 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. 

Also read: Personal loan tax benefits: 4 ways to claim tax exemption

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

*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.

Documents Required for Aadhaar Card 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 read: How to apply for personal loans for salaried employees?

Also, to check your EMI, you can use online EMI calculators to understand your monthly repayment obligations.  

Frequently Asked Questions

Before you go…

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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.