Personal Loan on PAN Card – Check Your Eligibility & Apply Now!
Do you need urgent cash to pay for an unexpected expense, a pending bill, or a medical emergency? An instant loan on your PAN card could be your best bet in such a situation. Getting a personal loan with just your PAN or Aadhaar Card is easier than you think. That’s because quite a few lenders, including Navi, offer instant cash loans, based on your PAN card details alone. In this blog, we will closely look at the steps involved in getting a PAN card loan.
How to Apply for a PAN Card Loan?
- Visit the website or download the app of your preferred lender
- Enter a few basic details to check your eligibility
- Select the loan amount and tenure
- Complete the e-KYC process by entering your PAN card and submit your completed application form. Some lenders may ask for additional documents
- Link your bank account and set up auto-pay. Once your application is approved, the money will be disbursed to your bank account
Features and Benefits of a PAN Card Loan
1. No Collateral Required
A PAN card loan or personal loan on a PAN card is an unsecured loan. So, you will not have to pledge an asset to get one, which means that these loans are more convenient and accessible.
2. Quick Disbursal
Usually, lenders process, approve and disburse money on PAN card loans quickly because they can use PAN to validate your e-KYC and access important financial, tax, and employment records.
3. Flexible Loan Repayment Tenure
The loan repayment terms are generally quite favourable and the tenures also tend to be more flexible. Typically, the tenure could be between a few months and a few years.
4. Can Be Used for Any Purpose
A PAN card loan can be used for any valid reason, including medical expenses, big-ticket purchases, travel expenses, and marriage to name a few.
Eligibility Criteria for PAN Card Loan
| Age | 21-65 years |
| Nationality | Indian resident |
| Type of employment | Salaried or self-employed |
| Credit score | At least 650 |
| Income | Monthly income of ₹15,000 or more is required |
Documents required for PAN Card Loan
Generally, your PAN card details would be sufficient to complete the e-KYC stage. However, some lenders may ask for additional documents related to your address, income, employment history, or credit profile.
Also Read
Interest Rate on PAN Card Loan
| Particulars | Details |
| Interest Rate | Between 9% p.a. And 45% p.a. (generally)* |
| Processing Fee | Between 0.5% to 2.5% of the total loan amount* |
| Foreclosure Charges | Could be between 2% and 5% of the balance* |
| Late Payment Fee | 1-2% of the monthly installment amount |
Calculate your Interest Rate on PAN Card Loan
To calculate your loan EMI, you could use this formula:
EMI = P x R x (1+R)^N / [(1+R)^N-1], where
- P = loan principal
- R =rate of interest
- N = tenure in months
However, if you want to avoid the inconvenience of manual computation, you could use the Navi Personal Loan EMI calculator, which is superfast, accurate, and easy-to-use.
However, you will have to enter a few basic details, such as:
- Loan amount
- Prevailing rate of interest
- Loan tenure
The calculator will not only show the EMI but also the total amount that needs to be repaid along with the interest payable.
Let’s understand this better with an example:
Let’s say that you have taken a ₹1,00,000 loan on your PAN card. Let’s also assume that the rate of interest is 10% p.a. and the tenure is 36 months.
Then, your EMI = ₹3,227
Interest payable = ₹16,172
Total amount to be repaid = ₹1,16,172
Calculate Your EMI on PAN Card Loan
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Things to Remember Before Applying for PAN Card Loan
1. Compare Lenders
You could compare lenders based on the interest rate charged, the loan amount offered, the fees and charges, the speed of approval and disbursal, and reputation of the lender
2. Check Your Credit Score
Before you apply for a PAN card loan, check the minimum credit score required. Some lenders may offer you a loan even if you have a low credit score. However, they may impose higher rates of interest or approve a lesser amount than what you had applied for
3. Consider Your Repayment Capacity
If you already have multiple outstanding loans, you may want to rethink whether you should apply for another loan. Also, create a budget and tackle repayment of your loans strategically. For example, you could start by first paying off the loan with the highest interest rate and then moving on the next highest and so on. Also, make sure that you have a steady income source to pay for your debts and living expenses.
Final Word
Getting a PAN card loan for your last-minute needs or unplanned expenses is now easier than you think. Take Navi Instant Cash Loan as an example. It’s fast, transparent, easy-to-access, and requires minimal documentation. By simply providing your PAN and Aadhaar details, you can get a quick cash loan of up to ₹20 Lakh at attractive interest rates, starting at 9.9% p.a. Simply download the Navi App today, apply for a personal loan, and get cash disbursed to your bank account within a few minutes of approval. Yes, it’s that simple. Give it a try and see for yourself!
FAQs
In general, you could get up to ₹20 Lakh with a PAN card loan. But, depending on your credit profile, repayment history, income levels, and the lender, the amount could be much bigger. To check the specific terms of lending, visit the website of your chosen lender.
In order to avail a personal loan, a minimum credit score of 650 is required. It’s an indicator of your creditworthiness. The higher the score, the better will be the chances of loan approval. It will also speed up the processing of your application, and the cash disbursal. If you have a very high credit score, you might also get a far more favorable rate of interest on your PAN card loan.
Candidates with ₹15,000 salaries could be eligible for cash loans within the ₹50,000 to ₹1,50,000 range. It is important to note that the amount might differ from lender to lender.
Yes, you could get a personal loan without a PAN card. However, in such cases, other KYC and supplementary documents may be required for verification. The criteria will depend on your lender’s policies and government regulations, where applicable.
