Instant personal loan apps have simplified the way personal loans were applied earlier. The digital
loan application process takes very little time for loan sanction and disbursal. This is the main reason why borrowers are now seeking personal loans online. But do you know what is simplifying the personal loan process? How is the personal loan approved within 24 hours?
When the documentation process is paperless, the verification time is obviously reduced. Borrowers do not have to present hoards of
documents for personal loan approval. Instead, KYC details such as Aadhar card and PAN card are enough to clear the loan application. These documents have their own unique numbers which are entered in the instant loan apps during paperless documents submission. On verification of E-KYC document, the status of the personal loan is known to the borrower.
An Aadhar card clearly states about the borrower’s identity whereas a PAN card is mandatory for the lender to check the borrower’s financial history. A PAN card reflects the credit score, management of previous loans, and defaulters if any. Accordingly, lenders get a clear idea of whether to give a personal loan approval or not. Borrower’s credibility and ability of loan repayment are also evident via PAN card details.
For specific loans such as
education loans, a PAN card is a mandatory document for personal loan approval. Most financial institutions have made it compulsory for students to submit a PAN Card while registering for an education loan with them. To know PAN card loan eligibility, visit the official CIBIL website to know your credit score. Enter the PAN card number and submit your request for a CIBIL score. Scoring a good credit score is one of the factors that your PAN card is eligible for a personal loan, also there are other factors attached to personal loan approval.
The traditional method of submitting loan documents requires a considerable amount of time and patience to organize the originals and photocopied confidential papers. Moreover, the security of personal documents is also at stake if you lose any original copy in transit. Hence, submitting soft copies online of the Aadhar card and PAN card is a safe process for personal loan sanction.
Herofincorp is an
instant personal loan app. It is specifically designed to provide instant personal loans between Rs.50,000 – Rs.1,50,000. The amount is easily available within minutes of approval. The procedure for availing of instant loan amounts involves paperless documentation and real-time verification of KYC details such as Aadhar card and PAN card. The loan amount is disbursed directly in the borrower’s bank account after verification.
Besides mandatory documents like a PAN card, the monthly income of a person is significant when it comes to
personal loan eligibility. Different lenders have different criteria for personal loans. Herofincorp approves of personal loan with a minimum monthly salary of Rs.15,000.
So, borrowers in need of urgent financial support can rely on instant personal loan apps like
Herofincorp that allows easy loan sanction with a PAN card. No more collation and filing of photocopies required, make the most of paperless personal loans that do not demand any physical documents.
