Earlier personal loan on Aadhar card and PAN card was not available as the loan process involved a list of formalities before sanction. With the popularity of instant loan apps, personal loan approval became paperless and here Aadhar cards and PAN cards have a major role to play for document verification.
A personal loan is an unsecured loan, unlike home loans. A personal loan can be acquired for many reasons like home renovation, wedding expenses, buying a laptop or a mobile phone with minimal documentation just with your Aadhar Card and Pan Card details. A personal loan comes as a rescue for people who are in urgent need of money. It serves as a lifesaver at the time of a medical emergency.
Hence, financial companies in India have reduced the list of mandatory documents required for personal loan approval. Even with KYC verification of the Aadhaar card and PAN card, borrowers can very well get a personal loan. In most of the instant loan apps nowadays, the documentation is paperless using Aadhaar card number and PAN card number registered with your mobile number.
Easy Loan Documentation with Aadhaar and PAN Card
The technical innovation has succeeded to an extent that now borrowers can avail instant loan on the basis of Aadhar card and PAN card. Personal loan on KYC documents (Aadhar and PAN) is completely a paperless process of loan sanction that speeds up the loan process.
In the prevailing digital age, financial institutions have created an easy path to acquire loans with minimal documents. Unlike, the traditional method of submitting forms and physical documents, an online personal loan is quick and easy to avail using Aadhaar Card and PAN Card details.
Here are a few simple steps to benefit from an online personal loan with minimal documents
- Download the personal loan app on your Android phone from Google play store
- Easy Sign-up & login method
- Submit the document number or soft copies of Aadhaar card and PAN card to the lender
- Some lenders allow you to enter Aadhar card number linked to your mobile phone or PAN card sufficient for your financial details.
- Aadhar Card and Pan card are used as paperless e-KYC documents to get an instant personal loan
- Duly filled application form
- Passport-sized photographs
Features and Benefits of an instant loan from Aadhar and PAN card
Nobody must have ever imagined that a personal loan approval will be done in minutes and loan credited to the bank account within 24 hours. The loan processing path changed with instant personal loan apps where the borrower’s profile is verified through Aadhar card and PAN card. Update yourself with the key features and benefits of Aadhar and PAN to avail of online personal loan in a hassle-free manner:
- No hidden charges are levied
- Flexible repayment of loan up to 2 - 3 years
- Low-interest rate based on your credit score
- The customized loan amount and EMI’s
Eligibility Criteria for Personal Loan with Aadhar and Pan Card
Aadhar card and PAN card are two very important documents for E-KYC verification that form a part of the eligibility criteria with many lenders. Hence, it is mandatory to enter the Aadhar card and PAN card numbers during the personal loan registration process.
- Age should be between 21 - 58 years.
- Must be a resident of India
- Must be employed with a private or public sector company
- Must possess a minimum income of Rs.15,000/monthly
Instant loan application
Online instant personal loan apps are the recent trend, and loan applicants find it quite convenient to practice paperless documentation with just Aadhaar Card and Pan Card to submit. Applying instant cash loan requires no physical documentation and is based on online submission of the Aadhar card and PAN card. However, it may vary from lender to lender. Some lenders may ask for physical copies of KYC documents for records. An Instant loan application is approved immediately within 24 hours of the period.
Effect of Aadhaar Card and PAN Card on Instant Personal Loan
Finally, the Aadhaar card and Pan Card are two essential documents for an instant loan. An Aadhaar card introduced in April 2010 changed the loan scenario completely. Standing in the queue for long hours for loan approval has withered away. Now, with KYC documents for a personal loan, customers have the benefit of acquiring instant loan approval.
Aadhaar Card and PAN card are significant for citizens of India. An Aadhaar card fulfils your eligibility criteria for biometric verification, whereas a Pan card verifies the financial and taxation activity of a borrower. So, do keep handy your Aadhar card and PAN card while initiating a personal loan application process.
FAQs
Q.1 Can we get a loan on a PAN card?
A: Yes, a PAN card is one of the mandatory documents to be submitted while availing of a personal loan online via instant loan apps. But only a PAN card won’t help in loan approval. Borrowers need to submit both Aadhar card and PAN card to avail a loan.
Q.2 Can I get a personal loan on an Aadhar card?
A: Yes, Aadhar card is one of the mandatory documents to be submitted while availing of a personal loan online via instant loan apps. But only an Aadhar card won’t help in loan approval. Borrowers need to submit both Aadhar card and PAN card to avail of a loan online.
Q.3 How can I get a 50000 personal loan using a PAN card?
A: To get a 50,000 personal loan using a PAN card, apply online with a lender, submit your PAN card for E-KYC verification, and provide any additional required documents for approval.
Q.4 How much loan can I get on an Aadhar card?
A: The loan amount is a subjective matter. Whether Aadhar card or PAN card, the amount of loan required is a borrower’s choice/need whereas lenders have a set limit of loan sanction. Some lenders offer personal loans up to 2lakhs and few approve instant loans up to 5 lakhs.
Q.5 Can I get a loan from an Aadhar card?
A: Yes, you can avail loan from an Aadhar card through instant personal loan apps. Aadhar card is one of the mandatory documents to get instant loan sanction online.
Q.6 Can I get a loan on an Aadhar card?
A: Yes, you can get a personal loan on an Aadhar card. It is a mandatory document for personal identity verification inclusive of Name, Age, Address, and Nationality. Ensure your Aadhar card number is linked to your mobile number.
Q.7 How can I get an instant loan from an Aadhar card?
A: Instant loans via Aadhar card can be availed through instant personal loan apps. When a loan is applied online, it involves a KYC verification process. Here, the Aadhar card is one of the mandatory documents to be submitted in a paperless format.
Q.8 How can I take a loan from an Aadhar card?
A: Download the instant personal loan app from Google Play Store. Register with your basic details. On the document’s verification step, enter your Aadhar card number that is linked to your mobile number. This is a real-time process involving the submission of other documents as well such as a PAN card in a paperless format.
Q.9 How can I get an instant loan from a PAN card?
A: Lenders verify the borrower’s repayment ability, financial history, loan repayment habits, and credit score via PAN card. A borrower profile meeting all these parameters get an instant loan from a PAN card.
