There are instances where people have different names in different property papers. To address this confusion loan disbursal units simply seek one important, your PAN card. Also, India’s one of the biggest loan dispenser, Buddy Loan disburses document instant personal loans at lower interest rates starting at 11.99%p.a. with numerous EMI options. You can avail a hassle-free personal loan that doesn’t require any collateral.
PAN card is essential for opening your bank accounts, availing a personal loan and more.
Besides all, it helps you with your tax identity under the supervision of the Central Board of Direct Taxes.
Serves as an identity proof under most of the circumstances and events. These universal identification documents were present even before Aadhaar came into the picture.
This article brings you the uses of PAN card and how is it is to avail a personal loan through it.
Uses of PAN card: PART 1
- IT Returns Filing: All the citizens who qualify for income tax payments are eligible to file income tax returns (IT). For this very benefit, a PAN card is necessary and is one of the primary reasons why all professionals apply.
- Opening a bank account: The banks require your PAN card while you open a bank account, either for savings or current accounts. As per the government rules, submitting a PAN card for opening a savings, current or any financial account is a must.
- Trading a motor vehicle: Either you buy or sell a motor vehicle i.e. worth over Rs. 5,00,000. To make it a hassle-free process, you will have to produce your PAN card details while carrying out the transactions.
- Availability of a credit or debit card: KYC application from any bank is common whether you avail a credit or debit card or even opening a bank account. Presenting a Pan card is a compulsion more than a whim. Any financial institutions or banks will not produce your card if there is no PAN card.
- Purchase of jewellery: Shopping inclusive of Jewellery worth over, Rs. 5,00,000 you will need to provide your PAN details during the purchase.
- Choosing investments: Fortune building is easy if you choose the right place of investments. Investing in securities is by far and always a better option. This means you will have to provide your PAN details before you invest Rs. 50,000 or above or so.
Uses of PAN card: PART 2
- Proof of Identity: Serves as a universal identity anywhere across the country. It is also considered an age proof document, considering it has your birth date details. This identity proof comes in handy while you are applying for passport application voter ID, driving license, domestic or electric and water connections, etc.
- Money Exchange: If you wish to travel to other countries and get your money exchanged for foreign currency then you will have to submit your PAN details.
- Property: Building, buying, selling and constructing or renting a property will proceed upon PAN submission. This applies to both the buyer, seller and investor to submit PAN cards before their sale deeds or property papers.
- Loans: Buddy Loan disburses document instant personal loans at lower interest rates starting at 11.99%p.a. with numerous EMI options. You can avail a hassle-free personal loan that doesn’t require any collateral. They provide unsecured loans whose repayment tenure is from 3 months to 5 years.
- Fixed Deposits: PAN details are required id your deposit amount exceeds Rs. 50000. Especially of those in Fixed Deposit (FD). This is done as the bank will deduct TDS (Tax Deductible at Source) on the FD interest amount.
- Telephone Connections: If you wish to get a new telephone or mobile phone connection, it is mandatory to submit your PAN details, as private cellular operators will not provide you a connection without it.
- Insurance Payments: As per the Income Tax Department directives, PAN card details have to be furnished when making an insurance payment exceeding Rs. 50, 000 a year.
Do loans need a PAN card?
So, here is how they work. A loan is a substantial amount you borrow from the lender or any financial institution for any requirement. PAN, a universal identification number/document that testifies if you hold a bank account that is not dormant and then approves you of loans.
PAN, gets half the job done, approval is the first half while the repayment is the second half.
Technically, all the NBFCs, banks and lenders will need your KYC documents as a matter of lending you loans.
To initiate the process the lender from any platform would require your PAN and Aadhaar card these days. This process unveils the authenticity of the Aadhar card and the biometrics of the individual. Further, this verification yields for a few seconds and helps in the whole process of loan approval and sanctioning.
Instant personal loan via PAN card.
Technology has played an innate role in uplifting financial services via the app, blogging, and creating a market sphere to increase outreach. A decade ago, though there used to be a PAN card, the initialization of instant personal loans would take no less than 48 hours to a week.
The facility of an instant personal loan can help you get the required funds within a few working hours and all through a PAN and Aadhaar cards.
The instant personal loans have created a grand and great demand in the market with the rising banking services and the start-up culture. It is worth it, as many financial institutions or lenders do not require you to pledge any asset. Buddy Loan disburses collateral-free loans that have a repayment tenure from 3 months to 5 years.
The other major key of lending loans is the interest rate that either reduces or increases the burden of the borrower’s pocket. Let alone the repayment, the longer the tenure the higher the interest keeps on adding.
Buddy Loan dispenses loans at lower interest rates starting at 11.99%p.a. and this could help you enhance your credit score with payments before or on the due dates. A credit score is a weird pattern that increases with the right spree of document submission, credit history and thereby decreasing your interest rate further.
Why wouldn’t you have a PAN card?