PAN Card is an essential requirement to avail a personal loan with ease. With PAN & Aadhaar availing a loan has how become a hassle free experience. Applicants need to complete their eKYC with PAN to avail a loan online. Whether it’s for an emergency, vacation, medical bills, or for consolidating your debts, you can avail an instant loan with PAN card for all your needs.
PAN Card & KYC, facilitates easy and secure application process and provides tailored loans with competitive interest rates based on their financial history. Read on to check and avail a PAN Card Loan.
Loan on PAN Card without Salary Slip
Individuals can avail a loan on PAN Card without salary slip. However, you will have to provide other proof of income backed by a good credit score to increase your chances of availing an instant loan. Besides, you can also avail a loan on PAN card as a self employed or as a student.
PAN Card loans are unsecured loans, meaning loans given without any collateral or security. Therefore, a good credit score and an income source is an usual requirement made by lenders to provide instant personal loans.
A PAN card loan is a convenient and quick way to get loans at competitive interest rates. The table below provides an overview of the loan details offered on a PAN card:
| Loan amount | Up to ₹50 Lakhs* |
| Interest rate | 9.9% to 45% p.a. |
| Loan amount | ₹10,000 – ₹20 Lakh |
| Tenure | 6 to 96 months |
Note: The above mentioned interest rates and details are subject to change with the finance market and differ marginally with the respect to the individual banks.
With Buddy Loan you can avail an instant personal loan upto ₹15 Lakhs and if you are a business owner or self employed you can get a loan approved upto ₹50 Lakhs quickly. So, check the details & apply for a loan now!
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Pan Card Loan Interest Rates
Before applying for a PAN card loan, it’s important to compare the interest rates offered by different lenders.
Here is a list of Banks and NBFCs offering PAN card loans, along with their respective interest rates.
| Banks and NBFCs | Interest Rate |
|---|---|
| HDFC Bank | 10.75% – 24.00% p.a. |
| ICICI Bank | 10.65% – 16.00% p.a. |
| Bajaj Finserv | 11.00% – 38.00% p.a. |
| Tata Capital | 10.99% p.a. onwards |
| KreditBee | 10.00% – 24.00% p.a. |
| Fibe | 16.00% p.a. onwards |
| Aditya Birla Finance | 13.00% – 28.00% p.a. |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Pan Card Loan Fee & Charges
To understand Pan Card loans, it’s important to be aware of the fees and charges associated with it, which are listed in the table below, along with processing fees, also check other charges.
| Processing Fees | Up to 3% |
| Foreclosure charge | Up to 5% |
| Late payment charge | Up to 3% + GST |
| Prepayment charges | Up to 5% |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Eligibility Criteria For Pan Card Loan
The eligibility requirements for a PAN card loan will depend on the lenders. Different lenders will have different eligibility criteria that you need to meet. These criteria are:
- You should be an Indian citizen.
- Must be at least 21 to 60 years of age.
- You should have a PAN card.
- You must have a good credit score.
- Must be salaried or self-employed.
Not sure of your credit score? Check now for free!
Personal Loan EMI Calculator
Plan your finances wisely when applying for a PAN card loan. Use an online EMI calculator to estimate monthly payments. Enter the loan amount, tenure, and interest rate to proactively manage your budget and have a transparent borrowing experience.
Your Amortization Schedule (Yearly/Monthly)
Documents Required For PAN Card Loan
The documents required for PAN card loan are:
- Identity proof: Voter’s ID, PAN card, Passport, Driver’s licence, etc.
- Address proof: Electricity bill, Telephone bill, Rental agreement, etc.
- Income proof: Salary slips, Bank account statements, Business tax returns, etc.
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Features & Benefits of PAN Card Loan
The features and benefits of a PAN card loan are given below:
Steps to Apply for PAN Card Loan
Different lenders will have different procedures, however, these simplified steps given below are general steps that you can expect from most lenders:
- Step 1: Check Eligibility: Ensure you meet the lender’s criteria, considering factors like age and income.
- Step 2: Prepare Documents: Gather necessary documents, including PAN card, ID proof, address proof, and income documents.
- Step 3: Research Lenders: Explore lenders, comparing interest rates and terms to find a suitable option.
- Step 4: Online Application: Fill out the online application form on the chosen lender’s official website.
- Step 5: Document Upload: Upload required documents clearly and legibly.
- Step 6: Verification and Approval: The lender will verify your details and decide on loan approval.
- Step 7: Disbursement and Repayment: Upon approval, the loan amount is disbursed to your account. Repay according to the agreed schedule.
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Apply for a Instant Personal Loan
You can apply for a loan on a PAN card from various verified lenders with Buddy Loan. Buddy loan is a loan service provider, with a pool of verified lenders providing instant loans.
Check the steps to apply online for a personal loan on PAN Card.
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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Significance of PAN Card to Get Loans
A PAN (Permanent Account Number) card holds significant importance when applying for a loan due to the following reasons:
- Identification: Acts as a primary identification document, helping lenders verify the applicant’s identity.
- Creditworthiness Assessment: Allows lenders to assess the creditworthiness of the borrower by linking the PAN to their credit history.
- Legal Requirement: Mandated by regulatory authorities, making it a legal requirement for financial transactions, including loan applications.
- Prevention of Fraud: Reduces the risk of identity theft and fraudulent activities, as the PAN is a unique identifier.
- Tax Compliance: Reflects the individual’s tax compliance status, providing lenders with insights into their financial responsibility.
- Transparent Financial Transactions: Facilitates transparent financial transactions, enabling lenders to track the applicant’s financial history.
- Government Regulations: Aligns with government regulations, ensuring adherence to legal and financial norms in loan processing.
- Prevents Multiple Loan Applications: Helps prevent individuals from making multiple loan applications using different identities.
- Integration with Credit Bureaus: Enables integration with credit bureaus, providing a comprehensive credit profile for lenders.
Pan Card Loan Repayment
Repaying a PAN Card Loan is user-friendly, offering flexible plans to match individual preferences.
- Borrowers can conveniently choose between various payment frequencies, ensuring a personalised repayment schedule.
- Online payments have also made repayments easier and with the option of auto-debit it further simplifies your repayment.
Overall, these features contribute to a streamlined and convenient PAN Card Loan repayment process, ensuring financial discipline and contributing to a positive credit history.
Note: Always refer to the specific lender’s terms and conditions for accurate details on the repayment process.