Taking out a loan today is not difficult. If your documents are correct, you can easily get the loan. However, sometimes, getting a loan is difficult. Customers have to submit some documents to the bank to get a personal loan using their PAN card.
A PAN Card is a permanent 10-digit number issued by the Income Tax Department that is mandatory for any financial transaction in the country.
Without a PAN card, you cannot make major financial withdrawals from banks. But did you know you can get bank loans on a PAN card? A PAN card is one of the most important documents of our identity today. You cannot open a bank account or file an income tax return without this.
How To Get a Loan On a PAN Card
Taking a loan today is not difficult. If your documents are correct, you can easily get the loan. However, sometimes, getting a loan is difficult. You can take a personal loan on your PAN card in such a situation.
Most banks give loans up to Rs 50,000 on PAN cards. Before giving a loan on a PAN card, any bank or NBFC checks the customers’ CIBIL scores. This gives an idea of the customer’s record regarding returning the loan.
Loan Is Available Without Any Security
You can easily take a loan of Rs 50,000 through your PAN card. Banks give you a loan of up to Rs 50,000 without any security. This means you do not have to pledge anything to the bank. However, your CIBIL score should be good.
Only then will you be able to get this loan? The interest rate on a personal loan is higher than that of an unsecured home or car loan. For this reason, banks do not offer much as a loan through a PAN card.
This Document Is Important
If you want a personal loan on your PAN card, you must submit some documents to the bank, including your work experience.
You can only get a personal loan on your PAN card if you have at least two years of work experience. Whether working or running your own business, you can get a personal loan on your PAN card only if you have a good CIBIL score.
