Get Personal Loan on Pan and Aadhar CardPersonal 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 life saver 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 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
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
- 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
- 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.15000/monthly
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 documents. 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, Aadhaar card and Pan Card are two essential documents for an instant loan. Aadhaar card introduced in April 2010 changed the loan scenario completely. Standing in the queue for long hours for loan approval have withered away. Now, with KYC documents customers have the benefit of acquiring instant loan approval.
Aadhaar Card and PAN card are significant for citizens of India. Aadhaar card fulfils your eligibility criteria for biometric verification, whereas Pan card verifies the financial and taxation activity of a borrower.