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Is PAN Card mandatory for a personal loan of Rs. 50,000

Is PAN Card mandatory for a personal loan of Rs. 50,000

A PAN card is one of the significant identity proofs that financial companies and lenders require for a loan approval. A PAN card reflects the financial history of the borrower and gives lenders an idea of their repayment ability. When it comes to a personal loan of Rs.50,000 or more, a PAN card is a mandatory document to be submitted.

Visit the official CIBIL website to know your credit score. Enter the PAN card number and submit your request for a CIBIL score. Scoring around 700 to 750 and above confirms your PAN card eligibility for a loan. In the absence of a PAN card, applicants should submit other KYC documents along with personal details.

In case you share a loyal relationship with the lender for years, then the borrowers can get an advantage of pre-approved loans without the need of any documents. Mini loans can be approved with the verification of KYC details that includes Aadhar and PAN card unique number linked to your mobile number.

Try your hand at theSimply Cash instant loan app to avail a quick personal loan from Rs.50,000 to Rs.1,50,000. It is a trustworthy online loan platform launched by a credible financial company in India, HeroFinCorp. Let’s see the eligibility criteria set to avail a personal loan of Rs.50,000 and above:

The monthly income of the borrower is significant when it comes to personal loan eligibility. Different lenders have different criteria for personal loans. For a personal loan application of Rs.50,000, fulfil the below eligibility criteria:
 
  • Proof of Indian citizenship
  • Six months bank statement and salary slip as income proofs
  • Age eligibility criteria of an applicant range between 21-58 years
  • You should be either a salaried or self-employed individual with a minimum salary of Rs.15,000 monthly
  • You should be working in/with either private or public sector
  • Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different bars as per their standards
There are a set of mandatory documents required along with the eligibility criteria for a personal loan of Rs.50,000 or more:
 
  • Standard KYC documents -Aadhar card/Smart Card Driver’s licence/PAN card
  • Income documents – Recent salary slips for salaried individuals and bank statement for self-employed
 
Besides seeking a personal loan of Rs.50,000, a PAN card is a mandatory document in situations like:
 
 
  • Applying for a new debit or credit card
  • Opening a new bank account/demat account
  • Making a cash deposit or cash payment of more than Rs.50,000
  • Indulging in the purchase of mutual funds, bonds etc.
  • Making fixed deposits of Rs.50,000 or more
  • Making an insurance premium payment of Rs.50,000 or more
 
In case your PAN card reflects an unstable financial status, personal loan lenders may ask for collateral against your loan for security reasons and to avoid defaulters. For borrowers who have misplaced their PAN card and want to still apply for a personal loan of Rs.50,000 can use their Aadhar card.
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.   Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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