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