Do you know? You just need one document to secure a Personal Loan – a PAN card! A Personal Loan with a PAN card comes with numerous benefits and this loan can be taken for several purposes, such as weddings, higher studies, medical emergencies, home renovations, etc. Let’s discuss the importance of a PAN card for a Personal Loan, its benefits and how to apply. Read on!
Importance of a PAN Card for a Personal Loan
- Unique Identification: Your PAN card is your identity proof and helps prevent fraudulent activities.
- Accurate Credit Score: You can check your credit score and prevent inaccuracies in your credit report.
- Financial History: Your PAN card helps lenders assess your financial behaviour and determine your creditworthiness.
Benefits of Applying for a PAN Card Loan Online
Here are the benefits of applying for a PAN card loan online:
1. Convenient and Quick Application Process
Applying for a PAN card loan online offers remarkable
convenience. Unlike traditional applications with multiple bank visits
and paperwork, online application saves time and reduces stress.
2. Minimal Documentation Requirements
Traditional loan applications often require extensive documentation,
which can be frustrating. In contrast, online PAN card loan
applications usually need fewer documents, simplifying the process.
Document requirements may vary according to the lender and loan
type, but online applications typically mean less paperwork.
3. Competitive Interest Rates
Various
NBFCs offer a PAN card loan at competitive interest rates. The
favourable interest rates minimises the overall borrowing costs,
enabling you to save more on interest payments.
4. Flexible Repayment Tenure
A PAN
card loan comes with a flexible repayment tenure. Most lending
institutions allow you to choose a repayment tenure according to
your financial comfort. This flexibility allows you to repay the
loan with manageable EMIs without much burden.
Also Read: What You Need to Know Before Taking Out Your First Loan?
How to Apply for a PAN Card Loan Online?
Here’s the step-by-step guide to apply for a PAN card loan:
Step 1: Click on the ‘Apply Now’ button.
Step 2: Fill in the required details on the loan
application form.
Step 3: Upload your PAN card
and other necessary documents.
On successful verification, the
loan will be transferred to your bank account.
Tips to Improve Your Chances of Loan Approval
To enhance your chances for a successful PAN card loan, consider
the following valuable tips:
1. Check Your Credit
Score: Before applying for a PAN card loan online, it's a
good idea to check your
credit score. A higher credit score can improve your eligibility
and may help you secure better interest rates.
2. Review
Loan Terms: Carefully review the loan terms, including
interest rates, repayment tenure, and any associated fees. Make sure
they align with your financial capabilities and goals.
3.
Gather the Required Documents: Be prepared with all the
necessary documents, including your PAN Card, income proof, and
identity proof. Having these ready in digital format can expedite the
application process.
4. Choose the Right
Lender: Research and choose a trusted lending institution
like Poonawalla Fincorp for better loan terms, transparency, and
customer-friendly services.
To Conclude
Applying for a PAN card loan online, especially with a trusted lending institution such as Poonawalla Fincorp, offers numerous benefits. The benefits may include attractive interest rates, flexible tenure, fast approval, and more. To ensure a successful application, it's crucial to understand eligibility criteria and review loan terms carefully. By following the step-by-step guide and considering the provided tips, you can easily apply for a PAN card loan.
