How to Get a Personal Loan with a PAN Card Online:Eligibility & Process

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How to Get a Personal Loan with PAN Card: Online Application Guide

Looking to get a Personal Loan but unsure where to start? Well, if you have a PAN (Permanent Account Number) card, you're already halfway there. It is not only an important KYC document, but is often a legal requirement in getting Personal Loans. This guide will walk you through how to use your PAN card to secure a Personal Loan, simplifying the entire process with straightforward steps.

What is a PAN Card Based Personal Loan?

So, what exactly is a PAN card based Personal Loan? This type of loan doesn't ask for any collateral and banks give it to you based on your financial history, which your PAN card helps verify.

The process is quick because your PAN card lets lenders easily check your credit history.
This loan is generally unsecured, which means you don't need to put up any assets as a guarantee.
Depending on your credit situation, you might get a loan that varies in amount, tailored to what you can realistically pay back.

Why is it Essential to Have a PAN Card for a Personal Loan?

Your PAN card is a key player when you're looking to get a Personal Loan. Here's why it's so crucial.

Lenders assess your credit score using your PAN, determining how risky or safe it is to lend you money.
It helps lenders and you stay on the right side of tax laws during the loan process.
A PAN card is an easy way to prove your identity, reducing the risk of fraud. It is in fact one of the main identity documents in India.
For any big financial moves over Rs. 50,000, you'll need a PAN card as mandated by RBI.

Eligibility & Documents Required For Personal Loan with PAN Card

Thinking about applying for a loan with a PAN card? Make sure you tick all the boxes on eligibility and have your documents ready:

Who Can Get It

You should be between 21 to 60 years old.
You need a steady job and salary slips or bank statements to prove this.
A good credit score (750 or above is great).

What You Need

PAN Card: To prove who you are and check your financial past.
Income Proof: Documents like recent pay slips or tax returns.
Address Proof: Maybe a utility bill or your passport.
Bank Statements: From the last six months to show you're good with managing your finances.

Process to Apply for a Personal Loan using PAN Card as Document

Ready to get started? Here’s how to apply for a personal loan online with a PAN Card at Kotak.

Step 1: Start Your Application: Begin by checking your loan eligibility on the Kotak Mahindra Bank website. This first step is simple and fast, providing a seamless start to your loan application process. Just enter your personal details and PAN card number to see how much you could potentially borrow.
Step 2: Get Your Customised Offer: Once your initial application is reviewed, you'll receive a customised loan offer that best fits your financial needs. This ensures that the loan you're offered is tailored to your personal financial situation, making it a perfect match for your requirements.
Step 3: Finalise Your Loan: After you accept the offer, the final step is to formalise the agreement. You’ll need to e-sign your loan agreement and set up an auto-repayment plan. This not only confirms your acceptance but also simplifies the repayment process, ensuring you never miss a payment.

Features & Benefits of Personal Loan

With Kotak's digital Personal Loans, your aspirations are just an application away. Whether you're aiming to get the latest tech, book that dream vacation, fund your education, or plan a grand wedding, Kotak’s Personal Loan caters to all your needs. Choosing a PAN card loan has its perks:

Speedy Process: From the application process till disbursal, everything is super quick and hassle-free.
Fewer Documents: Your PAN card streamlines the verification process, reducing the paperwork required. Kotak's easy documentation process, including video KYC options using your Aadhaar card, further simplifies the application, making it smoother and faster.
Flexible Loan Amounts: With loans available up to Rs. 35 Lakh, you have the flexibility to choose an amount that suits your financial needs and repayment capability. This flexibility ensures that you can plan your finances better without feeling constrained.
Competitive Interest Rates: Kotak Mahindra Bank offers Personal Loans at attractive interest rates starting at just 10.99% per annum. These competitive rates make Kotak Personal Loans a cost-effective option, helping you manage your repayments easily without burdening your budget.
Zero Collateral: There's no need to worry about collateral. Kotak Personal Loans are unsecured, meaning you can secure a loan without the need to pledge any assets. This feature is particularly beneficial for those who may not have collateral but need urgent financial assistance.

Key Points to Consider While Applying for a Personal Loan With PAN Card

When you're considering a PAN card loan, it's important to approach the process with a clear strategy to get the best deal possible. Keep these tips in mind when going for a PAN card loan:

Check Your Credit: Before you apply, check your credit score. A higher score can help you secure better loan terms and lower interest rates, making the loan more affordable over time.
Shop Around: Don’t just go with the first lender you come across. Compare what different lenders offer in terms of interest rates and loan terms to find the best fit for your financial situation.
Flexible Repayments: Seek out lenders who offer flexibility in repayment. This can include options like longer loan terms or the ability to make early repayments without penalties, which can significantly ease your financial burden.

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Frequently Asked Questions - Personal Loan with PAN Card

What is the minimum & maximum loan amount on a PAN Card?

With a PAN card, you can avail Personal Loans ranging from Rs. 50,000 to Rs. 35 Lakh. The exact amount you can borrow depends on your creditworthiness and financial stability.

What is the limit for a Loan with a PAN Card?

The limit for a PAN card loan is primarily based on your income and credit score. Lenders assess these factors to determine the maximum loan amount you are eligible to receive.

How can I check active loans on a PAN Card?

To check active loans linked to your PAN card, access your credit report through credit bureaus or log into your lender's mobile app, where all loan details are listed.

Who is eligible for a PAN card EMI?

Eligibility for a PAN card EMI includes having a regular income, a good credit score, and a valid PAN card. These factors help lenders decide your suitability for an EMI plan.

Wrapping it up, using your PAN card to get a Personal Loan is pretty straightforward. Just make sure you have all your documents in order, meet the eligibility requirements, and use the loan responsibly. For more info, visit our website or connect with our loan experts.