How to Get Personal Loans with Aadhaar Card and Pan Card

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Hey there, life throws curveballs, and sometimes, we need a little financial boost to catch them. That’s where instant loans on Aadhaar and PAN cards come in – our savior! But before you jump in headfirst, let’s navigate this loan labyrinth together.

Imagine this: you need some quick cash (think unexpected medical bill or that dream concert you just can’t miss). That is when you can use your Aadhaar and PAN cards, to get that quick cash! Within minutes, you’ve got money deposited in your account. Sounds fishy, right? Wrong! You can access fast cash of instant loans with Aadhaar and PAN cards.

Instant loans on Aadhaar and PAN cards have revolutionized the borrowing experience, making it more accessible and convenient for individuals in need of quick financial assistance. In this detailed blog, we’ll explore the ins and outs of acquiring instant loans using Aadhaar and PAN cards, ensuring you’re equipped with all the necessary information to make informed decisions.

Things To Remember Before Applying Loan on Aadhar and PAN Card

Know your credit score, do the math, and figure out how much you need and for how long. Remember, borrowing involves paying back with interest, so be realistic!

Shop around, don’t settle for the first offer you see! Compare interest rates, repayment terms, and hidden fees from different lenders to find the best deal. Now to help you understand this, we have got the following points:

1. Assess Your Financial Needs: Determine the exact amount you require and ensure it aligns with your repayment capabilities.
2. Understand Loan Terms: Familiarize yourself with interest rates, repayment periods, and any additional charges.
3. Check Credibility: Research and select a reputable lending platform that offers transparent terms and conditions.
4. Purpose of the Loan: Think about why you need the loan and have a clear plan for its use. Having a well-defined purpose will help determine the loan amount you require.

5. Qualifying Factors: Different lenders have varying criteria such as age restrictions and considerations about your income, credit score, and financial stability before approving a loan.

6. Check Your Credit Score: Ensure your credit report is in good shape before applying. Credit bureaus like CIBIL, TransUnion, or Experian assign a score based on your credit history. A score ranging from 750 to 900 is usually considered good for loan approval.

Let us now understand the charges that are there on instant loans on Aadhar cards and PAN cards. 

Charges and fees on Instant Loan On Aadhar Card and PAN Card:

When taking an instant loan on Aadhar Card and PAN card, the following are the charges and fees one needs to pay:

1.  Processing Fee: This is a cost for handling your loan application and is usually a percentage of the loan amount.

2. Verification Charge: Fee for the process of verifying your personal and financial information during the loan application.

3. Goods and Service Tax (GST): A government-imposed tax applied to the services provided by the lender, including processing and other service fees.

4. Penal Interest: Extra interest charged on any delayed or missed loan repayments.

5. Part-prepayment and Foreclosure Charge: Fees incurred if you repay a portion of or the entire loan before the scheduled end date.

6.Documentation Charge: Fee for the paperwork and administrative tasks involved in processing your loan application.

7. Stamp Duty: A government tax paid for the legal recognition of the loan agreement.

8. Credit Administration Fee: Charge for managing the credit aspect of your loan, including the maintenance and monitoring of your account.

Note that the actual costs of these charges can differ between lenders, so it’s important to review them carefully before agreeing to a personal loan.

Benefits of Personal Loan on Aadhar and PAN Card

Understanding the features of these loans:

1. Speedy Disbursement: Instant loans ensure quick access to funds, often within hours of approval.
2. Minimal Documentation: Aadhaar and PAN cards streamline the application process, requiring fewer documents.
3. Flexibility in Usage: Use the loan amount for various purposes like medical emergencies, education expenses, or unexpected bills.
4. Convenient Application: Online application processes make it hassle-free, allowing you to apply from the comfort of your home.

Now that you have understood the benefits of instant loan on Aadhar Card and PAN Card, you must be wondering why your PAN card holds so much importance; read further to understand the reason!

Why PAN Card is Necessary for Taking A Personal Loan?

Here’s a clearer and simpler way to explain the importance of PAN cards for loans:

Why PAN Cards Matter for oans:

1. Fraud Prevention: With more fake borrowers, PAN cards are now required to check your financial history. This helps lenders see if you’ve had problems repaying past loans (bad debts) or gone bankrupt. It also shows if you’ve been blacklisted by other lenders.

2. Your Financial Health: The PAN card basically gives lenders a glimpse into your financial habits. This helps them decide if you’re a good risk and likely to repay the loan.

Beyond loans, PAN cards are useful for:

1. Identification: A PAN card is like an official ID with your photo and name. It’s helpful for opening bank accounts or getting a new Aadhaar card while yours is processing.

2. Credit Score Check: You can use your PAN card number to check your CIBIL score, which shows your creditworthiness.

3. Taxes: If you earn income, you might need to file income tax returns. Linking your PAN card to your bank account lets you get any tax refunds directly deposited.

4. Opening Bank Accounts: Most banks require a PAN card to open savings or current accounts.

Aadhar Card and Its Significance for a Personal Loan

Aadhar card makes getting a personal loan in India much easier. Here’s how:

1. Proves Who You Are: Lenders can be sure it’s really you applying for the loan.

2. Shows Where You Live: No need for extra documents to prove your address.

3. Less Paperwork: The Aadhar card combines ID and address proof in one, saving you time.

4. Faster Approvals: Electronic verification (e-KYC) with Aadhar means quicker loan decisions.

Also, Read: How to Apply for a ₹1000 Loan on Aadhaar Card?

Eligibility Criteria for a Loan on Aadhar Card and PAN Card

1. Age Criteria: Generally, individuals between 21 to 65 years are eligible.
2. Income Requirements: Some lenders may specify minimum income thresholds for loan approval differently for salaried and self-employed individuals.
3. Credit History: A decent credit score could enhance your chances of approval.
4. Valid Aadhaar card linked to your mobile number
5. PAN card for income verification

Calculate Your Personal Loan EMI

How to Apply for Instant Loan on Aadhar Card and PAN Card?

Applying for an instant cash loan using your Aadhaar and/or PAN card is simple:

1. Visit the lender’s app or website.
2. Fill in your personal information.
3. Complete your V-KYC using your PAN or Aadhaar.
4. Verify your loan eligibility.
5. Click ‘Apply’ to finish your application.

Remember, these steps might differ slightly depending on the lender. Credmudra, as a loan matchmaking platform, simplifies this process by matching you with the ideal lender, saving you time and effort in finding the right fit for your loan needs.
Borrowing is a responsibility, so use these loans wisely! Pay your EMIs on time, avoid accumulating unnecessary debt, and make these instant loans your financial friend, not foe.

Also, Read: 50000 Loan on PAN Card: Check Eligibility, and Steps to Apply

Documentation of Instant Loan on Aadhar card and PAN Card:

Getting an Aadhaar or PAN card loan requires a few documents based on your professional status:

For Salaried Professionals:

• Aadhaar Card
• PAN Card
• 3 months’ Salary slip
• Any other address proof

For Self-Employed Individuals:

• Aadhaar Card
• PAN Card
• 3 months’ bank statements
• Any other address proof

Thanks to the Aadhaar card and PAN card, you no longer need to stand in long queues for loan approval. These two documents have made the loan approval process faster and hassle-free.

An Aadhaar card issued by the Indian government is used for biometric verification, while a PAN card helps verify your financial and taxation activity. So, if you’re planning to apply for a personal loan, make sure to keep your Aadhaar card and PAN card handy. To update your Aadhar card, you can check out our detailed blog on this, involving the steps to update or apply for an Aadhar card. They are both essential and can help you get instant loan approval.

Don’t let financial emergencies catch you off guard. Apply for a personal loan today with your Aadhaar card and PAN card and get the money you need in no time!

Also, Read: How To Apply For ₹5000 Loan On Aadhaar Card?

FAQs:

1. Are Instant Loans Available using my Aadhaar Card?

Yes, many lenders, particularly those operating through apps, offer Aadhaar card-based loans. However, approval hinges on meeting eligibility requirements. It’s crucial to note that not all lenders are trustworthy. Conduct thorough research before applying. Ensure to assess your credit score and ability to repay the loan.

2. What’s the Loan limit on an Aadhaar Card?

The loan amount varies based on the borrower’s needs, while lenders have preset sanction limits. Some lenders provide personal loans up to 2 lakhs, while others approve instant loans up to 5 lakhs.

3. Are Loans on Aadhaar Card Legitimate or a Scam?

Aadhaar-based small cash loans are authentic and offered by banks and NBFCs to address short-term financial needs. These loans, secured using an Aadhaar card, can be invaluable during emergencies. They’re unsecured, meaning no collateral is needed for approval.

4. What Benefits come with using a PAN Card for a Personal Loan?

Utilizing a PAN card for a personal loan offers advantages such as user-friendly processes, minimal paperwork, no collateral required, appealing interest rates, and swift disbursal of funds.

5. Is a Co-Applicant Necessary for an Aadhaar Card-Based Personal Loan?

Typically, a co-applicant isn’t required for an Aadhaar card-based personal loan.

Also, Read: 10000 Loan Without a PAN Card in Few Clicks