Things to Know Before Applying for PAN Card Loan of Rs. 50000

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You can never guess how and when you face credit shortages to meet your needs and goals. During this dire need for credit, you can go for a PAN card loan of Rs. 50,000 to address your requirements immediately. The application process is hassle-free and you can borrow only by filling in the form with your personal and professional details and submitting a few of your basic documents. Let’s know all about this easy-to-avail PAN card loan in detail. 

What is a PAN Card Loan?

A PAN card loan is basically a type of personal loan for which you can apply using the Permanent Account Number (PAN) card. Since it is an unsecured lending facility, you do not need to engage any of your items as collateral. 

After you complete the loan application process and your lender approves it, you will get a credit limit. To get a PAN card loan of Rs. 50,000, you need to ensure that your credit limit is Rs. 50,000 or more.

Features and Benefits of PAN Card Loan of Rs. 50,000

Following are some important features and benefits of this PAN card loan:

• Seamless Online Application: For most lending institutions, the application process for the PAN card loan is online and you can complete it with minimal paperwork. This reduces the hassles and the turnaround time of the borrowing to a large extent. 
• Multi-Usage Credit: You can use the PAN card loan of Rs. 50,000 to pay medical bills, wedding expenses, and education fees, or to meet any other personal and professional financial goals. The credit has no end-usage restriction.
• No Lengthy Documentation: One of the major benefits of a PAN card loan is its easy documentation process. Besides the main document, your PAN card, you will have to produce some other basic documents as proof of your identity, employment, income, and address.  
• Zero Requirement of Mortgage: You can get the credit without mortgaging your property as it is an unsecured loan. This way, you can ensure that your dear properties stay free from any financial liabilities.

Eligibility Criteria for PAN Card Loan of Rs. 50,000

You will have to meet the following eligibility parameters to opt for a personal loan of Rs. 50,000:

• Your age must be between 21 and 66 years
• You must hold the Indian Citizenship
• Your CIBIL score must be more than or equal to 600
• Your monthly earning needs to be at least Rs. 15,000
• You need to have a working experience of a minimum of 2 years

How to Apply for a PAN Card Loan of Rs. 50000

Here are the steps you need to follow to apply for the PAN Card Loan:

Step 1: Find the online application form after visiting the website of your chosen lending institution.

Step 2: Enter your mobile number and verify it by giving the OTP 

Step 3: State your PAN card details along with other personal, professional, and residential details

Step 4: Mention your required loan details

After this, you will have to wait till the lender verifies your loan request. 

Calculate Your Personal Loan EMI

Documents Required for the PAN Card Loan of Rs. 50,000

You will have to keep the below-mentioned documents handy while applying for the PAN card loan:

• Identity Proof: PAN card, Aadhaar card, Voter ID card, etc.
• Residential Proof: Voter ID card, Aadhaar card, utility bills, etc.
• Income Proof: Salary Slips, ITR, or Form 16

Tips to Get Quick Approval on PAN Card Loan of Rs. 50,000

Here are the things you need to ensure to get the PAN card loan without much hassle:

• Improve Credit Score: A good credit score indicates that you have been repaying your previous loan obligations on time. Your new lender gets confidence that you will not miss your EMI and as a result, it approves your loan application easily.
• Prove Income Stability: Without a steady income source, it may become difficult for you in the future to pay the instalment. This is why a lender checks the employment details along with years of experience in the field before approving a high-amount of PAN card loan.
• Reduce Debt-to-Income Ratio: Debt-to-income ratio is a parameter that indicates the total loan amount you pay every month against your income. A high debt-to-income ratio indicates that you are already loaded with the burden of EMIs. A lender, therefore, may disapprove your loan requests. So, before applying for a new loan, pay off your previous dues first.

In case you encounter any sort of financial shortages that need to be addressed immediately, you can take a personal loan through Credmudra. After you apply for the credit, it will find a suitable lender that approves your loan requests without fail.Owing to the digital application process and minimal documentation, it does not take much time to get the PAN card loan of Rs. 50,000. However, you need to ensure that you have met the eligibility parameters set by the lender.