The importance of liquidity is increasing day by day as the level of situational circumstances that pose major threats to survival are increasing very rapidly. Whether it be coronavirus, or seasonal viral, unfortunate accidents, heart diseases, etc., the forthcoming of any of these cannot be predicted. Thus, having the option of immediate money arrangement through personal loans has become a need today.
However, it was not until recently that the option of getting a PAN card loan or an Aadhaar card loan within 24 hours was available to the general public. For most banks, the eligibility criteria to apply for a personal loan includes multiple documents including proof of income, identity proof, address proof, etc. But, as both PAN and Aadhaar documents are necessary for KYC update which is mandatory for banks, the concept of Aadhaar card and PAN card loan is more widely accepted today. Still, if you are not sure how to move ahead, learn more here.
Loan Against PAN and Aadhar
If you are looking to apply for an Aadhaar or PAN card loan, here are some key things you should be aware of or updated with, before making the final decision.
#1 EMI Flexibility
Not everyone who is looking for a personal loan has the capability to pay the repayment amount in one go. This is why, with the help of an Aadhaar or PAN card loan, you not only have the liberty to choose the loan amount but you can also decide on the EMI amount based on your earnings and cash flow. As a result of this increased EMI flexibility, more people with diverse incomes can benefit from this.
#2 Instant Approval
For an Aadhaar or PAN card loan, the application process is less tedious as it does not require the acknowledgement and submission of different documents that are otherwise required to obtain a personal loan. This is because Aadhaar and PAN are necessary KYC documents and so, presenting either of them in front of the bank or lender can easily give you an instant approval or rejection on your loan application.
#3 Collateral Free
Unlike other bank loans, an Aadhaar or PAN card loan does not require any collateral against the loan amount. This makes it an easier option for anyone looking for a personal loan without having any security against the name of any guarantor to back them up.
#4 Less Time Consuming
Usually, the loan application process takes a minimum of five days to a maximum of 15 to 20 days before the loan amount is credited to you. This is because the bank officials have to thoroughly double-check all the documents that you submit before making a decision. However, with an Aadhaar or PAN card loan, you do not require the submission of documents except two identity proofs, making it less time consuming and more efficient to get a loan.
The lesser the documentation work, the faster the approval process so choose an Aadhaar or PAN card loan for quick loans.
#5 NBFC Option
Not many people are aware of the existence of non-banking financial companies that offer personal loans as well as other loans like Aadhaar card loans and PAN card loans all through an online medium as well as offline. These NBFCs are highly efficient in their working and require one stage process wherein you select the loan amount and the EMI amount according to your convenience and then after uploading your Aadhaar and pan, an instant decision is given to you regarding the loan.
#6 Quick Application Process
The bank application process for a personal loan requires the physical submission of documents that decide your eligibility for the loan amount. However, with an Aadhaar card or pan card loan, you do not need paper documents because these identity documents are a part of the KYC bracket and so can be uploaded online. This paperless process reduces the application process time by a great extent.
#7 Important Criteria
Lastly, in order to have a stronger application for an Aadhaar or PAN card loan, you can focus on these key criteria factors to make the process faster and turn the decision in your favour. Personally, know the amount range applicable for the personal loan which is a minimum of Rs. 5000/- and a maximum of Rs. 5,00,000/-. Secondly, anyone who is applying for this loan has to be between the ages group 23 to 55 years. Next, to have a better chance at lower interest rates, having a good credit score of a minimum of 750 is recommended. Finally, you need to be a resident of India and employed in a public or private sector company.
To conclude, the option of an Aadhaar or PAN card loan is available to help everyone in situations like medical emergencies, higher education fees, home renovation, travel and leisure expenses, etc. You only need your Aadhaar and PAN card to be eligible to go online today and get a personal loan to meet your needs successfully.