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Personal loan is also available on your PAN card, how to apply?

The easiest way to meet your financial needs is to get a personal loan. It is often seen that a lot of effort has to be made to apply for a personal loan in the bank and get the loan amount. An easy way to avoid these difficulties is to take a personal loan through your PAN card.

Most banks offer personal loans up to Rs 50,000 based on your PAN card details. According to loan disbursing NBFC Bajaj Finserv, as per the KY norms, you can get a personal loan without any hassle by providing your PAN card. This is the easiest way to meet your financial needs and banks can increase or decrease the loan amount according to your capacity, income and repayment tenure.

No collateral needed

The consumer does not need to keep any collateral with the bank for taking a loan on the basis of PAN. That is, banks give you a personal loan without pledging anything. However, personal loan against PAN card also comes under the category of unsecured loan and this is the reason why banks do not sanction loans of huge amount through it.

No obligation to spend

Unlike a home loan or an auto loan, there is no obligation to spend a personal loan. Banks give you a home loan for buying or repairing a house, whereas an auto loan is available against buying a car. But, you can use a personal loan for any personal expenses. For example, this amount can be used for treatment or travel or for organizing any function.

This condition has to be fulfilled

In order to get a personal loan on PAN card, you will have to submit some common documents, which includes your work experience. To get a personal loan against PAN, the applicant should have at least two years of work experience. The applicant is either salaried or self employed. In both the circumstances, his credit score should be better.

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