Unplanned expenses don’t give a prior warning before they happen. It could be an unplanned credit card bill, a medical problem, or a sudden home renovation project. You have enough funds to meet your financial requirements, but there is a slight problem here. You are running short on ₹10,000.
Unlike traditional lending institutions, some new-age lenders lend a PAN Card Loan ₹10,000 to individuals looking to secure a fast loan. Yes, it’s true! Using your PAN card allows you to apply for an instant loan for an amount as little as ₹10,000.
n this blog, we will dig into everything you need to know about applying for a personal loan of ₹10,000 on your PAN card.
Gone are the days when people relied extensively on their loan applications through traditional lending institutions. They found them to be their sole, reliable option when obtaining funds. But there were several drawbacks involved. In the present day, the complex documentation and validation process will be the last thing on anybody’s mind.
As an unsecured loan, a reputable lender offers you a personal loan of ₹10,000 on the PAN card, too. No collateral needed, but you ought to have paperwork to be able to secure the PAN Card Loan ₹10,000 without facing any problems.
What is the Importance of Using a PAN Card to Avail of a Personal Loan?
A PAN card is used as proof of identification, providing a record of your financial history. Issued by the Government of India, this crucial document allows financial institutions to verify your identity and evaluate if you are eligible to apply for a personal loan.
Since a personal loan offered by a reliable lender does not require collateral, a PAN card not only simplifies but also expedites the loan approval process. Therefore, it’s a favourable situation for both the parties involved, which are lending institutions and borrowers.
A PAN card proves beneficial for plenty of reasons, including:
- It minimizes the total number of documents that the lender requires.
- It allows the lending institutions to verify your basic details in no time.
- It gives access to the lender to verify your financial details. These include your credit history, CIBIL score, employment information, and more.
Features and Benefits of a ₹10,000 Loan on a PAN Card
Applying for a personal PAN Card Loan ₹10,000 provides numerous features and benefits. They are as follows:
1. Easy Application Process
A trustworthy and leading lending institution ensures that no individual faces a problem while applying for a loan. That is why they have designed the loan application process to be easy and stress-free.
2. Less Paperwork
Generally speaking, reliable lending institutions require a minimal set of documents from a person who applies for a ₹10,000 loan on a PAN card. While most of them only ask for the PAN or Aadhar card details, other lending institutions may ask for additional documents. These include employment proof, income records, etc.
3. Quick Disbursal
The loan amount is disbursed quickly into your bank account once the lender approves your loan application. The funds may take a few hours to be disbursed into your account.
4. Competitive Interest Rates
The interest rate offered by the best lending institution for a PAN Card Loan ₹10,000 is usually reasonable and competitive. Don’t forget to compare the interest rates that are offered by various lending institutions. Then go ahead with the one that aligns with your financial needs.
5. Flexible Repayment Terms
You can pick a term for loan repayment according to your financial situation. Most lending institutions offer flexible repayment terms that range from a few months to a few years.
6. No Usage Restrictions
Being a multi-purpose loan, you can use the funds for any expense that you may have. It could be clearing credit card dues, car repair, purchasing groceries, or managing medical expenses.
7. Collateral-Free
As an unsecured loan, a ₹10,000 loan on a PAN card does not require you to provide any collateral or asset as security against the personal loan.
₹10,000 Loan Using Your PAN Card - Some Easy Steps to Apply
Securing a PAN Card Loan ₹10,000 is quick and simple. Follow the easy steps below to receive instant funds in your bank account.
1. Choose a Lending Institution
Choose a bank, NBFC (Non-Banking Financial Company), or a unique online lending platform that provides personal loans of smaller amounts with less paperwork. Some of the most preferred choices include fintech lending institutions, quick loan apps, and banking websites.
2. Go to the Lender’s Website/App
Visit the official website of a reputable lending institution. You can also download the mobile app to apply for an instant personal loan of ₹10,000 without hassles.
3. Register & Enter Loan Details
- Use your mobile number to register on the website and confirm the same through an OTP.
- Now, enter the loan amount you need, i.e., ₹10,000, and select the period for repayment.
4. Enter Basic KYC Details
- Upload and submit the PAN Card. Doing so is mandatory for both identity and financial verification.
- Enter the Aadhaar Card number, if required. Some lending institutions may need extra verification.
- Enter Accurate Bank Details. This is where you receive the funds after the lender disburses them.
5. Get Quick Approval
The lending institution will verify your details and evaluate your financial credibility. They will then approve your loan application within minutes if they find you eligible.
6. The Funds are Disbursed in Your Bank Account
Has the PAN Card Loan ₹10,000 been approved by the lending institution? Now, you will receive the loan amount disbursed to your bank account instantly.
7. Make the Loan Repayment as Per Tenure
Ensure you make loan repayments on time to the lender. Doing so will help you avoid penalties and boost your credit score.
Eligibility Criteria to Meet for a ₹10,000 Loan on a PAN Card
If you want to secure a ₹10,000 loan on your PAN card, ensure that you fulfill the below-mentioned eligibility requirements as required by the lending institution:
- Age: Ensure you are above 21 years and below 60 years when applying for a PAN Card Loan ₹10,000.
- Citizenship: You must be of Indian origin.
- PAN Card: To prove your identity, you must have a valid PAN card, a mandatory document to apply for a personal loan.
- Income: The lending institutions usually require proof of a regular income. You may be a salaried professional, self-employed individual, or even a freelancer to earn this income.
- Bank Account: Make sure you hold an active bank account, because this is where you will receive the funds from the lender.
- Credit Score: Ensure that your credit score is no less than 700. Some lending institutions might consider your loan application and offer you a loan with a low credit score. Keep in mind that having a perfect credit score works in your favor.
- Employment: You must be a salaried professional or a self-employed individual having a stable income source.
- Residence Proof: Ensure that you submit valid proof of residence, including an Aadhaar card, a passport, a driving license, or even a utility bill.
- Loan Repayment Capacity: Lending institutions, based on your income and current financial obligations, determine your ability to make loan repayments.
Important Documents Required for a ₹10,000 Loan on a PAN Card
Here’s what you need when applying for a PAN Card Loan ₹10,000:
- PAN Card
- Aadhaar Card
- Recent pay slip (for a salaried professional) or bank statement/ITR (for a self-employed individual).
- Passport-size photographs
- Bank account particulars: Account No. And an IFSC code or a cancelled cheque for KYC.
- Proof of employment (if required): Company ID or the offer letter (for salaried professionals) or business documents (for self-employed individuals).
Parting Thoughts
A personal loan of ₹10,000 on a PAN card is a practical solution that can help you manage various financial requirements. A reputable lender offers this loan, making it easier for you to apply with quick approval, less paperwork, and competitive interest rates. Such loans prove to be a lifesaver when timeliness is crucial.
Also Read – instant 10,000 loan for students
Frequently Asked Questions
Absolutely! To apply for a ₹10,000 loan on a PAN card, your PAN card must be valid. Also, you must meet the eligibility requirements that the lending institution requires.
If the lender finds you eligible to apply for the loan using your PAN card, you can secure the ₹10,000 within a few hours.
Absolutely not! It is an unsecured personal loan, so you don’t have to provide any collateral to get an instant loan of ₹10,000 with your PAN card.
Please note that the eligibility requirements vary from one lending institution to another. However, you must ensure that you are not under 21 years old and have a valid PAN card. In addition, you must have a steady income source.
A CIBIL role plays a crucial role when applying for an instant loan, as it can make or break your application. You must ensure your CIBIL score is at least 700 when you apply for a ₹10,000 Loan on a PAN Card.