You can now get a Rs20,000 PAN card loan if you need financial help quickly and do not want to deal with the paperwork and verification process. Modern lenders are now offering easy and hassle-free financial solutions that only require your information from your PAN card. We will provide you with all the necessary information to help you secure a Rs20,000 Loan using your PAN Card, including its benefits and eligibility criteria.
Process of a Rs 20,000 loan on a PAN card
Follow these steps for a Rs.20,000 loan on a PAN card.
- Download the Mobile App or Visit the Official Website of the Lender –Start by downloading the mobile app or visiting the official website.
- Check your Eligibility –You may check your eligibility simply by entering some basic information. Typically, these details include your age and income.
- Choose Your Loan Amount and Duration –You can choose the duration and amount of the loan that best suits your needs. Select terms that are in line with your financial abilities.
- Completing eKYC using Your PAN Card – To initiate the electronic Know Your Customer process (eKYC), provide your PAN details. Some lenders will ask for extra documents.
- Set up Auto-Pay and Link Your Bank Account – For a smooth loan disbursement process, you should link your bank to the loan application. After your loan has been approved, you can expect to receive the funds in your account within a few days. Many lenders offer auto-pay to make the repayment process easier.
Rs20,000 loan on PAN card – Features and benefits
This Rs20,000 loan has some key features and benefits:
1. The application process for a loan is simple and easy to use. To complete the eKYC, you can apply online for a loan by providing your basic details.
2. Instant Approval – One of the biggest advantages of applying for loans on your PAN card is that you can get the money quickly. These quick approvals are very useful in an emergency.
3. You can get competitive interest rates with a PAN-card loan. You may also find that lenders only charge interest for the loan amount used and not the entire amount. Comparing interest rates from different lenders is the key to making the most out of this benefit.
4. The PAN card is often the only document needed to apply for a loan. This minimal documentation will not only speed up the approval process but will also help you avoid the paperwork that comes with traditional loans.
5. Flexible Repayment Terms. Another benefit of a Rs20,000 PAN card loan is its flexibility in repayment terms. You can choose from a variety of repayment options, depending on your financial situation. These include the loan term, the EMI amount, and the frequency of payments.
Rs20,000 Loan on PAN Card – Criteria for Eligibility
It would be best if you met certain criteria to qualify for a Rs 20,000 loan using your PAN Card:
- Age –In general, you should be aged between 21 and 65.
- Credit ScoreA credit rating of 650 or higher is usually required for this loan.
- Types of Employment –Salaried individuals as well as self-employed people can apply for the loan.
- Minimum monthly income –The required minimum monthly payment can differ between lenders and also depending on where you live. Make sure that you meet the lender’s specific income requirements.
Rs20,000 loan on a PAN card – Documents required
Some lenders will ask you for other documents in addition to the PAN card to complete the verification. The documents that may be required include:
- ID Proof –This is any government-issued identity document such as a Voter ID card, Aadhaar Card, Passport, or Driving License.
- Address proof –To prove your address, you can present documents such as your Voter ID Card, Aadhaar Card, or Driving License.
- Income proof –To prove your income, you may need to provide documents such as bank statements or salary slips.
- Passport-Size Photographs –Some lenders will ask you to submit recent passport-size photographs as part of your loan application.