Is PAN Card Essential for Availing a Personal Loan of Rs. 50,000?

A personal loan is a convenient financial option for you to choose if you are caught in some financial emergency. Getting a personal loan is easy, as it does not require you to pledge any collateral. Lenders can offer the loan within 24 hours of approval, with no spending constraints. You can use the personal loan for financing your wedding, meeting emergency payments, or planning a vacation. A personal loan is easy to avail with swift application and processing. However, certain documents are essential when applying for one. PAN card is one of them.

What is a PAN Card?

 The word PAN stands for “Permanent Account Number” which is an alphanumeric 10 digits number. The Indian government provides this unique number to every citizen of India. It is a compulsory identification number for governmental & banking works. The main reason behind the use of PAN cards for tax purposes. For applying for a loan also you need a PAN card. Whether you are applying for a loan of 50,000 or more, a PAN card is one of the mandatory documents required.

Advantages of a Personal Loan using a PAN card:

  •     The loan amount will be credited on the same day after approving your application process successfully.
  •         Enjoy a flexible repayment period of up to 5 years/
  •       Get attractive rates of interest, starting at 11.99% p.a.
  •         Personal loans come with no end-usage restrictions.

How to apply for a personal loan using a PAN card?

  •   Fill out the application online application form by giving your personal & professional details.
  •         Select the loan amount you want to take from the lender.
  •         Fix repayment period.
  •         Submit your PAN Card & other documents details required for verification.
  •       If all your documents are correct and the lender approves your loan, it will be credited to your account within a day.
  •         You can also visit the nearest branch of your chosen lender for more details.

Eligibility Criteria for getting a Personal Loan of Rs. 50,000?

  •         You must have to be a citizen of India.
  •         Your age must not be over 60 or under 21 years.
  •     You must be in business, the self-employed or salaried person in government or private sector, and the salary should be at least 15000 per month. 
  •      A credit score is a very important factor for getting a loan. You should have at least a 700 or above credit score.

Necessary documents for a Personal Loan of Rs. 50,000:

If applying for a Personal Loan of Rs 50,000, you need to submit some important documents for loan approval. For KYC verifications, your Aadhar card & PAN Card are mandatory. Except for these documents, you have to submit address proof. Some banks & NBFCs also want some extra documents like salary slips, employee ID Cards, etc. However, in most cases, these are not necessary.

EMI calculations for a Personal Loan of Rs. 50,000:

Repayment of personal loans easy through EMIs. Calculate the EMIs effectively using a personal loan EMI calculator available on the lender’s website. EMI depends on the principal amount & interest rate. The EMI calculator follows the below formula:

          E = P ×r(1+r)n{(1+r)n – 1}

Here,

         E = EMI

         P = Principal Loan amount

         r = interest rate (Monthly)

         n = duration of months

For example:

If you take a Personal Loan of ₹50,000 from a bank at 11.99% annual interest & you want to repay for 5 years.

 

            Then,

                                                     P = ₹50,000

                                                        r = 12% yearly = 0.01(monthly)

                                            n = 5 years = 60 months

 your EMI will be,

                    E = 50000 ×0.01×(1+0,01)60{(1+0.01)60 – 1} = ₹1,112

Therefore, you have to pay monthly Rs. 1,112 for 60 months to repay the total loan amount.

Collect your documents, calculate your EMI and apply for the loan instantly on your lender’s website.

 

Also Read: Clearing off your loans has become quick and easier with IIFL online payment

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