How do your Aadhaar card and PAN card help you to get a Personal Loan?
The need for money is universal. We can't survive even a single day without money. We all have urgent needs that arise at some unexpected time. And at that time, you may not be in possession of a credit card or asset to collateral. But still, don't panic. If you own a PAN card and Aadhar Card, you can easily apply for a personal loan facility.
What is a personal loan?
It is an unsecured loan that can be availed at any bank, financial institution or NBFCs across the nation. You are not asked to pledge any asset as collateral to get funds from this loan. Banks will only ask you to fill an application form and attach some essential KYC documents for verification purposes. The sbi personal loan interest rates charged are very affordable and low. Customers get the flexibility to use the funds for various purposes. So you can freely use it for multiple purposes like debt consolidation, wedding, vacation, house renovation, miscellaneous expenses, etc. Documents required for a personal loan Banks will require some KYC documents along with the application form. These documents will be used in the verification stage.
The documents requested for a personal loan:-
- A copy of Pan Card.
- A photocopy or xerox of Aadhar Card/ Driving License/ Passport.
- Salary slip of last three months.
- Bank statement.
- A copy of the electricity bill, water bill and other utility bills.
- A copy of the offer letter.
Importance of PAN and Aadhaar Card?
Your pan card and Aadhar Card plays an essential role in getting your loan application approved as they both are identity proof used in India. PAN card is used to track all your financial transactions. Individuals/citizens above or exceeding 18 years old can apply for a PAN card. Your PAN card will be used to pay all your taxes. At the same time, your Aadhaar card will serve as proof of identity and residential address. Every individual from 12 months can apply for an Aadhar Card. It's crucial to have a PAN card and Aadhar card when you start earning.
Without them, you won't be able to apply for a lot of documents like:-
- Demat Account
- Bank Account
- You can't apply for any loan facility
- Get an insurance policy
- Credit Card
- Can't perform high-value transactions
You will have to submit your Aadhaar Card and PAN card to get your personal loan application verified. Banks will ask for four primary documents that are identity proof, address proof, employment proof and income proof. Aadhar Card and PAN card will be the requirement of address proof and identity proof. Advantages of personal loanA personal loan is an ideal loan option to meet your current fund requirement. You can avail a number of benefits by applying for this loan facility.
Some of the expected benefits you can avail from a personal loan are :-
- Hassle-free processing :- The entire documentation process of a personal loan is speedy, easy, effortless and hassle-free. You can quickly get your loan application approved within 2 to 7 business days. A lot of banks will approve your application instantly if you have a decent credit score.
- Unsecured :- As it is an unsecured loan, so customers don't have to pledge their assets to get funds from this loan.
- Flexibility :- There are multiple banks that provide the facility of personal loans. So customers get the flexibility of comparing various loan options and then choosing their ideal one.
- Documentation :- The entire application process of a personal loan is speedy and easy. So customers have to fill the application form and attach some required KYC documents like Aadhar Card, Pan Card, Utility Bill, etc. You don't have to submit a bundle of paperwork to get your application approved. You'll have to submit documents to meet your personal loan eligibility calculator.
Conclusion:-
Life is full of uncertainty. We can never be fully prepared for what has to come. If you are ever in need of fund assistance, you'll have to grab your PAN card and Aadhar card to find a temporary solution.
Also Read:- Which Is A Better Alternative: A Gold Loan Or A Personal Loan?
