look news india
News India Live, Digital Desk: Often when we think of ‘loan’, piles of papers and long lines of banks start coming to mind. But now in the era of Digital India, banks and financial institutions trust you not on ‘papers’ but on your ‘credit record’. And your PAN card is the basis of this credit record.
Why is PAN card so important?
Your PAN card is not just your identity, but it also testifies to your financial discipline. As soon as you apply for a loan at a bank or finance app, they check your ‘CIBIL Score’ through your PAN number. If you have paid your old bills or EMIs on time, your chances of getting the loan increase significantly.
Who can take this loan? (Eligibility)
- Age: You must be at least 21 years of age.
- Source of Income: Whether you are employed somewhere or are self-employed. You must have some fixed income every month.
- Credit Score: If your CIBIL score is above 700-750, the bank will happily give you a loan up to ₹5 lakh.
- PAN and Aadhaar: Your PAN card should be linked to your Aadhar card and bank account.
how to apply? (easy way)
Nowadays there is no need to even go to the bank branch.
- Visit your preferred bank’s website or a trusted loan app (like SBI, HDFC, or credit card apps).
- Enter your mobile number and PAN card details.
- Provide your income information there.
- You will be shown instantly how much loan you are eligible for.
- Complete online verification (e-KYC) through Aadhar card and the money will be in your bank account within a few hours or 1-2 days.
An important tip (read this carefully):
Even though getting a loan of ₹ 5 lakh on PAN card has now become easy, but before taking the loan, definitely check your repayment capacity. Interest Rates Check carefully. Also, don’t fall prey to any unknown apps or advertisements; Always take loans from authorized banks or NBFCs only.