PAN Card Loan 50000

What is a Rs.50,000 loan on PAN Card?

1. A Rs.50,000 loan on your PAN card is a kind of instant personal loan offered by banks and NBFCs.

2. Get instant loan within 24 hours by completing e-KYC based on your PAN card or Aadhaar number.

3. PAN card serves as the primary document to process your loan. The banker may ask for a few other documents or no other documents to process the loan.

4. This loan can be used for any personal emergency or medical treatment.

Quickly learn the steps to apply for a PAN Card

How do I apply for a Rs. 50,000 loan on PAN Card?

These loans are mostly offered on the loan apps of leading banks and NBFCs. This enables quick processing, removing the need to visit the branch, fill in lengthy application forms, etc.

Here is the commonly prevailing application process to get a Rs. 50,000 loan on PAN Card

1. Explore different banks and NBFCs offering loans and choose the lender you want to go with.

2. Download and install their loan app from Google Playstore or Apple Appstore.

3. Register with your basic details like name, mobile number, etc.

4. Choose the appropriate loan product and start the application process.

5. Enter your PAN number and/or Aadhaar number.

6. Enter any other financial or demographic details as required by the app. It may include submitting your bank account details, clicking a photograph within the app, e-signing a document, and so on.

7. The app takes a few minutes to verify your details and display the loan terms and conditions.

8. It would generally show your eligible loan amount, applicable interest rates, repayment tenure and the corresponding EMI amount.

9. At this point, you are generally given an option to update or change your loan requirement; like the loan amount you want to borrow and the repayment tenure.

10. Once you finalize these, it will show the final interest rate and EMI amount details.

11. Satisfy yourself with all the details. Go through the loan terms & conditions thoroughly to avoid any unpleasant surprises later.

12. You then accept the loan.

13. The loan amount is transferred to your bank account as per the terms of the lender. Some lenders disburse within 10-15 minutes, some may take a few hours, and some may take up to 24 hours.

Once the loan amount is deposited to your bank account, you can use it to take care of your needs. You can either withdraw it as cash or use your debit card to pay for things or transfer it to other accounts through NEFT or IMPS, whatever is convenient for you.

Useful Read: How to update details on your Aadhaar card?

What are the Eligibility Criteria for a Rs. 50,000 Loan on PAN Card?

This loan is generally available to most borrowers as the eligibility criteria are pretty lenient.

1. You have to be an Indian citizen between 21 to 60 years of age.

2. Should have a stable monthly income of at least Rs.15,000.

3. Must hold a valid PAN card and Aadhaar card.

4. The details on your PAN and Aadhaar should match.

5.. Possess a minimum credit score of 600 or more.

Since it doesn’t require elaborate documentation, most borrowers easily quality for this loan.

What are the documents required to avail the Rs.50,000 loan on PAN card?

PAN Card & Aadhaar Card

These are the 2 main documents you require to get this loan.

Your personal details, bank details, income details and other necessary details are retrieved from bank documents or IT documents linked to your PAN and Aadhaar. That is how the lender is able to sanction and disburse this loan quickly.

• Sometimes, they may ask you to enter your bank details to activate NACH mandate for the repayments.
• Or ask you to click your photograph within the app using your phone’s front camera to verify your identity.

Apart from these, they seldom ask for any additional documents.

What is the Interest Rate on Rs.50,000 loan on PAN Card?

Interest rate on the Rs.50,000 loan on PAN card is determined by various aspects like the borrower income, their repayment capacity, existing liabilities, credit score, and more.

The prevailing interest rate on these loans ranges from 10% - 24% per annum. Borrowers with better credit scores get it on the lower spectrum but borrowers with poor credit score and other existing liabilities are bound to end up with a very high credit score.