PAN card is mandatory for any kind of financial transaction in the country. PAN card is a permanent 10 digit number, which is issued by the Income Tax Department. Without PAN card, you cannot do any major financial withdrawal from banks. But do you know that you can get loan from banks on PAN card. PAN card is one of the most important documents of our identity in today’s time. Without this, neither you can open a bank account nor will you be able to file income tax return.
how to get loan against pan card
By the way, taking a loan in today’s time is not a difficult task. If your documents are correct, then the loan is easily available. But sometimes there is a problem in getting the loan. In such a situation, you can take a personal loan on your PAN card.
Most banks offer loans up to Rs 50,000 on PAN cards. Before giving loan against PAN card, any bank or NBFC checks the CIBIL score of the customers. From this, it is known that what is the record of the customer in terms of returning the loan.
Loan is available without any security
You can easily take a personal loan of up to Rs 50,000 through your PAN card. Banks give you a loan of up to Rs 50,000 without any security. Meaning you do not have to mortgage anything with the bank. However, your CIBIL score should be good. Only then will you be able to get this loan. The interest rate of a personal loan is higher than that of a home loan, car loan, and it falls under the unsecured category. For this reason, banks do not give more amount in the form of loan through PAN card.
This document is necessary
If you want to take a personal loan against your PAN card, then you have to submit some documents to the bank. This also includes your work experience. You will get a personal loan on PAN card only if your work experience is at least two years. You will be able to get a personal loan on PAN card only if you are doing a job or your business, if you have a better CIBIL score in both the situations.
