Is Pan Card Mandatory If You Apply For Personal Loan Of 50000?
You just can’t deny how important your PAN card is. Despite being the most important document, the PAN card is always misunderstood as a crucial thing in the loan application procedure. Certainly, a PAN card is an essential document required in your financial life. But, there is nothing that you can’t avail a loan of 50,000 rupees without a PAN card.
PAN Card and Personal Loans
A PAN card gives a bank a clear idea about your repayment ability and your financial history. When you are planning to take out a personal loan
, you might wonder whether your PAN card is required or not. Well, the answer to this question is, of course, yes. You can apply for a personal loan of 50,000 rupees without a PAN card but only if you apply with private lending firms. Even if PAN cards are being used to figure out the risk profiles of borrowers, private lending firms are providing personal loans without a PAN card.
Loan Application without a PAN Card Leads to Rejection
If you are more interested in availing personal loans from banks, you cannot apply without a PAN card, as your application will lead to rejection. According to the tax laws in India, PAN Card is a mandatory document for applying for personal loans. This means that your application will get rejected if you don’t provide your PAN card.
Get Up to INR 50,000 without A PAN Card
PAN card is mandatory does not mean that your luck is ill. Well, when there is a will, there is a way. You can apply for personal loans without a PAN card if the amount is below INR 50,000. This may also mean that you have to pay higher interest rates if you don’t have a PAN card for personal loans. Apart from this, your eligibility depends on certain criteria such as your credit score, income, and other factors. If you decide to apply for personal loans without a PAN card, then your credit score will play a huge role.
How Banks will Identify Your Credit Score Then?
Well, a PAN card is not at all mandatory to get approval on your loan request. Then, how banks can calculate your credit score then? You don’t have to worry about anything. Fortunately, banks can check your CIBIL score with the official CIBIL website. This is exactly where they rely on the official CIBIL website to figure out your creditworthiness. If your credit score is between 700 and 750 or above, it confirms your ability to repay. In short, you stand a chance to apply for a personal loan of 50,000 without a PAN card but the interest rates will be higher.
Should You Apply with or without A PAN Card?
When you ask for financial advice, it is better to turn out to an experienced firm. Loan Paradise has years of experience in assisting people, who are looking to apply for personal loans. You can turn to a financial advisor and seek immediate help whether to apply for personal loans with a PAN card or without a PAN card. They will guide you to make the right choice and ensure you never face hurdles in your way of accomplishing your needs.
Well, the best possible solution here is to apply for personal loans with a PAN card because banks ask for it. On the contrary, you can acquire funds through personal loans without a PAN card only if you apply from private lending hubs. Thus, applying for a personal loan of 50,000 with a PAN card is always the right decision to make.
In Case You Don’t Have PAN Card
Now, the question comes what if you don’t have a PAN card and you desperately need money? Well, you first have to apply for a PAN card. If you want to get convenient access to desired funds, it seems beneficial to apply for a PAN card first. Since the process of applying for a PAN card is not at all complicated and will not take much time, you will surely get benefit from your PAN card application.
If you can’t wait for your PAN card, it is better to ask your family member to apply for personal loans on your behalf. Make sure he or she must have a PAN card and other relevant documents. Once the loan is approved, you can make the repayments and eject the burden of finances from your family member.
Apply for Personal Loans to Get Quick Approval
Whenever you find yourself in a dire situation, it tends to get necessary to avail personal loans to overcome the financial challenges. With personal loans, you can deal with immediate expenses and bring your financial life back on track. Certainly, personal loans come as a ray of hope in the dark. If you don’t have collateral to secure a loan amount, you still stand a chance to get your hands on funds. This is exactly where personal loans come in handy. These personal loans are conveniently accessible when you have all the relevant documents.
PAN card plays a huge role in your financial life. If you want to avail personal loans of 50,000, you will surely get quick approval with your PAN card. Therefore, make sure to provide a PAN card and enhance your chances of seeking loan approval. For a hassle-free process, you can connect with a trusted loan advisor also.