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How to Apply for a Personal Loan on Aadhaar & Pan Card?
There comes a time in every adult’s life when you need to spend a significant amount of money on personal things. These can vary from a wedding celebration to a medical emergency. The common factor in personal expenditure is that you require a large amount of money. While some people have the financial capacity to fulfil their personal expenses, others might not have the luxury. So, a lot of people look for instant personal loans from a reputed financial institution.
What is a Personal Loan?
In its simplest form, a personal loan is unsecured credit that is given to individuals based on their credit history, income, and other key factors. This type of loan is the easiest to get from a reliable bank or financial institution in India. Nowadays, taking a personal loan with only your Aadhaar and PAN card is possible. This means you do not require a number of documents to get your personal loan approved by a reputed financing company. So, if you wish to make renovations in your home, consolidate your debt, plan a wedding function, or any other expenditure, you can instantly get a personal loan on your Aadhaar and PAN card.
5 Benefits of a Personal Loan
When you require a certain amount of money to finance your home renovation process, medical emergency or wedding festivities, it is best to take a personal loan with your Aadhar and PAN card. Mentioned below are five benefits of taking a personal loan from a well-established bank or financial institution:
1. Gets Approved Quickly
The most appealing aspect of a personal loan is that you will get approved by financial institutions very easily. The purpose of a personal loan is to get cash for urgent payments that cannot be delayed. So, if you take a personal loan then the processing time will be very short.
2. Does Not Need Collateral
Another key aspect of a personal loan that can play in your favour is that it is unsecured credit. This means that you do not have to provide any sort of collateral while applying for a personal loan on your Aadhaar and PAN card. It is because of this reason that people can easily get instant personal loans on their Aadhaar and PAN card.
3. Can Be Used for Multiple Purposes
Taking a personal loan on Aadhaar and PAN card for salaried people and unemployed people (business owners, entrepreneurs, etc.) is for varied purposes. This highlights the versatile nature of this type of loan as it can be used to finance personal needs, medical emergencies, consolidated debts, and many more.
4. Improves Your Credit Score
When you take a personal loan and repay the principal amount and interest on time, then your credit score will improve drastically. As a result, you will be able to get approval for future loans without any hassles. Your creditworthiness will increase with the timely payment of your EMIs.
5. Minimal Documentation Needed
Getting an instant loan without documents can be done for personal expenses. The only two things that you require for a personal loan to get approved is your Aadhaar and PAN card. Thus, the entire documentation process is minimal and does not require a lot of time or effort.
Application for a Personal Loan Using Aadhaar and Pan Card
In recent times, the importance of an Aadhaar card for a personal loan has increased. This is because it is now seen as a form of proof of address and identity of an individual. Similarly, a PAN card acts as a legitimate proof of income. It is because of this reason that a personal loan can be approved without providing salary slips. Here is the application process for a personal loan on Aadhaar and PAN card:
1. Choose a Personal Loan
Based on your monetary requirement, you can choose a personal loan by only using your Aadhaar and PAN card. It would be wise to choose a reputed financial institution so that you get an affordable interest rate.
2. Check Your Eligibility
After choosing a personal loan from a trusted financial firm, it is time to check your eligibility. Your income, creditworthiness, and loan amount are some of the factors that will determine your eligibility for an instant personal loan your Aadhaar and PAN card.
3. Calculate Personal Loan EMI
It is recommended to make use of the personal loan EMI calculator provided by the financial firm that you have chosen. This is a smart financial decision because it will help you plan your repayment strategy and manage your expenses accordingly.
4. Submit Your Documents
Since you can apply for an instant personal loan without submitting your salary slips on your Aadhaar and PAN card, do not make any delays. Submit these documents as soon as you meet the eligibility criteria. The quicker you provide your lender with these documents, the faster you will get approved for a personal loan.
Muthoot Finance one of the most reputed financial institutions in India providing personal loans at reasonable interest rates. This financial firm is focused on providing its customers with instant loans that require minimal documentation. Highly qualified representatives of Muthoot Finance are available to resolve all queries and concerns related to EMI, tenure, prepayments, and the like.