Instant personal loans can be a great way to get cash when you need it, without having to wait for a bank loan to be approved. These instant loans do not require lengthy documentation or days of waiting.
These loans are generally offered by instant loan apps that offer a completely online application process. Applicants just have to fill in a few basic details and PAN card details to learn of their approved credit limit. Hence, this article is going to be very helpful for you. Here we are going to give you information as to how to get a pan card loan of 50000.
Read: 8 Ways to Borrow Money In India – The Money Club
Do You Need An Urgent Loan of Rs 50000? Get a Loan on Aadhaar Card
Hassle Free Way To Pick Up Loans At Much Lower Rates Of Interest.
Why Is A PAN Card Essential?
As per RBI guidelines, every bank account in the country is now linked to their respective PAN cards. PAN card is also linked to most of the financial transactions. When lenders seek your PAN card details, they are able to determine your credibility based on your financial history & credit score. A PAN card is a mandatory document while taking a loan because it reflects the financial history of the borrower and gives lenders an idea of their repayment ability. You cannot get a personal loan, debit/credit card, jewelry, property, or vehicle without a PAN card. In case you are unable to provide a PAN card while taking a personal loan, your loan may get rejected. As a result, your credit score will also go down.
Documents For PAN Card Loan of 50000
The necessary documents required for a pan card loan of 50000 are as follows:
- Identity Proof – Aadhar card, PAN card, Driving license.
- Address Proof – Aadhar card/PAN card
- A photograph
- 6 months bank statement
- Active Bank Account
Read: 10 Ways to get Instant Personal Loan without documents online
Eligibility For PAN Card Loan of 50000
- Applicant must be an Indian citizen.
- The age of the applicant should be between 21 to 58 years.
- The monthly income of the applicant should be more than 15000.
- You must have at least 6 months work experience.
- You must have a good credit score of 600 or above.
- The applicant should be a salaried person, self employed person, or in any profession.
Read: How can you get a personal loan on a low CIBIL score? Learn Now
Save, Borrow And Invest With India’s First Digital Chit Fund Platform.
How To Get Pan Card Loan of 50000?
If you want to take a loan through your PAN card, then you can go to the bank or take an online loan through the loan apps. For that you have to download an application in your smart phone, through which you can get a loan from 1000 to 50000.
Below are some of the mobile loan apps from where your need of an urgent loan of Rs 50000 will be solved.
- Dhani
- Paytm
- Phonepe
- Google Pay
- Navi
- Cashbean
- SmartCoin
- CreditB
- Bullet
- Freepay
- Lazypay
- CasHe
- Money View
- Money Tap
- KreditBee
PAN Card Loan 50000 – How To Apply?
If you are planning to take a personal loan of Rs 50,000, or opt for even smaller loans, follow these simple steps:
- Download the app of the loan provider.
- Fill in the application form.
- Select a suitable loan repayment scheme.
- Upload scanned copies of the documents needed.
- Submit the application.
If your application is accepted, you will be instantly notified about it. Then, the loan will be disbursed, and it will be credited to your bank account within a few hours.
How Much Personal Loan Can I Get On 15,000 Salary?
Money Club: A Bank and NBFC Alternative
The traditional practice of communal lending is known as chit funds in India. One such digital chit fund platform that enables us to save and borrow is The Money Club. Similar-minded individuals from all around India can use this transparent and secure platform to save, invest, or borrow.
With The Money Club app you can receive money without having to deal with the lengthy procedures and hefty interest rates of banks. Banks and NBFCs charge 12% to 24 % interest on personal loans. Higher interest rates are accompanied by higher EMIs.
There is also no guarantee that your loan application will be approved. Getting a loan is especially difficult for people having low credit score. If you use a chit fund to save money, you won’t ever need to take out a loan for an emergency.
Read: Know Your Money Club platform Journey On The Money Club App
FAQs on PAN Card Loan of 50,000
If you want to get a loan through your PAN card, then you can apply for an online loan from your mobile sitting at home. For this you have to download an application in your smart phone, through that you can get loan from Rs 1000 to Rs 50000.
To take a loan from PAN card, first of all, you must have 6 months bank statement. Then install the loan application on Google Play Store. Create an account and fill the necessary details and submit the necessary documents like Aadhaar card, PAN card. Once your documents are approved you will get the loan amount according to your credit limit.
Apart from the PAN card, you will need to submit your bank account details, identity proof and address proof, and some loan platforms may ask for your Aadhaar number.
Depending on the lender, you can avail loans starting from Rs.50,000 using your PAN card.
For availing a personal loan against PAN card, interest rates start from as low as 1.5% per month.
Loan gets approved in 15 minutes. Repayment period for loan against PAN card is from 3 months to 18 months
The minimum monthly income for a PAN card loan of 50000 should be more than Rs 15000.
Read: Financial problems: 10 Steps to Resolve your Financial Problems
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Conclusion – Pan Card Loan 50000
In this article, we have given you information about how to get PAN card loan of 50000, what are the steps to take a loan from PAN card, what things should be kept in mind etc. But according to me it better to save through chit funds as it has a dual benefit of saving cum borrowing. When you invest in chits, you earn a higher return than other financial intermediaries, and when you borrow, you pay less interest.
