This article is going to be very helpful for you. Here we are going to give you information as to how to take a pan card loan of 50000.
What are the documents required to take a loan of pan card loan of 50000, what will be the eligibility criteria, which online platforms can you use? The answers to all these questions are provided in this article.
Read: Alternative To Low Interest Personal Loans
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 Mandatory For A Personal Loan?
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.
Required 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 selfie
- 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
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.
There are many digital platforms like:
Aditya Birla Capital
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Save, Borrow And Invest With India’s First Digital Chit Fund Platform.
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