You can use your personal information to sign up for a lender’s website or mobile app. The Aadhaar card is accepted as an identity evidence across the country to authenticate your identity. Your PAN card is required for any financial transactions within the country. It serves as a permanent record of your financial whereabouts and creditworthiness, allowing lenders to better honour your loan application. True, you won’t be able to receive a personal loan without an Aadhaar or PAN card, but they do help to authenticate your identity and make the application process go more smoothly. Most lenders and banks will not accept loan applications unless you have a PAN card.
While granting loans or conducting financial or business activities, banks and NBFCs are required to gather KYC information from their consumers. To make banking more user-friendly, the government created the Aadhaar card, which serves as a single point of identity for all customers. This is why an Aadhaar Card is required to apply for a loan or engage in any other banking activity.
What is a personal loan, and why would you want one?
A personal loan is an unsecured loan that can be utilised for anything and everywhere when you’re in a financial bind or require additional funds for unexpected expenses.A personal loan can be authorised practically instantaneously and transferred directly to your bank account, making it a convenient alternative for short-term cash needs. A personal loan also has a changeable length and interest rate, making it a cost-effective and adaptable way to match anyone’s budget and requirements without the hassle of a loan. It’s also unsecured, which means you won’t have to put up any of your possessions as security for a loan. This makes it an excellent way for salaried employees to supplement their income and realise their aspirations. For salaried people with a set income source, easy EMI alternatives make it less of a hardship. It is less expensive than any other bank loan because of the low interest rates.
You can utilise a personal loan for any such expenses, whether you are in an emergency or need some additional cash to buy a new gadget or two-wheeler. You can utilise a personal loan to pay for your wedding or the weddings of your children if you are planning a large Indian wedding or if an unexpected expense arises. On such important occasions as weddings, unanticipated costs are common.
Why is a PAN Card required to obtain a personal loan?
Permanent Account Number (PAN) is a 10-digit code that is assigned to each person and serves as an identity number. It is used to prevent money laundering and tax evasion in the country. It is unique to each citizen, therefore each has a separate number that can never be repeated. The PAN card is also utilised for the majority of banking and taxes activities in the country. If you are in India’s tax band, you must have a PAN number in order to file your tax returns. It can also be used to apply for a personal loan or any other type of loan from a financial institution or bank.
If you want to apply for a personal loan from Finserv MARKETS, you must have your Aadhaar Card and PAN Card accessible. You can finish the process from the comfort of your own home, without having to go to a branch or office. A personal loan is appealing because of the online application process, which requires minimal personal loan documentation and provides quick approval.