Personal loans are unsecured loans that you can obtain with minimal documents. You can use these multipurpose loans for reasons like education, medical expenses, weddings, vacations, events, entertainment, etc. Personal loans come with a higher interest rate than secured loans like home and car loans. So when applying for Loan on PAN Card, examine which lenders provide low-interest rates and more benefits. Personal loans may tempt many people, but you should check out certain factors before using them. You have to evaluate the requirement of a personal loan and should be aware of how you will be paying it back. Interest rates can make a significant difference in your repayments. When secured loans provide mostly fixed interest rates, personal loans vary according to your financial behavior and eligibility.
Hence, you should know the factors which affect your interest rates.
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Income:
You can obtain a low-interest rate if you have a good income and a better repayment capacity.
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Credit score:
An excellent credit score can positively impact the approval of loans and interest rates. If not sure about the credit score, check out Buddy Score.
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Employers status:
If you are an employee of a well-known organization, you might be more financially responsible for on-time repayments.
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Relationship with the lender:
When you are a trustworthy customer of a bank, then they can quickly identify your eligibility with your credit history.
Impact of PAN Card on Instant Personal Loan
Gone are those days when people had to submit multiple documents and wait in a long queue to get their loan applications approved. Now with KYC, borrowers can easily avail of a quick loan to meet their personal financial needs. Not only buying a car, one can use the amount to fulfill other expenditures. With e-KYC documentation, now the process of loan verification takes a few minutes. It is important to link your PAN card with your current/savings and deposit accounts. And linking will make it easier for borrowers to avail of a personal loan instantly. Below are some other factors that you need to have besides holding a PAN card –
- A good credit scores
- Proof of income for salaried individuals
- A self-employed person is more likely to show income with investments
PAN card gives you the access to apply for a loan online with faster approval and quick disbursement. At Buddy Loan, you can get a loan up to Rs. 15 Lakh at low-interest rates and flexible repayment tenure. It takes a few minutes to verify your profile and once the loan amount gets credited to your account, you can withdraw the required amount to buy your favorite car.
Importance of PAN card for personal loans
In some instances, people have different names in different documents. So it will create confusion when applying for a loan. So you can use a PAN card, the unique id number provided by the income tax department. PAN and Aadhaar are connected with your bank account, providing more credibility to your financial transactions. If you are a person who files your IT on time, you are more reliable for the lenders to approve a loan. You can use your PAN card to obtain an instant loan online. A PAN card is an essential document for making any monetary transactions or purchases like cars, jewelry, and so on. So it is like a report card of your credit behavior which will make it eligible for you to get a better loan. Buddy Loan provides an instant loan with a low-interest rate. Log in to find out.
Conclusion
As a responsible credit holder, you should use your credits to find better options while applying for a personal loan. It will help if you be more precautious with your financial dealings so that in the future also, you can be problem-free.
