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Can I Get an Instant Loan on Aadhar Card and PAN Card?

Updated on: 08 Jan 2024 // 5 min read // Personal Loans
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Aadhar Card and PAN Card are two important documents that every Indian must have in the present times. Both these documents are considered valid proofs of identity for all purposes. The Aadhar card is considered as a valid proof for address and date of birth of an individual. Though the PAN Card has been in circulation for the last many decades, the Aadhar Card was introduced by the Government of India in 2010 to promote a single identity document for every citizen. Since then, Aadhar has become one of the most important official documents as it is being linked with most key services offered by the government as well as private agencies.

The Need for Aadhar Cards and PAN Cards for Loans

Since the RBI has made it mandatory for all financial institutions to complete the KYC of all their customers, the submission of Aadhar Card and PAN Card has become even more essential for all banking customers and borrowers. When Aadhar Card combines with PAN Card, this combination satisfies all KYC requirements of various financial institutions. Moreover, with the facility of e-KYC, the authenticity of the Aadhar card and the biometrics of the individual can be verified within a few Seconds, expediting the whole process of loan approval and sanctioning. As a result, whenever you apply for a personal loan, the lender would ask for both of these documents to initiate the process.

BankInterest RateProcessing FeeEMI (Per lakhs)TenureDisbursed
HDFC Personal Loan10.75%2% of the approved loan amountRs. 2,1625 YearsInstant Disbursed only for HDFC Customer
ICICI Personal Loan11.25%2% of the approved loan amountRs. 2,1875 Years3 to 4 days
SBI Personal Loan9.60%1% of the approved loan amountRs. 2,1055 Years5 to 7 days
Bajaj Finserv Personal Loan13.50%2% of the approved loan amountRs. 2,3015 Years24 Hours
Tata Capital Personal Loan10.99%1% of the approved loan amountRs. 2,1745 Years5 to 7 days
Citibank Personal Loan10.05%1.5% of the approved loan amountRs. 2,1275 Years5 to 7 days
MoneyTap15%2% of the approved loan amountRs. 3,4673 YearsInstant Disbursed
MoneyView15.96%2% of the approved loan amountRs. 2,4305 YearsInstant Disbursed
SMFG India11.49%3% of the approved loan amountRs, 2,1995 Years5 to 7 days
CASHe21.60%3% of the approved loan amountRs. 9,3401 YearInstant Disbursed

Can you get Instant Loan on Aadhar Card and PAN Card?

With the rapid progress of technology, financial institutions have also increased the efficiency of their services. Earlier, the process for a Personal Loan used to take many weeks to complete. Now with the facility of an instant Personal Loan, you can get access to required funds within a few hours or a few working days. The convenience and comfort offered by instant Personal Loans have made them an instant hit and created a great demand in the market. Many financial institutions are now offering this facility to their customers, along with the benefit of low personal loan interest rates.

Without a PAN Card and Aadhar Card, it is virtually impossible for anyone to get approved for Personal Loan or any other type of financial products and services in the country. But merely having these two documents does not entitle you to be eligible for a loan. Every lender has proper eligibility criteria and an approval process which the borrowers must adhere to. The process to be followed, and the documents required will vary according to the lenders’ credit policy.

Some of the essential documents required for availing an instant Personal Loan are:

  • KYC Documents (Aadhar Card, PAN Card, Passport, Voter ID, Driving License, etc.)
  • Bank statement for the last six months.
  • Income Tax Returns for 2 years or Form 16 for last 2 years
  • Salary slips for the last 3 months (Salaried employee)
  • Certified copies of the financial documents and statements (businessmen)
  • Filled Application form.
  • Passport size photographs

Process for availing an instant Personal Loan with Aadhar Card and PAN Card

The process followed by the financial institutions for assessing your application is almost similar irrespective of the fact if you have applied online or through offline channels.

The various steps involved in this process are:

  • Submission of application and checking the documents: You must complete the application form correctly and with all necessary information mentioned. If you are applying online, then you need to upload the scanned copies of the Aadhar Card, PAN Card, and all other documents. If you are applying offline, then you need to attach a xerox copy of all the documents with the application. All the copies must be self-attested.
  •  Checking your credit score: As soon as you submit your application form and documents, the lender will initiate a hard inquiry into your credit report. Your Aadhar and PAN Card details are essential to check the credit score. The lender will assess your creditworthiness based on your CIBIL or Experian score.
  • Determining your eligibility: If your credit score satisfies the requirements of the lender, then your eligibility will be determined based on the credit rating and documents provided by you. Here the lender will determine the loan amount, interest rates, and repayment tenor as per their internal assessment.
  •  Making an offer: Thereafter, the lender will make you a Personal Loan offer. This offer will be communicated to you through email, SMS, or over a phone call. All the details will be conveyed to you through a dedicated loan representative. If you have any queries, you can freely ask them.
  • Acceptance of offer and signing of documents: If the offer is acceptable to you, then you can give your consent. Thereafter, you will be asked to sign all the documents and forms by the lender. Many lenders offer doorstep facility for the same.
  • Disbursal of the loan amount: The lender will then release the loan amount into your specified amount, which you can use as per your free will.
  • Repayment commencement: The repayment of the Personal Loan must be made through EMIs, which will be debited through ECS from your account. You must ensure the availability of the necessary funds in your account at least three days before the ECS.

Useful tips for availing an Instant Personal Loan with Aadhar Card and PAN Card

When you are availing an instant Personal Loan with the help of your PAN Card and Aadhar Card, you must follow the below-mentioned tips:

  • The details in your Aadhar Card and PAN Card must match. Any discrepancy will be red-flagged by the lender.
  • The Aadhar details and PAN Card details must be in sync with other documents provided by you.
  • For online applications, the scanned copies should be clear and legitimate. The image size should be as specified by the lender.
  • For offline applications, the xerox copies must be clear and should be made from original documents only. Creating a copy from a photocopy will not deliver the desired results and might lead to delay in processing.
  • Your PAN Card and Aadhar Card should be valid and active. If, during verification, they are found to be invalid, the application will be rejected.

The benefits and convenience offered by PAN Card and Aadhar Card make the process of availing an instant personal loan on Aadhar Card very easy. So, you must ensure that all the details in both these documents are correct, and both these documents are active at all times so that you can apply for a Personal Loan or credit facility as and when required.