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.
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.
Bank | Interest Rate | Processing Fee | EMI (Per lakhs) | Tenure | Disbursed |
HDFC Personal Loan | 10.75% | 2% of the approved loan amount | Rs. 2,162 | 5 Years | Instant Disbursed only for HDFC Customer |
ICICI Personal Loan | 11.25% | 2% of the approved loan amount | Rs. 2,187 | 5 Years | 3 to 4 days |
SBI Personal Loan | 9.60% | 1% of the approved loan amount | Rs. 2,105 | 5 Years | 5 to 7 days |
Bajaj Finserv Personal Loan | 13.50% | 2% of the approved loan amount | Rs. 2,301 | 5 Years | 24 Hours |
Tata Capital Personal Loan | 10.99% | 1% of the approved loan amount | Rs. 2,174 | 5 Years | 5 to 7 days |
Citibank Personal Loan | 10.05% | 1.5% of the approved loan amount | Rs. 2,127 | 5 Years | 5 to 7 days |
MoneyTap | 15% | 2% of the approved loan amount | Rs. 3,467 | 3 Years | Instant Disbursed |
MoneyView | 15.96% | 2% of the approved loan amount | Rs. 2,430 | 5 Years | Instant Disbursed |
SMFG India | 11.49% | 3% of the approved loan amount | Rs, 2,199 | 5 Years | 5 to 7 days |
CASHe | 21.60% | 3% of the approved loan amount | Rs. 9,340 | 1 Year | Instant Disbursed |
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:
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:
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 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.