How to Get a Fullerton India Personal Loan with a PAN Card?

Having a PAN card has made taking personal loans online more straightforward. This article explores the various steps involved in this process to make it all the more convenient for customers to access. 

Personal loans are primarily borrowed in case of an unexpected expense that you cannot cover with existing funds. Some of the various reasons why customers turn to personal loans include:

1. Debt consolidation
2. Paying for your child’s education
3. Home repairs and renovation
4. Financing wedding expenses
5. A medical emergency

 

You can borrow a Fullerton India personal loan with a PAN card as your ID proof, along with a few other documents. A PAN card is a government-issued document that has a 10-digit code (PAN) and serves as a unique identification number. It is a mandatory document for working adults to have in India, and some of its benefits and usages are as follows:

1. Helps reduce the likelihood of tax evasion
2. Prevents money laundering within the country
3. Used to track financial transactions that take place domestically
4. All working people Must have one
5. Mandatory to get access to financial products including loans, bank accounts, mutual funds, stocks, etc.

When it comes to personal loans, your PAN is requested by lenders to check your credit history and score before approving your personal loan application. Visiting a bank branch is not necessary. You can complete the process from the comfort of your home.

Having a PAN card lets you apply for an online personal loan that requires minimal documentation. You can use your PAN card to get a loan online through straightforward steps.

PAN Card Personal Loan Eligibility Criteria

Aside from the customer holding their PAN card, there are a few criteria they need to meet to get their request approved by the lender. These include:

1. You must be in the age range of 21 to 60.
2. You have to be an Indian citizen.
3. The borrower needs to be salaried with a work experience of at least a year or self-employed for a minimum of three years.
4. A good credit score is important.
5. Most lenders will look at a credit score of 750 and above.
6. Other documents such as address proof, income proof and bank statements will also be required

Personal loans are a collateral-free form of credit. Therefore, the risk of defaulting in repayment increases for the lender. Hence lenders evaluate applicants for their creditworthiness, repayment capacity, past repayment history, etc.

Steps to Apply for a PAN Card

The PAN card plays a significant role in the documentation procedure of availing of a personal loan in India. Applying for a PAN card is not a tedious procedure, and you can conveniently apply for it online. Refer to the following steps to apply for a PAN card online:

1. Step 1: Visit the official website of Income Tax India
2. Step 2: Click on the ‘Online PAN Application’ section
3. Step 3: Fill the application form and provide all the requested information
4. Step 4: Download the acknowledgement and get a printout of it for future use
5. Step 5: Attach a recent coloured photograph and your signature to approve the acknowledgement
6. Step 6: Send the acknowledgement to the address listed on the website

After the department receives your email with the acknowledgement, you will receive your PAN card at the registered address.

Other Documents Required

Submitting certain personal loan documents as proof of identity, address, age, and income can heavily influence the time required to approve the loan. Other documents, apart from your PAN card and Aadhaar card, are required to meet these requirements. These documents are as follows-
 

1. Income proof
2. Bank statements of 6 months

In times of emergency, your need for funds increases and personal loans become a saving grace. Fullerton India allows you to take loans through your PAN card with flexible repayment tenures, interest rates, and loan amounts. Having a PAN card and Aadhaar card that are linked to each other as well as your mobile number and bank accounts can further speed up the process.