If you need urgent financial assistance, getting a small personal loan of ₹50000 with a PAN card is a quick and effective option. This type of loan is ideal to cover urgent and short-term expenses. Instant personal loans allow you to take quick funds with minimal paperwork, easy online verification, and less approval time.
This article covers the process, eligibility criteria, documents, and benefits of PAN card loan for ₹50000 to guide you to making the best choices. If you need an urgent ₹50,000 loan, you can also look into personal loan apps like Zype, which require less than 6 minutes to complete the loan application and less than 60 seconds to receive loan approval with just a PAN card
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Many lenders offer quick loans through a PAN (Permanent Account Number) card. This process has become hassle-free with zero to minimum documents required for personal loan. Thus, getting a ₹50000 loan on PAN card is easier than before. As the PAN card is proof of identification, it will help you get a loan from a lender in a few simple steps when you need funds immediately. Thus, it is a quick and convenient option for borrowers.
Eligibility criteria for personal loan vary as per the lender one chooses. Instant personal loan apps like Zype offer a ₹50000 loan with a PAN card with minimal eligibility criteria like
Citizenship: The borrower should be an Indian citizen.
Age: Age should be between 18 to 66 years.
Credit Score: A minimum credit score of 600 is required, but may vary as per the lender.
Employment Type: Some lenders may require the borrowers to be salaried or self-employed, to get assurance that the loan is paid back.
Minimum monthly income limit: Salaried or self-employed with a minimum monthly salary of ₹15000 is required
Documents: Zype requires a PAN or Aadhar card and a mobile number to complete KYC. Some lenders may ask for a few other documents like income proof, electricity bill, etc.
Getting a PAN card loan for ₹50000 online is quick and easy with minimal required documents. Here’s what you need to provide.
Mandatory Documents: Zype only requires a PAN and/or an Aadhar card along with a mobile number to complete KYC is required by most lenders.
Photo ID: Zype requires a selfie-based verification on loan approval.
Proof of Income (optional): To apply for a higher credit score, you can provide your bank statement for the last 4 months.
Usually, a PAN (Permanent Account Number) card is linked to an individual’s credit history and financial transactions. A good credit score makes it easier to get instant loan approval. Taking a small loans using a PAN card has the following benefits:
No collateral: Get unsecured loans on a PAN card without any collateral.
Quick Approval: Fast loan approval as it only needs few documents with PAN card
Instant Verification: PAN card makes the verification process fast and seamless.
Easy Application Process: With a PAN card, you can apply for a personal loan online in few simple steps. For example, mobile apps like Zype helps to process loan application under 6 minutes.
Quick Loan Disbursal: PAN card provides details about the applicant like employment, tax and other transactions. If an individual has a good repayment history, it will give them access to quick loan approval and disbursal.
Repayment Tenure: A borrower has the option to choose the amount, interest rate and repayment tenure that best suits their needs.
Minimum Documentation: Get an instant loan with just a PAN card without much paperwork. However, few lenders may ask for PAN with supporting documents.
It is important to do thorough research before taking any loan. Thus, here is a list of common mistakes to avoid that may lead to hefty penalties or loan rejection.
Ignoring the Fine Print: Don’t ignore the fine print. Take time to read all the terms and conditions and understand all the financial jargon in the loan documents. The loan documents mention the interest rate, acceptable payment mode, processing fees and any other additional charges you may need to pay.
Not Comparing Lenders: If there is an urgent need for a loan, don’t go for the first lender you find. Choose a lender that offers better terms and conditions as per your financial goals. You can use online loan comparison tools, to narrow down on lenders.
Applying for Multiple Loans: If you apply simultaneously to multiple lenders, your credit score takes a hit and can lead to loan rejections. Apply to one or two lenders, at most, while taking a personal loan.
Not Choosing the Right Tenure: Use any online personal loan EMI calculator tool to select the right tenure.
Not Informed About Fees And Penalties: Many lenders charge prepayment fees, if one pays the loan before the due date. Checking the pre-payment terms is important as ignoring it may lead to penalties and additional charges. Thus, review the lender pre-payment plan before you take a ₹50000 personal loan.
Go through these few tips, if you wish to increase your chances of loan approval:
Increase CIBIL Score: A minimum credit score of 600 is atleast required to get approved for ₹50000 personal loan. It is always advised to maintain a good track record and a decent credit score to get quick loan approval.
Lower Monthly Debts: Higher monthly EMI can burden one to pay on time or cause delays. Select a lower EMI plan, that can easily be paid monthly which doesn’t impact other financial obligations.
Fulfilling Eligibility Criteria: A minimum loan eligibility criteria like nationality, age, employment status, credit score, minimum work experience etc. is required to fulfill for smooth borrowing experience. Make sure you fulfil loan eligibility criteria if you are applying for a ₹50000 instant personal loan.
Avoid Taking Too Many Loans: Apply to one or two lenders, at most, while taking a personal loan. If one applies simultaneously to multiple lenders, their credit score takes a hit and may also lead to quick loan rejections.
Research and select the lender offering a ₹50000 loan. If you are considering choosing a personal loan app like Zype for ₹50000 instant personal loan, these are the steps:
A personal ₹50000 loan on a PAN card is a fast and easy solution for urgent financial needs. Make sure to do market research and choose a lender that fits your requirements. Understand the eligibility criteria, application process and required documents, to get faster loan approval. A good credit score and proper documentation will help you to get the loan approved faster and without much hassle.
The interest rate for a ₹50,000 loan on a PAN card varies from lender to lender.
The eligibility for a ₹50000 personal loans online on a PAN card varies as per the lender. For a personal loan app like Zype, it requires the individual to be 18 & above of age, a citizen of India, a salaried employee and have a monthly income of at least ₹15000.
On Zype, you can pay your loan conveniently in 3, 6, 9 or 12 EMIs. If you have extra access to funds, you can also consider prepaying your loans as there are no prepayment charges on the same.
Most lenders prefer a good credit score when you apply for a ₹50,000 loan on a PAN card. However, some lenders may look for other factors like employment status, co-signer etc if you have a bad credit score.
Ensure the website has secure encryption and read online reviews when you apply for the loan. However, many instant loan apps offer loans without any documentation. Zype is such an app that is secure and where all you need is your PAN & Aadhaar number to get approved for a personal loan.
Yes, it is possible to prepay a ₹50000 personal loan taken with a PAN card. However, the lender may charge prepayment fees. So it is important to check the terms and conditions before you make any payment.
Repayment tenure varies from lender to lender. Zype offers a 3,6 or 12-month tenure for a personal loan up to ₹5 lakh.
It varies across lenders. If you fulfil the eligibility required by the lender, you can get a ₹50000 personal loan approved with your PAN card within 1-3 days. Zype offers loan approval within 60 seconds, if you fulfil all the eligibility criteria.
There are no tax benefits of taking personal loan using a PAN card as they are for personal use and, not for education or investments.