Instant personal loans come to your financial help when you need funds for planned or urgent expenses like education, vacation, home renovation, etc. Although NBFCs like Fullerton India have made personal loans easily accessible to the masses, you still need to fulfil their eligibility conditions and documentation requirements to avail a personal loan.
Did you know that your Aadhar card and PAN card are the two most crucial documents for personal loan? Launched in 2010, the Aadhar card gives you a 12-digit unique alphanumeric code that is one of the most authentic identity proofs for Indian citizens. It stores not only your name, address, and phone number but also your iris and fingerprint scans. Many lenders also use an Aadhar card to get permission for your eKYC to grant loans. PAN card is another identification proof containing a 10-digit alphanumeric code. Many financial institutions use PAN cards to verify backgrounds before granting loans.
Steps to Apply for a Personal Loan with Aadhar and PAN card
Take the steps below to apply for a personal loan using Aadhar and PAN card:
- Visit the lender’s website or app
- Enter your personal details
- Select the loan amount you want
- Upload your documents for personal loan, like your Aadhar card, PAN card and others
- The lender will verify your documents and approve your loan application
Besides your Aadhar card and PAN card, many lenders also request your income proof and credit score to determine your creditworthiness and repayment capacity, respectively. Many lenders decide the loan amount and offer the lowest personal loan rates to applicants with a healthy track record, which they can verify with your Aadhar card and PAN card.
