New Delhi: The Permanent Account Number (PAN) card is an essential document. A PAN card is required for filing income tax returns taking out insurance policies buying or selling property opening a bank account getting a debit or credit card applying for a loan buying a vehicle or purchasing jewellery. Very few people know that you can also get a loan of up to lakhs of rupees through your PAN card.
Who can get a loan on PAN card?
To be eligible for a personal loan on a PAN card you need to fulfill certain conditions.

1. Your PAN card and Aadhaar card must be linked for the loan.

2. Your age should be between 21 and 57 years.

3. Your in-hand salary should be 25000 rupees.

4. You must have a valid bank account.

5. Your CIBIL score should be 650 or above.
How much loan and how much interest
Through a PAN card you can get a loan of a minimum of 50000 rupees and a maximum of 5 lakh rupees. The special thing is that an instant loan can be obtained through a PAN card. This loan is disbursed within 24 hours.

Since you can only get a personal loan on a PAN card the interest rate is similar to that of a personal loan. Currently most banks are charging 11 to 12% interest on personal loans. However based on your CIBIL score you may have to pay up to 14% interest in some cases for a loan through your PAN card.
How to apply?
First you need to find banks that offer instant loans using a PAN card. Then you need to check the interest rates and other loan-related information offered by these banks. This is so you can select the best offer for yourself. After that visit the banks website and click on the instant loan option. You will then need to register by providing the information requested on the banks website.

Following registration you will need to log in using your credentials and apply for the loan. You will be required to provide the requested information and documents. Finally you will need to review the loan amount tenure and EMI details. After verification the loan amount will be credited to your bank account.
Documents required
A PAN card helps determine your credit score and any active loans in your name. An Aadhaar card serves as proof of both your identity and address. If you have both of these documents getting a loan becomes much easier. For verification purposes a Voter ID driving license or utility bill (electricity water gas) may be requested and bank statement for the last 3 months.
How will the loan be repaid?
After taking a loan using your PAN card the repayment process is the same as for regular loans. You will have to pay an EMI every month. You can also set up an auto-debit. Missing an EMI payment will result in a penalty. Additional charges may also be applied.