What Is A Personal Loan?
A personal loan, in simple words, is the money you borrow from a financial institution. It can be a private lender, a bank, a credit company, or a non-banking financial company. You can repay it along with interest as installments within a fixed number of years.
Availing a loan through loan aggregators can suffice your financial needs with a personal loan. Buddy loan has set a record of disbursing the highest amount of loans in the shortest span. Loan aggregators estimate the best fit based on the borrower's profile
PAN stands for Permanent Account Number. It is a 10-digit number people can use to track their financial transactions.
The Department of Income Tax assigns PAN cards to all tax-payers.
It is a must-have to do the following:
- Buy an insurance policy
- Receive a salary
- Buy mutual funds
- Apply for a loan
It is also your proof of identity that needs to be submitted when getting a loan.
Lenders have made it mandatory to submit PAN card when applying for loans. This happens due to the tax rules in the country. It is easier if you access a loan aggregator, one such is Buddy Loan that helps you avail a loan with right and minimal set of documents.
Get personal loan online via Buddy Loan.
However, you cannot get a personal loan without a PAN card. To avail a loan amount ranging from Rs. 1000 to Rs. 1500000, as the amunt increases, the PAN card plays a vital role. This, too, may vary from lender to lender.
How to apply for a personal loan without a PAN card?
Make sure that you meet the following criteria in such an instance:
- Have a high credit rating
A high credit score is a must to get a personal loan without a PAN card. Your credit score helps the lender determine your reliability as a borrower.
A good score leads to instant approval, and a lower score causes the opposite. A lender may approve your loan application with a low credit score. But you will have to pay a higher interest for the same. The lowest, in general, is 300 and the highest is 900. A decent score however advised is around 700.
Apply for a personal loan only if you have a high credit score. Rejection of loan application due to low score reduces your chance of getting the same from another lender.
- Use your bank statement
Your bank statement is another record that helps lenders determine your risk profile as a customer. It lets the person/entity evaluate your credit history, your bills, and your EMI. It also gives an idea of your earnings per month. Markking as a proof of income & employment.
- Have a meaningful relationship with the lender
A cordial relationship with your choice lender, too, will help you a lot. The lender knows your transactions. And getting a personal loan quite naturally is much easier.
Some lenders offer higher amounts as personal loans without a PAN card. This is highly mistaken to a easy process, please do not divert to this scam.
Buddy Loan helps you meet the right lenders for your financial needs. You only have to submit your proof of identity or proof of transactions.
The impact on your interest rate
Getting a personal loan without a PAN card is a breeze. However, you may need to pay higher interest rates. It happens because the loan is unsecured. And the lender will have to prepare for unpleasant surprises.
Again, it is often not the case in loan industry. Finding a hassle free process isn’t that difficult, financial aggregators remove the unpleasant process to help borrowers a plesant experience.
Online lenders
If you need a loan at the earliest, online lenders are the best. They evaluate your credibility based on complicated algorithms. As a result, they can offer simple eligibility requirements for availing a personal loan.
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What are the Documents Required to Get a Personal Loan?
When you are in sudden need of a large sum of money, one of the best ways to arrange it is to get a personal loan from a bank or NBFC or a loan aggregator like Buddy Loan.
To obtain this loan, one of the most important requirements is to provide some necessary documents.Buddy Loan helps you to understand the common documents asked by most of the lenders to understand the financial capability of the borrower and to know whether he/she is capable of repaying the loan amount.
Besides this, it also helps the lender to understand and verify person details of the borrower such as their name, age, income, employment status, employer details and address.
Based on this information, the lender decides whether or not to disburse the loan amount to the application.Apply instant personal loan online.Documents Required to Get Personal LoanBuddy Loan has a wide pool of loan providers like Banks / NBFCs, which require a particular set of documents for a loan applicant to verify their details and assess their financial capability.
These documents may differ depending on whether the applicant is a salaried individual or self-employed.
