Running out of pocket money in a matter of days is not unusual. In such a situation, it is tiresome to visit a bank and put up with the lengthy documentation process to acquire a small amount of money. On the other hand, online Instant Cash loans without a PAN card from Loaney are made expressly for these situations. While there are many loan applications available online for loans, it might be challenging to find one that does not require a PAN card. The article that follows covers all the information you need to know about small cash loans.
Table of Contents
Introduction
In the past, cash loans were only issued by conventional banks after receiving and validating several documents, such as proof of income, a rental agreement, several forms of identification, etc. However, as fintech has developed, more lending businesses today have begun to reduce the number of documents needed to apply for a small cash loan on an aadhar card without a pan card. Minimal documentation is now the standard to make personal loans available to everyone. If you wish to borrow less than Rs50,000, lenders will approve small cash loans without pan card. To apply for a personal loan, all you need is your Aadhaar card.
What is a small cash loan?
Small personal loans are typically short-term, relatively low-sum loans taken out to cover urgent needs. There are many other kinds of short-term loans accessible, such as payday loans and cash advances, which are dispersed the same day and don’t require security. This loan may be used to pay for urgent expenses such as sudden medical bills, unplanned trips, house repairs, etc. Instant loans are safe and ideal for handling unforeseen financial emergencies. Therefore, if you require short-term financing, do not be reluctant to apply for an instant cash loan. If you require quick cash for any purpose and don’t want to deal with a tonne of paperwork, a personal loan is a simple alternative. It is possible to apply for a small cash loan without a pan card online, but the borrower needs to be cautious to pick a reliable website.
Why is the Aadhar card considered a mandatory document for availing small cash loans?
Loans that are unsecured include personal loans. Your credit score, income, age, and other factors play a big part in whether you get one. Most banks and NBFCs now provide fast personal loans via their websites or mobile apps. As a result, e-KYC using Aadhaar is now widely accepted, and borrowers may apply for and receive loans right away. Almost all banks and NBFCs are now accepting Aadhaar KYC to streamline the loan application process. This enables people to utilize their Aadhaar number as a single document for identification, residence, and age verification. Because it makes the entire loan procedure easier to access and quicker for the lender, the Aadhar card is regarded as a required document in most financial institutions.
Eligibility criteria for a small cash loan on an aadhar card
For a personal loan, the following are some basic requirements:
- The minimum and maximum ages are 21 and 65 respectively. Few banks set a minimum age requirement of 23 years.
- Many banks guarantee to only issue loans up to Rs. 25 lakhs in total.
- For semi-urban and rural areas, the needed minimum income is Rs. 10,000; for metropolises, it is Rs. 15,000
- To prove a stable income, salaried people must provide documentation of their income.
- The salaried workers should have been employed for at least two years.
- When it comes to self-employed people, their business must have been operational for at least three years, the last two of which must have been profitable.
- A 650 credit score is needed as a minimum.
How can I get a small cash loan from my Aadhar card?
Although your PAN card is a crucial piece of identity documentation, there may be times when you are unable to present it. By simply presenting your Aadhaar card, you can instantly obtain the loan. The application and approval processes for the personal loan using an Aadhaar card do not require much paperwork. Aadhaar card loans are significantly simpler to apply for because the majority of people have one. A personal loan with an Aadhaar card may be helpful in an emergency situation if you require quick access to money. Flexible repayment terms are available and the repayment period lasts up to 6 years.
Guide to Avail Instant small cash loan without pan card
Follow these steps to use your Aadhaar card to apply for an immediate personal loan:
- Visit the website or app of your preferred lender and register or log in. You might need to make a login ID or register with your mobile number.
- If the lender offers a variety of loans, go to the personal loan area.
- Before applying, make sure to verify your monthly income, credit score, age, and employment information.
- Begin the loan application process by providing your name, Aadhaar, employment information, monthly income, loan amount, and repayment terms.
- Based on your personal information, the lender would carry out an eligibility check.
- Give your bank account information to receive the loan amount immediately into your account.
Loaney is one such trusted website with no additional fees for small cash loans using an Aadhar Card without a PAN Card. It provides small loans using Aadhar Cards. The platform makes these loans available to its customers without requiring them to provide any security or state their purpose for borrowing. Low-interest rates and a brief repayment period characterize these terms. You can submit an application for a personal loan on Loaney with just a few easily accessible documents. Even though you can find apps for small cash loan without pan card, it’s crucial to pick those that are trustworthy. You must pick Loaney if you want to get such a loan borrowing experience.
Eligibility for applying for an instant loan without PAN Card
The following are some prerequisites for an instant loan without PAN Card:
- The minimum and maximum ages range from 18 to 21 and 65 to 70 respectively.
- The applicant must be an Indian national.
- A salaried or self-employed person must meet the minimum income requirements set forth by the various lenders.
- Must have a credit rating of at least 600
Documents Required for Online Loan without PAN Card
The following documents are required for Online Loan without PAN Card:
Identity Proof- Any 1 of the officially valid documents given below
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
Address Proof- Any 1 of the following
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Utility Bills (Electricity, Water, Gas) for the last 60 days
Income Proof
- Salaried Applicants – A PDF file containing the last three months’ of your salary account’s bank statements, displaying salary credits
- Self-Employed Applicants – Last 3 months’ bank statements in PDF format
Conclusion:
Even though it may be challenging to receive an instant small cash loan on aadhar card without a pan card, you can still get the required amount by following the above-mentioned tips. Visit Loaney’s website to find the greatest loan options and take advantage of the best personal loans for your requirements. Apply using these steps to easily receive the personal loan amount without a PAN card.
FAQs
- Is it possible to get a personal loan without a PAN card?
By using the above-mentioned suggestions, you can apply for a personal loan from Loaney without providing a PAN card.
- Can I get a personal loan without a pan card?
Yes, you can get a small cash loan on aadhar card without pan card from Loaney.
- Is a pan card required for a loan?
Although a PAN Card is a crucial document needed for some other sorts of loans, you can still apply for small cash loans without one.
- Can I Submit My Aadhaar Card As ID Proof If I Don’t Have A PAN Card?
Yes, Aadhar card is an accepted identity proof to avail small cash loans.
- Can I get a loan on aadhar card online?
Yes, personal cash loans can be availed online, but the applicant must be careful to select a reliable website. If you want to have an easy loan borrowing experience, you must choose Loaney.
- Are there any charges involved when I apply for a small cash loan on my Aadhaar card?
No there are no charges involved for small cash loan on aadhar card without pan card utilising an Aadhar Card without a PAN Card, Loaney is one such trustworthy website with no additional costs.