Personal loans are approved with a set of mandatory documents and minimum eligibility criteria. Earlier when instant loan apps were not introduced, a file full of personal and income documents was submitted for verification of loans. Manual verification was time-consuming. But today loan application has been simplified via digital loan platforms.
Both Aadhar cards and PAN cards form a set of mandatory documents for instant cash loan approval. Submission of Aadhar and PAN card details enables E-KYC verification, which helps in faster loan approval. Borrower’s mobile number linked to the Aadhar card further verifies their identity and helps in quick loan approval.
Aadhar card is important as it gives details on the name, address, and photo of the borrower whereas a PAN card is a must to prove the borrower’s financial stability. A PAN card reflects a borrower’s creditworthiness and helps lenders to decide whether to proceed with the loan approval or not. The process has become hassle-free as these documents serve as proof of identity, income address, age, and citizenship.
An E-KYC verification is a real-time method that supports the paperless way of loan verification and saves on the processing time. Instant loan applications function faster, thanks to the paperless verification enabled using Aadhar card and PAN card. Hence, both the documents have their own significance when it comes to applying for a personal loan online via a cash app.
The online process of loan application has surpassed the traditional form of loan application which would take a long time to process, causing a delay in approvals. Hence, Aadhar Card and PAN card are significant for citizens of India as they fulfill your eligibility criteria for biometric verification, whereas a PAN card verifies the financial stability of a borrower.
In the absence of an Aadhar card, lenders often accept smart card driving license, voter’s ID, and utility bills for personal verification of the borrower.
Not only Aadhar and PAN cards are important, balance your loan application adhering to the eligibility criteria for a personal loan:
• Age should be between 21 - 58 years.
• Must be a resident of India
• Must be employed with a private or public sector company
• Must possess a minimum income of Rs.15,000/-monthly
The loan amount approved on the basis of the Aadhar card and PAN card is decided by the lender based on your credit score. Lenders may offer a loan ranging from 50,000 to 1,50,000 or more, depending on 100% authentic submission of documents.