Personal Loan

How to get a personal loan with a PAN card & KYC documents?


Once in your lifetime, you would have come across loan offers, right? But there’s not an offer; instead, a piece of brief information on a personal loan.

Do you know what a loan or personal loan is? In the world of finance, the term “loan” means lending money. The loaning process is done by one or more organisations, individuals, or entities to other organisations, individuals, etc.

Now that you understand what a loan is, it is also imperative to understand the concept of a personal loan. It is money you borrow from an organisation, an individual, or any other entity to fulfil your requirements. Usually, people take personal loans for reasons like buying a flat, renovating their existing house, getting married, getting an education, and so on. You can seek personal loans from online lenders, banks, or credit unions. Once you take a personal loan, you need to repay it within a fixed time with interest, as mentioned in your agreement.

Are you looking for a personal loan? Do you plan to cover debt consolidation, medical bills, moving expenses, or other unexpected expenses? If yes, stick with this blog till the end. You will be able to gather all the important information related to personal loans and how to get them.

Types of personal loans

There are generally two types of personal loans. These are secured and unsecured. So, let us know about these in brief.

Secured loan

This type of loan requires some collateral. It acts as a condition for borrowing. For example, you visit a bank and ask for a personal loan. If they offer you a secured loan, then you will have to secure your loan with a physical asset. The asset could be a house or a car, or it could be cash, such as a certificate of deposit or a savings account. If you fail to repay the loan, then your collateral will be kept by the loan authority to satisfy the amount of debt.

Unsecured loan

This kind of loan does not require you to keep any collateral, so an individual can enjoy a personal loan without any risk. But do you know this personal loan asks for higher interest? If you are a person who is not willing to take a risk with their existing savings or property and you can pay more interest for a personal loan, then this type of loan might work for you.

Eligibility criteria for a personal loan

Now that you have received brief information on a personal loan, it is also important to understand if you fit the eligibility criteria for a personal loan.

  • You should be between the ages of 21 and 60.
  • You should work in local, state, or federal government; public-sector companies; or private businesses.
  • Other requirements vary per your loan requirement and depend on the organisation’s rules. Some might ask for at least two years of job experience; some offer loans only to those with an income of at least Rs. 15,000 to 25,000.

What are the personal loan documents required for a personal loan?

If you are willing to seek a personal loan, here is a list of personal loan documents you might be asked for.

PAN Card: To apply for a personal loan, it is important to have your PAN card ready.

Identity proofs: Identity proofs play an essential role in every arena, and when it comes to loaning, they are much more important than anything else. So, you might have to submit copies of your Aadhar card, voter ID card, driving license, or passport.

Address proof: For address proof, you can use your passport, Aadhar card, voter ID card, or driving licence (the same personal loan document as ID proof).

Bank statements play an important role in loaning, so the authority might ask for your previous 3 to 6 months of statements.

Salary slips: Just like your bank statement, the latest salary slips for approximately 2 to 3 months are required. If you can’t submit your salary slip, you can also submit a current-dated salary certificate.

Personal loan with PAN card and KYC documents

Once you have all the documents you need for a personal loan and know what you need and who you are eligible to borrow from, you can move on to the next step.

Nowadays, most organisations offer both online and offline loan methods so that you can choose your preferred option.

If you have a valid PAN card, loaning can be much easier and a better experience. With the help of a Pan card, you can lend up to Rs 50 lakh, and the interest rate, loan repayment tenure, and processing fee vary from lender to lender.

The process for lending a personal loan might vary a bit from organisation to organisation, but in general, the following are the steps that you should follow.

  • First, fill out the application form for a personal loan, which might ask for your professional and personal details.
  • Then you need to choose a particular amount you want to borrow from the organisation and the tenure of repayment.
  • After that, you’ll need to show all the necessary personal loan documents, such as a PAN card and an Aadhar card, so that they can be checked.
  • If your loan is approved, the loan amount will be transferred to your bank account.

If you seek a personal loan with the use of a PAN card, then you might enjoy the following benefits:

No need for collateral: You can enjoy the benefits of a personal loan without giving up anything valuable, like a home, savings account, or anything else.

Interest rates: The interest rate to acquire a personal loan on a PAN card is very competitive. You might come across various options and offers from different organisations.

Disbursement is quick: Even though you’ve applied for a personal loan, the money can be in your account within 24 hours after your application has been approved.

If you seek a personal loan with the use of an Aadhar card, then you might enjoy the following benefits:

Not much formality is required: If you choose to have a personal loan on your Aadhar card, you might have to submit only a few personal loan documents, like address proofs.

Quick transfer: Once your loan is approved, you can receive the money in your account within one or two days.


If you want a personal loan, you can get one with the help of a PAN card and an Aadhar card because the government has made these options a much better and easier way to seek a loan. The process is also very simple, and you can enjoy various benefits like quick transfers, no need for collateral, no need to fulfil several formalities, and much other stuff. Have a look at Piramal Finance for more options.