Are you planning to buy your first vehicle? But you are stuck between credit card bills and your monthly expenses and have no funds to spend on buying the car you want. If you have savings, then it can be used to buy your favorite 4-wheeler. However, getting a car on EMI is a better option than draining out your savings. There are multiple financing options in the market that can help you buy your dream car, but if you are looking for a flexible debt instrument, then an instant personal loan is your go-to option. Personal loans are extremely popular among millennials as it helps in buying the things you want and managing your finances. Once you meet the eligibility criteria of the respective bank or lender and hold a decent credit score, you can qualify for the loan. And at the same time, you need to submit multiple documents including address proof, birth certificate, proof of identity, and many more to get the loan approvals which can be troublesome for many. But not anymore as the launching of PAN cards has made the entire procedure much more convenient for all the loan applicants. Your PAN card number is used for KYC document, and it defines all your proof details including identity, address, citizenship, and birth. If you are looking for a loan on a PAN card to buy your favorite four-wheeler, then read on to know more!
Impact of PAN Card on Instant Personal Loan
Gone are those days when people had to submit multiple documents and wait in a long queue to get their loan applications approved. Now with KYC, borrowers can easily avail of a quick loan to meet their personal financial needs. Not only buying a car, one can use the amount to fulfill other expenditures. With e-KYC documentation, now the process of loan verification takes a few minutes. It is important to link your PAN card with your current/savings and deposit accounts. And linking will make it easier for borrowers to avail of a personal loan instantly. Below are some other factors that you need to have besides holding a PAN card –
- A good credit scores
- Proof of income for salaried individuals
- A self-employed person is more likely to show income with investments
PAN card gives you the access to apply for a loan online with faster approval and quick disbursement. At Buddy Loan, you can get a loan up to Rs. 15 Lakh at low-interest rates and flexible repayment tenure. It takes a few minutes to verify your profile and once the loan amount gets credited to your account, you can withdraw the required amount to buy your favorite car.
Personal Loans are flexible and the fastest approach to meet any type of financial need without any bias. There is no doubt that a PAN card makes your life easier when it comes to investing in personal needs or meeting emergencies. The card eliminates the hassle of physical documentation and assures a quick approval too. However, you should only take a personal loan when you can repay the amount timely. So, know your loan requirement, check for interest rates & EMIs, choose a tenure as per your convenience, and then apply for a loan using your PAN card.
Your dream car awaits you. Get a personal loan on PAN card and buy the car now!!
