Getting a personal loan is quite easy without the need of much documentation. You can apply for a personal loan from most lenders in India by using just your Aadhar and PAN card. A personal loan application is very simple requiring only a few documents.
You can sign up on a website or mobile app of a lender by using your personal information. To verify your identity, Aadhar card is accepted as an identity proof countrywide. Your pan card is necessary for any financial activities in the country. It acts as a permanent identification of your financial whereabouts and credit, helping lenders to honor your loan application better. It is true that only Aadhar or PAN card won't get your personal loan but it helps to verify your identity and make the application process easier and faster. Without your pan card, most lenders or banks won't accept loan applications. It is thus recommended you have a valid PAN to acquire a loan from a bank or Non-Banking Finance Companies.
It is mandatory for banks and NBFCs to collect KYC details of their customers while granting them loan are having any financial or business transactions. To make the banking process sim player the government introduced Aadhaar card as one single identification for every customer. This is the reason Aadhar Card has been mandatory for applying for a loan are any other banking activities. Aadhar card does not only help you in taking a loan from a bank, but it also is required for opening a bank account or any other banking transactions. Thus, having an Aadhar card will ensure you can apply for a loan quick and easy without the hassle of a long procedure of documentation. You can use your Aadhar card online to apply for a personal loan on the Credy website or Android App. It will cut down your time required for an application process and make it easier for you to apply for a loan at the comfort of your home.
A personal loan is very easy to apply and acquire as the application process is simple and requires very little documentation. This makes it an ideal choice for a salaried person in India looking for quick extra cash for various activities. You can use a personal loan for your medical emergencies or pay your Credit card bills or even use it for your travel expedition. There are no restrictions on how you can use a personal loan after it has been transferred to a bank account. As a personal loan is directly dispersed into your bank account you can use it as and when required as per your needs. It is also cheaper and hassle-free to acquire a personal loan from credit de do use the online channels. the online process makes it easier quicker and removes redundancy in the loan application process. Thus providing you with extra cash instantly into your bank account without any collateral. as a personal loan is unsecured you are not required to have any Collateral security against which you can take the loan.
What is a personal loan and why it is desirable?
A personal loan is an unsecured loan that can be used for anything and anywhere when you are in a cash crunch or need extra cash for some unplanned expenses. A personal loan is approved almost instantly and directly transferred to your bank account making it a flexible option for urgent cash requirements. Additionally, a personal loan has flexible tenure and interest rates making it a cheap and flexible option to fit anyone’s budget and expenses without the burden of a loan. It is also unsecured which doesn’t need you to hold your assets as collateral for a loan. This makes it an ideal option for salaried personnel to get some extra cash to make their dreams come true. Easy EMI options make it a lesser burden for the salaried persons who have a fixed income source. The affordable interest rates make it cheaper than any other loan from banks. You can get a loan for as low as 1% per month approved instantly using the Credy app that can help you in your cash crunch situations at an affordable rate.
Whether you are in an emergency or need some extra cash to buy a new gadget or two-wheeler, you can use a personal loan for any such expenses. You can use a personal loan for your marriage or marriage of your kids in case you plan a big fat Indian wedding or a sudden expense arise. It is usual for unplanned expenses to arise on such big occasions like a wedding. A personal loan can come in handy in such situations as it is approved instantly and you can get hands-on the cash almost immediately when you need it for any expense. A personal loan is disbursed directly into your bank account after approval. You thus have the liberty to use the money in your account as per your wish and necessity. There is no restriction thus allowing you to use it for any unplanned or sudden expense that might arise.
A personal loan from Credy has flexible tenure which you can choose from 3 to 12 months allowing you to plan your EMI and other expenses better. This allows people to adjust their spending budget to pay for EMI on time which in turn will help you make your credit score better. A higher credit score is deemed most important for anyone looking to take a loan. Your credit score represents all your credit and spending history proving your creditworthiness. It is advised to keep your credit score as close to 900 as possible to ensure quick approval. A good credit score gives you the power to negotiate better discounts and interest rates for your loan.
Thus, so you can even apply for a personal loan for a home renovation even if the house is not in your name. Personal loan opens a lot of new opportunities for customers to use the cash they acquired as a personal loan at cheap interest rates and no hidden cost
Charges and fees on personal loan
|Loan Amount||Up to ₹ 1 Lakh|
|Interest Rate||1 to 1.5% of Loan Amount Per Month|
|Loan Tenor||3 to 12 months|
|Processing Fee||3% of Loan Amount (Minimum ₹500)|
|Early Repayment Fee||2% of outstanding loan amount|
|Late Fee||2% of EMI Amount per week|
Apart from the above-mentioned charges, there are no hidden or extra charges levied on the personal loan approval from credy. Credy allows you to pay your EMI online through net banking, payment wallets, etc directly from the Credy App. Timely payment of your EMI not only boosts your credit score, but you can also expect quicker approval of your next loan from us or are extra discounts being our loyal customer. delay in paying your EMI can hurt your credit score negatively and cause issues while applying for personal loans further down the road. To help keep track of your upcoming EMI, Credy offers auto-debit features from your bank account. This will help you keep your EMI payments on time and reduce the chances of negative impacts on credit score.
Who can take a personal loan from Credy?
Anyone Living in India in the following cities mentioned below with a salary account can take a personal loan:
As we are required to conduct a physical verification before we disburse the loan amount to your bank account, you are bound by the geographical barrier. We are however expanding very rapidly, be sure to stay updated with us as we can be in your city very soon. Additional to these criteria, you are required to have a good credit score to be eligible for the loan. A bad credit score with hurt your creditworthiness and your application is more likely to be considered invalid. Thus, you should always pay your dues within the repayment date every month to avoid any penalty on your credit score. A good credit score also makes it easier for you to secure a loan of higher value. Your credit score determines if you are a good borrower or not which determines quick approval of loans.
Aadhar Card and significance for a personal loan
Aadhar Card was launched in 2010 by the Indian government as a unified single identification for all citizens. Every bank or NBFC is required to collect customers’ KYC documentation before any financial activity. Using Aadhar card you can open a bank account get a personal loan to apply for a credit card through any bank or NBFC. Not only Aadhar card acts as your identification for any banking transaction it also helps you to acquire loans or get a credit card. It helps in preventing fraud as your Aadhar contains biometric data to help identify a person using just a single 12 digit number unique to every citizen in India. It helps in preventing money laundering and keep a record of your financial transactions to refer back whenever required. you can also apply for a permanent account number or PAN card which is another essential document for any financial transactions in India. Having a pan card is very necessary for securing a loan from any bank or Financial Institutions.
Aadhar Card has become an important document while applying for a personal loan for citizens in India. It will allow you to verify your identity quick, prevent any confusion and get quick approval of a loan application. If you are willing to apply for a loan from credy, you can visit our website or download our Android app. Submit a few documents for your identification along with your PAN number to check your eligibility instantly. It will cut down the time required for you to send an application and get approval for your loan. After you find yourself eligible for a personal loan, you can send a quick loan application online. Once the documents are verified and your loan application is approved you can expect the loan amount to be dispersed within 24 hours. As a personal loan is an unsecured loan, your Aadhar Card acts as your identification and is mandatory to get a personal loan from a bank or Non-Banking Finance Companies. It helps the lenders to have faith in a borrower and grant a personal loan instantly. This helps in keeping the loan process quick and simple for both parties.
Why PAN Card is necessary for taking a personal loan?
PAN stands for Permanent Account Number which is a unique 10-digit code assigned to every citizen which acts as an identification number. It is used to avoid any tax evasion and prevent money laundering in the country. It is unique for every citizen thus everyone has a different number and can never be the same. PAN card is also used for most banking transactions and taxation work in the country. If you are some who fall in the tax bracket in India, you must be having a PAN number to file your TAX returns. It is also used for taking a personal loan or any kind of loan from a financial institution or bank. Most lenders need your PAN Card details to approve your application process and grant you a personal loan.
Thus, if you are planning to get a personal loan from any NBFCs or Credy, you must keep your Aadhar Card and PAN Card handy for applying for a personal loan. You can complete the process online sitting at the comfort of your home without visiting any branch or office. The online process along with minimum documentation and instant approval make a personal loan so desirable. It is one of the most affordable loan options that allow you to choose from a flexible tenure and handle your expenses smartly without the burden of your usual bank loans. If you have your Aadhar and PAN card verified and linked to your bank account, it makes a piece of cake to get a personal loan from Credy.