News India Live, Digital Desk: Often when we think of ‘loan’, piles of papers and long lines of banks start coming to our mind. But now in the era of Digital India, banks and financial institutions trust you not on ‘papers’ but on your ‘credit record’. And your PAN card is the basis of this credit record. Why is PAN card so important? Your PAN card is not just your identity, but it also testifies to your financial discipline. As soon as you apply for a loan at a bank or finance app, they check your ‘CIBIL Score’ through your PAN number. If you have paid old bills or EMIs on time, then your chances of getting the loan increase significantly. Who can take this loan? (Eligibility) Age: You should be at least 21 years of age. Source of Income: You are salaried or do some small work (self-employed). You must have some fixed income every month. Credit Score: If your CIBIL score is above 700-750, the bank will happily give you a loan of up to ₹ 5 lakh. PAN and Aadhaar: Your PAN card should be linked to your Aadhaar card and bank account. How to apply? (Easy Method) Nowadays, there is no need to even go to the bank branch. Visit the website of your favorite bank or any trusted loan app (like SBI, HDFC, or credit card apps). Fill in your mobile number and PAN card details. Provide your income information there. You will be immediately shown how much loan you are eligible for. Complete the online verification (e-KYC) through Aadhaar card and the money will be disbursed within a few hours or It will be in your bank account in 1-2 days. An important advice (read it carefully): Even though it has become easy to get a loan of ₹ 5 lakh on PAN card, but before taking the loan, definitely check your repayment capacity. Check the interest rates carefully. Also, don’t fall prey to any unknown apps or advertisements; Always take loans from authorized banks or NBFCs only.