The
good credibility of an individual ensures that it is much easier to get an
approved and to be offered better car finance loan terms if the correct
documentation is provided. One of them is a PAN card. Buddy Loan disburses car loans based on your credit scores and one
important thing, PAN card.
To
apply for any Buddy Loan - education loan, personal loan, travel loan, house
loan, home improvement, or any other Buddy Loan, PAN (Permanent Account Number)
card is mandatory to be attached to the list of documents. Without a legit PAN,
no loan can be acquired. It is your identity proof hat can be used anywhere in
the country.
The
Income-tax Department of India has created this mandate that any monetary
transaction of the value of more than Rs. 50000, PAN card needs to be quoted
compulsorily. This is a tool used to figure out the financial transactions of
each individual and to monitor any tax evasions or income leaks from the ITR
filed by the individual.
PAN
Card is a mandatory document to be submitted at the time of application of the
Buddy Loan. Online car finance cannot be processed in its absence as the
finances declared and paying capacity of the borrower can be identified and
tracked through monitoring of the PAN card.
The
main reasons why the submission of the identity proof is a necessary document
are:
•
To asses the income of the borrower
•
To trace him in case of a sudden disappearance
•
To gauge the history of the borrower
•
Any past defaults or nonpayment of any other loan or expense can be tracked
through the PAN card
•
His tax payments and tax evasions can be easily rounded up
•
It acts as one of the most prestigious identity proofs of any individual
•
Direct collaboration between the PAN card and CIBIL so the credit history and
credit rating can easily be ascertained before applying for a Buddy Loan on car
finance.
•
Its procurement is simple and easy, and even students and youngsters can apply
for it.
So
along with other necessary documentation like address proof, salary proof,
photographs, employment proof, ITR statements, Bank statement, and essential
contact details, the application to apply for an online car loan cannot be
processed without the submission of PAN Card.
There
could be other unsecured ways through financial institutions and money lenders.
Still, the rate of interest and EMI would be skyrocketing as compared to a
legitimate loan procedure offered by an authorized bank or an NBFC.
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