According to sources, the finance ministry will allow this process to start with some state-run banks. In view of its success, later this entire process can be applied with other banks.
In the coming days, taking loans from banks will be even easier. Now banks will not ask for information or Form 16 of your income tax return. Banks will need PAN card information from you. Based on this, instant loan will be passed and your work will be completed in some time. As before, there will no longer be a difficult process related to loans. For the convenience of the customers, this decision has been taken by the Finance Department. However, its information has been given by sources now. It is yet to be officially announced by the Finance Ministry.
The most important documents for home loan are now going to be PAN card (PAN). If you have a PAN card, you will get easy loan from banks. As before, copy of ITR or Form 16 will not be mandatory. Now the work will be done with Form 26AS, which you do not need to give. Income tax is issued on behalf of the taxpayer at the tax port of the taxpayer. Right now it is being considered that banks can get to know about the customer through PAN card through 26AS.
Form 26AS will change from June 1, know what will be the impact on taxpayers
Work will be easy with Form 26AS
If banks come to know about tax related things through PAN, then they will be very easy. The bank in which you are going to take a loan will easily know about your last year’s transactions, your liabilities or earlier arrears. The present process is quite difficult because banks ask for three years ITR and all kinds of papers. Form 16 is also sought. Now we can get rid of it as informed by the sources. If the Finance Ministry gives permission, the information of the customer can be easily obtained, if the transaction details of any financial year are in Form 26AS.
Can be started in government banks right now
According to sources, the finance ministry will allow this process to start with some state-run banks. In view of its success, later this entire process can be applied with other banks. Initially it will be implemented in public banks and later private banks will also be able to adopt this process. Actually, banks will try to know the credit history of a customer through PAN card, which is secret. The Finance Ministry can make adequate arrangements for this so that banks can get information about the credit history of the customer and on the same basis, the loan can be passed quickly.
Banks gave a lot of loan
The repayment of loans taken from banks is already seeing a boom. The sluggish economy in the Corona era is now slowly returning to track. Banks take care that customers join them and continue their work so that economic activity in the market can intensify. For this, rules are also being made easy in lending. It will help in streamlining economic activity on loan basis. According to a report, bank loans grew by 5.93 percent to Rs 107.05 lakh crore in the fortnight ended June 29 last year, while deposits increased by 11.06 percent to Rs 147.98 lakh crore.
Acceleration in loan repayment
According to the Reserve Bank of India (RBI) data, bank loans stood at Rs 101.05 lakh crore and deposits of Rs 133.24 lakh crore for the fortnight ended 31 January 2020. Earlier, in the fortnight ended January 15, 2021, there was an increase of 6.36 percent in bank loans and 11.41 percent in deposits. In the first nine months of the current financial year, bank loans registered a growth of 3.2 percent and deposits increased by 8.5 percent. According to the RBI data on loans given to various sectors in December 2020, released last month, non-food loans of banks increased by 5.9 percent in December 2020 as compared to 7 percent growth in the same month a year ago.
