From the 'been there, done that' school of Panda owners, here's a solution.
The fan can be removed relatively easily from the car, then lubricated (I used WD40), and have had nearly a year of squeak-free motoring. But, its a fiddly job.
I'll try and take some photos, but for now, text-only. There's a tiny hex-headed screw on the fan casing, which can be seen from the passenger side footwell -- on its own at "3 o'clock" behind part of the wiring loom,. This needs a 5.5mm socket. Unscrew this, remove the wiring connector to the fan and rotate the fan casing round anticlockwise, freeing it from the 'lugs' that hold it (bit like a big jam jar lid) With some careful twisting and turning, the whole unit can then be passed out via the footwell. I needed to unplug the brake light switch and another cable under there somewhere too, and 'posted' the passenger air bag isolator back into the glove box (didn't unplug this though).
Once the fan is out theres a rectangular section in the casing (with a big white paper label on it) with an opening that you can see the motor 'commutator' through (alternating copper strips and black plastic) Spray WD40 onto that and it will all go quiet. Reassembly is, as they say, the reverse of removal (ie very fiddly but can be done) Reconnect the wiring and don't forget to reconnect the brake lights. Total time -- 5 mins to loosen the screws, 45mins of faffing to get it out, 15 to go back! My local dealer has Panda with complete dash/heater dismantled right now, so may get photo there.
A quick PS - there's also a small plastic 'plug' on the end of the motor which can be prised off without taking the fan out. A quick squirt in there may help. I only found this after taking it all apart. Photos v soon!
Pete