Can I Get a Personal Loan Without PAN Card?

PAN Card is a necessary document in various financial dealings. This covers your market investments as well as the acquisition of any financial instrument such as FDs. Moreover, every transaction beyond Rs. 50,000, especially when purchasing pricey jewellery or a vehicle, needs you to provide your PAN data. Similarly, opening a bank account or applying for a loan offer may not materialize without a PAN.

However, not all loan applicants have their PAN cards with them. Thus, is it feasible to obtain a personal loan without a PAN card? The answer to the above question is yes. However, the process is a little lengthy and is discussed in detail below, so keep reading.

How to Get a Loan Without Pan Card?

According to government regulations, it is difficult for financial institutions to lend to applicants who do not have a PAN number. Furthermore, the Aadhar card must be linked to your bank account and PAN for instant loan approval. This facilitates the government agencies to keep track of your financial transactions and prevent financial fraud. However, some lenders extend loans without a PAN card to eligible candidates.

In case you do not have a PAN card, submit the alternative documents listed below to get a loan.

  • If PAN is not available, then Form 60 is mandatory.
  • Photo identity proof: Passport, driving license, Aadhaar card number, Voter’s Identity Card, NREGA job card
  • Address Proof: Passport, driving license, Aadhaar card, Voter’s Identity Card, NREGA job card
  • Deemed Official Valid Document: Any service provider’s utility bill that is less than two months old (electricity, water bill, telephone, piped gas, post-paid mobile phone), Municipal tax receipt, pension payment orders (PPOs) etc.
  • Income proof: Latest salary slip, Recent Audited Financials, Bank details of last three months salary credited.
  • Business Proof: Qualification Certificate or Certificate of Practice(COP), Shop Act License, GST registration, Partnership Deed, etc.

In addition to the above documents, it is vital to have a high credit score of 750 or above for getting a loan. A high score gives confidence to the lender about your financial prudence and intent to repay. In addition, the bank details provided help banks determine your present and past financial condition and your repayment capacity. All of the records mentioned above must be sent to the bank together with the fully completed loan application form. Banks may issue you a personal loan without a PAN card once your paperwork has been examined and your eligibility has been determined.

One of the most common reasons for a personal loan application being rejected is the applicant’s lack of eligibility due to inadequate documents. However, before applying for a loan, you should examine your loan eligibility as well as the paperwork required to obtain a loan. If you do not have all of your paperwork in order, you should contact your bank and inquire about the alternative credentials you may submit to secure the loan. For example, people who do not have a PAN card might use the above criteria to obtain a personal loan.