Do you need a personal loan right away because you’re short on cash? Have you tried contacting your family and friends, but nothing seems to be working? Don’t worry; you can still get a personal loan without a PAN card. Your PAN card is a form of identification that is required in many situations, such as loan sanctions. You can still apply for an instant loan if you don’t have a PAN card. You can learn how to get an instant personal loan in India at a low interest rate with minimal paperwork. Read on to learn more about Instant personal loans without a PAN card.
Hassle Free Way To Pick Up Loans At Much Lower Rates Of Interest.
There are two options to get a personal loan besides borrowing from friends or relatives. Those are banks and loan apps. In both the cases, you have to submit necessary documents like Aadhaar Card, PAN Card, photo, bank account etc. on the basis of which you are given the loan.
But many people do not have a PAN card due to which they are not able to get a loan. Is it possible to get a loan without a PAN card? Yes, it is possible. You can also get a loan without a PAN card by following the methods mentioned by us.
Topics
What is a PAN card?
How to get an instant personal loan without a PAN card?
How to get a personal loan without a PAN card with the help of loan apps?
What is a PAN card?
PAN card is an important document for investments, deposits and transactions above Rs 50,000. It is also an essential document while filing income tax return, opening a new bank account, or applying for a loan. As the loan application and disbursement processes have gone digital, manual requests for loans have reduced.
Borrowers are not required to submit a physical PAN card for personal loan. Instead, you can enter the PAN number to proceed further or use the Aadhaar card number to complete the KYC verification.
For some lenders and financial institutions, PAN card is essential for loans as it gives clarity on the applicant’s financial status, repayment capacity and monetary frauds in the past, if any. Applying for a loan without a PAN card will lead to problems in the loan verification process.
What is a PAN card?
PAN card is an important document for investments, deposits and transactions above Rs 50,000. It is also an essential document while filing income tax return, opening a new bank account, or applying for a loan. As the loan application and disbursement processes have gone digital, manual requests for loans have reduced.
Borrowers are not required to submit a physical PAN card for personal loan. Instead, you can enter the PAN number to proceed further or use the Aadhaar card number to complete the KYC verification.
For some lenders and financial institutions, PAN card is essential for loans as it gives clarity on the applicant’s financial status, repayment capacity and monetary frauds in the past, if any. Applying for a loan without a PAN card will lead to problems in the loan verification process.
How To Get An Instant Personal Loan Without PAN Card
In today’s post, we will share all the details which will help you get a personal loan without a PAN card.
For most personal loans, it is mandatory to submit your PAN card along with your loan application. However, some lenders may allow you to avail a personal loan for a smaller amount, i.e. less than Rs 50,000, without asking you to submit your PAN card. If one has lost his PAN card while applying for the instant loan, then the PAN card number will be sufficient.
Save, Borrow And Invest With India’s First Digital Chit Fund Platform
To get a personal loan without a PAN card, the applicant can apply with an NBFC or online lender.
The following documents are required to get a loan without PAN card:-
- Aadhaar card
- Passport size photograph
- Salary slip
- Bank statement
- Aadhaar linked mobile number
- Bank linked mobile number
Read: Instant Personal Loan Without Salary Slip With Loan Apps
The eligibility criteria required to get a loan without PAN card are as follows: –
- You must be an Indian citizen.
- You must have an Aadhaar card.
- You should be at least 18 years of age.
- You must have your own bank account.
- Your mobile number should be linked to your Aadhaar card.
- Details should be the same in all your documents.
- You must have some income source (minimum Rs 15,000 per month)
- Your CIBIL score should be 750+.
Read: How can you get a personal loan on a low CIBIL score? Learn Now
How To Get A Personal Loan Without PAN Card With The Help Of Loan Apps?
If you are also thinking about taking a loan without a PAN card, then today we will tell you about some such loan applications which give loans without PAN card (income proof). These apps are approved by NBFC/ RBI. Different types of apps have different terms and conditions, it depends on you through which app you want to avail the loan.
Loan apps without PAN card
- Money view
- Bajaj Finserv
- MoneyTap
- Lazypay
- Dhani
- India Lends
- Home Credit
- Capital First Limited
- Credy Technologies
- Flex Salary
Best Instant Loan App – 15 Best Apps For Instant Loan
How To Apply For Online Loan Without PAN Card
Here are a few points to apply for an online loan without a PAN card.
- The first thing you should do is check the lender’s website or mobile app. After giving the necessary information, they will quickly inform you of your eligibility.
- You can choose your loan amount and repayment term after determining your eligibility using the options offered.
- You must upload all the required documents for verification.
- The loan amount will be credited to your account if you’re selected and qualified within 24 hours of loan agreement verification and submission.
Money Club: An Alternative to Banks and NBFCs
India has its own version of the age-old practice of community lending, known as chit funds. Money Club is one such online digital chit fund platform that gives us the opportunity to save and borrow. It is a transparent and secure platform that allows like-minded people from across India to save, invest or borrow efficiently through their smartphones.
Through The Money Club app a group of trusted members can deposit money every month. The pooled money is given to the highest bidder each period. With The Money Club app, you can receive money through your mobile phone without the long formalities and high interest of banks. This comes in handy when you need money urgently from time to time to cover expenses.
Banks/NBFCs charge interest rates between 12%-24% on personal loans. There is also no guarantee that your loan application will be approved. Higher interest also results in higher EMIs. Compared to a personal loan, if you borrow money from a chit fund, both the interest rate and paperwork are very less. Also, you get 3-4 times more interest on your deposited money than Fixed Deposit. If you save money with the help of a chit fund then you will not need to take out a loan during any emergency.
Read: Small Loans Online: Small Personal Loan Rejection Reasons
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FAQs related to urgent personal loan without a PAN card
Yes, you can avail a personal loan without a PAN card with some lenders. Such lenders need other KYC documents such as Aadhaar card and driving license for general verification.
You cannot apply for a loan without providing your PAN card. A PAN card is required for a loan to verify the borrower’s financial behaviour and repayment ability. However, some lenders do grant loans without PAN.
