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Can I get a loan without Pan Card

Can I get a loan without Pan Card

PAN Card is a mandatory document for investments, deposits and transactions above INR 50,000. It is also an essential document while filing Income Tax Returns, opening a new bank account or applying for loans. As the loan application and disbursal processes have digitized, manual requests for a loan have reduced. Borrowers can very well get a loan without submitting a pan card photocopy. Instead, you can enter the PAN number to proceed or use the Aadhar card number to complete the KYC verification.

For some lenders and financial institutions, PAN card is necessary for a loan as it gives clarity of the applicant’s financial status, repayment capability and monetary frauds in the past if any.  In the absence of a PAN card, applicants should submit other KYC documents along with personal details.

Another way to get a loan without a PAN card is to collate the necessary income statements that reflect the current and previous financial position. It includes salary slips, bank statements and income tax return papers. Business-person maintaining a good credit score are easily eligible for loans without a PAN card. A consistent repayment history and loan clearance on time adds to the credibility of the applicant making loan approval easier.

Personal loans are unsecured loans that require no collateral and lesser documents as compared to secured loans. Maintaining a good relationship with your lender also gives an advantage of availing loans without documents like PAN card. It can further reduce the interest rates with favourable terms and conditions.

Tips to Avail Instant Loan in the Absence of a PAN Card:

The maximum loan amount sanctioned without a PAN card is Rs. 50,000. Here is how you can acquire it:
 
  • A high credit score is essential for quick approval
  • Submit your bank statement or salary slip for financial assessment
  • Submission of utility bills and identity proofs instead of a PAN card can work for some lenders. However, it totally depends on eligibility criteria of lenders
  • Approach lenders offering loans with less stringent eligibility
  • A stable repayment history can form the base for loan sanction without a PAN card
FAQs

Q.1 Is it possible to get a personal loan without a PAN card?

A: Yes, you can avail a personal loan without PAN card with some lenders. Instead, use other KYC documents such as Aadhar card and driving license for general verification.

Q.2 Is PAN card mandatory for education loan?

A: Yes, PAN card is a mandatory documentfor an education loan. Most financial institutions have made it compulsory for students to submit a PAN Card while registering for an education loan with them.

Q.3 How can I know my PAN card loan eligibility?

A: Visit the official Financial services website to know your credit score. Enter the PAN card number and submit your request for credit score. Higher credit score confirms your PAN card eligibility for a loan.
 
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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