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

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.
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