How to apply for a personal loan with a new PAN card?A personal loan has become one of the easiest options available after credit cards, thanks to the influx of various private financial institutions and NBFCs in the country, along with national and private banks.
If one needs extra money to manage an unexpected financial emergency like medical treatments or a surgery, a personal loan is an instant medium for raising quick money. Even for planned events like a wedding, vacation, or home remodelling, personal loans online are quite handy.
One of the reasons making personal loans popular is that it requires very little documentation and absolutely no collateral if the personal loan taken is unsecured. Borrowers need to submit identity proof and income proof documents in a paperless format online via instant loan apps. An E-KYC verification is conducted using an Aadhar card and PAN card. In case, you have a new PAN card, the lenders will not be able to verify the CIBIL score as it will gradually build in the due course. Getting a personal loan with a new PAN card is always possible and will allow new borrowers to build their credit scores.
Applying for a personal loan with a new PAN card
A PAN or a Permanent Account Number is a unique ten-digit alphanumeric (contains a combination of both alphabets as well as numbers) identification number that is allocated to every taxpayer in India. It is the most important document for filing taxes and every tax-related information for an individual is reflected in their PAN number.
A PAN card has details of the individual's full name, date of birth, photograph, and the unique identification number. Hence, a PAN card new or old serves as an identity proof for all banking and financial transactions and for the procurement of any kind of personal loan.
However, if you do not have a PAN card, then the process of obtaining a personal loan or for that matter any loan, becomes cumbersome. You may have to submit multiple documents, get various approvals, and may even have to wait for a longer period of time for the loan to get approved. In some cases, your loan request may even get rejected in the absence of a PAN card. The solution, therefore, lies in getting a new PAN card, if the current one is lost, broken, or damaged
You can easily apply for a new PAN card for personal loans, either through online government portals like NSDL or UTITSL, or you can directly apply for a new PAN card at any district-level PAN card office. An already existing PAN cardholder can request for reissuing a new PAN card with the same PAN number. This will keep the collated CIBIL score intact and borrowers will not have to rebuild the score.
Once you get a new PAN card, you can submit the same along with your Aadhar card and income proof documents and apply for a personal loan online, private lenders like HeroFincorp have launched personal loan apps like SimplyCash, to obtain a personal loan in a few simple clicks. You only need to download the app, log in, enter your details, upload your documents and wait for instant loan approval and quick disbursal.
With a shiny new PAN card and a completely digitized personal loan app, you can procure a personal loan from the comfort of your home with ease and elan!