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How to apply for a personal loan with a new PAN card?

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!

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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