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Importance of PAN Card while applying for Personal Loan

Importance of PAN Card while applying for Personal Loan

A personal loan is an unsecured loan, offered with minimal documentation. Genuine financial institutions and NBFCs mandatorily ask for a PAN Card for approval of an instant loan. Therefore, PAN cards and Aadhar cards are essential documents for the citizens of India applying for a personal loan. 
 
An Aadhaar card fulfils your eligibility criteria for biometric verification, whereas a Pan card verifies the financial and taxation activity of a borrower. So, do keep handy your Aadhar card and PAN card while initiating a personal loan application process.
 

Advantages and uses of PAN card while applying for Personal Loan

A personal loan supports various financial requirements like home renovation, vacation, buying home appliances, medical bills, debt consolidation, and many other purposes.
 
Hence you need a PAN card, which is a critical KYC document for a personal loan. 
 
With an increasing number of fraudulent borrowers, submission of PAN cards is made mandatory to check the financial history of the borrower, to see if bad debts, bankruptcy, or blacklist status exists or not. So, let's have a look at some of the main features of a PAN card:
 
Identity Proof - PAN Card is an essential identity proof with a full name and a picture of the borrower. If you have applied for a new Aadhar card and it is under process, financial institutions accept PAN cards also as identity proof. It is not a substitute for an Aadhar card but an equally important identity proof for a personal loan.
 
Financial History - The PAN gives an overview of the borrower’s financial behavior and gives clarity to the lender whether to approve the loan or not. Overall, a PAN card reflects the creditworthiness of a borrower.
 
Check CIBIL score - Visit the official CIBIL website to know your credit score. Enter the PAN card number and submit your request for a CIBIL score.
 
Income tax filing - All individuals salaried or self–employed eligible for income tax are expected to file their IT returns. The IT department has necessitated linking your bank account with PAN Card, as your income tax returns will be directly credited into your said account.
 
Opening a bank account - PAN card is considered the most vital document for opening a bank account to open savings or current accounts. 
 
Foreign travel - Cash transactions related to foreign travel of more than Rs.50,000/- inclusive of forex purchase require PAN card details.
 
For claiming an income tax refund - Sometimes the TDS deducted from the taxpayer's income exceeds the actual tax they are expected to pay. To cite the excess tax paid, the taxpayer must have a PAN associated with their bank account.
 
But, availing of a personal loan without a PAN card can be a task, as lenders use it to keep a track of your financial behavior and an alert against monetary fraud.
 

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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