How to Get Personal Loan without Pan Card?

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A personal loan can double up as the fabled Aladdin’s genie when you suddenly need extra cash. Whether it’s a wedding or a business need, or money needed for repairing your car, a personal loan comes in handy when you are not fully prepared to pay from your stash.

Securing a personal loan can be a time-consuming procedure for which you may be required to produce a variety of documents. Among these, a crucial piece of identification is the PAN card, also known as the permanent account number, sanctioned by the Government of India.

Owning a PAN card is a prerequisite for loan approval. But it does not mean that those who do not own a PAN card cannot avail of personal loans. Thankfully, some lenders extend the facility of quick personal loans without it.

There are various scenarios where individuals may find themselves without a PAN card. For instance, it is common for young people who are new entrants to the workforce to not have gotten a PAN card immediately.

Accepting alternative forms of identification such as Aadhaar cards, voter ID, or even biometric data allows individuals to access financial services seamlessly. If you do not have a PAN card and are scouting for a loan, then this is a guide for you.

Eligibility Criteria For Getting A Loan Without A PAN Card

• You must be over 18 and below 65 years of age
• Your minimum in-hand income must be INR 13,500 or more in case you are employed
• If you are self-employed, your minimum in-hand income must be at least INR 15,000
• Your salary must be credited directly to your bank and must reflect in your bank statements as they will be used as proof of earnings
• It would help if you had a CIBIL score of more than 600

Also, Read: How to Get Personal Loan On Aadhaar Card Without Pan Card?

Documents Required For Availing A Loan Without A PAN Card

You must share the following documents to avail a loan without a PAN card.

• Valid Photo ID Proof: You can provide a copy of your voter ID, passport, driving license, or aadhaar Card as a valid photo identification
• Address Proof: Voter ID, passport, driving license, aadhaar Card or utility bill can be furnished as valid address proof
• Income Proof: A copy of your salary credit or primary bank statements for the last six months
• Employment Certificate: Some lenders may also ask you for an employment certificate that shows continuous employment for at least a year

A Guide To Securing A Loan With An Aadhaar Card, Without The PAN Card

• Investigate Lenders: A fair amount of homework will be required to make a list of trustworthy lenders or financial institutions that extend loans based on your identification documents
• Confirm Eligibility: Make sure you fulfill the eligibility requirements outlined by the lender
• Application Procedure: Complete the application form online or offline, furnish the necessary information, and attach the requisite documents
• Verification and Authorization: After submission, the lender scrutinizes your particulars, and upon verification, the funds are transferred to your account

For tailored loan solutions, explore Credmudra. We specialize in connecting you with the most suitable lender, streamlining the entire process, and saving you precious time and energy.

Our online process ensures ease, and loan disbursement is notably rapid.

Moreover, we have you covered if you currently lack a PAN card. Whether it’s selecting the appropriate lender or grasping PAN card fundamentals – you can find all the relevant information on our blogs.

Also, Read: I Need 50000 Rupees Loan Urgently

Calculate Your Personal Loan EMI 

Things To Remember While Applying For A Personal Loan Without A Pan Card

• Many financial institutions may require alternative identification documents, such as Aadhaar, voter ID, or passport, in the absence of a PAN card. Ensure that you have these handy.
• You may be asked to provide your income statements, bank statements, and other relevant documents that give a clear picture to the vendor about your ability to repay the loan.
• It’s advisable to check with the lender beforehand to confirm their specific requirements for documents when applying for a loan without a PAN card, as different lenders may have varying processes for verification of applicants.
• Maintaining a good credit score and a positive repayment history can also enhance your chances of loan approval.

Carefully review loan terms, including interest rates and repayment schedules, to make an informed decision.

Why Credmudra?

Credmudra utilizes advanced analytics and machine learning apparatus to facilitate inclusive lending. By going beyond traditional metrics and incorporating diverse data, Credmudra creates customized credit profiles for individuals.

The user interface and user experience (UI/UX) are designed in a way that fosters user confidence and makes the process seamless. With Credmudra you can avail of personal loans in the range of INR 10,000 – 10 lakhs. Here are some of the key features:

• Reliable Matching Algorithm: Well, compatibility is not just important in the world of matchmaking but in the world of loans too. Credmudra’s algorithm matches borrowers with compatible lenders to increase the likelihood of approval of credit applications.
• Knowledge hub on finances: Credmudra equips users with insights on credit behavior and the art of financial planning. You cannot have a fruitful financial journey without learning the ropes of personal finance.
• Inquiry Solutions Hub: A dedicated space that deals with user questions regarding lending procedures and financial terminology
• User Feedback and Community Reviews: Credmudra’s community lets you glean useful insights from the experiences of fellow users
• Speedy Fund Transfer System: Guarantees timely disbursement of funds to address pressing financial requirements.
• Cost-Free Top Loan Deals: You do not have to worry about burning a hole in one pocket to get a small-ticket loan in your other pocket – Credmudra delivers personalized loan proposals without charging users any fees.

Visit Credmudra today and avail a quick, hassle-free personal loan – even if you don’t have a PAN card – from trustworthy vendors.

Also, Read: 10000 Loan Without a PAN Card in Few Clicks

FAQs

1. How can I Repay a Loan Availed without a PAN Card?

You can quickly repay your loan through EMIs (equated monthly installments) or by setting up an auto debit feature in your bank account.

2. Can I Avail a Loan without a PAN Card?

You can avail of a personal loan without a PAN card or salary slips. You have to provide an alternative identity proof for your loan application.

3. Is a Co-Applicant Necessary if I Avail of a Personal Loan using my Aadhar Card?

Typically, a co-applicant isn’t required for an Aadhaar card-based personal loan.

4. Is Loan Eligibility Affected by a Less-Than-Impressive CIBIL Score?

If your CIBIL score is lower, your loan application might be rejected. However, you can still obtain a cash loan if it falls within the average range, say between 650 and 700. It’s important to note that you may be charged a higher interest rate due to your credit score.

5. What is the Range of Loans Available if I Apply with an Aadhaar Card?

With your Aadhaar card, you can secure a loan starting from ₹10,000 to ₹20 lakhs.

Also, Read: I Need 2000 Rupees Loan Urgently