How to Get Personal Loan without PAN Card

Understanding the various choices and the procedure of applying for a loan without a PAN card becomes important in cases where you may not have a PAN card yet urgently want financial help. Even though most transactions and loans in India require a PAN card, some lenders provide immediate personal loans without one. Instead, they accept alternative KYC paperwork, allowing you to get loans without a PAN card. You can also apply for a personal loan with Airtel Flexi Credit Personal Loan on the Airtel Thanks App instantly. Let’s read more about getting a personal loan without PAN card.

Also Read: What are the Various Types of Personal Loans?

Benefits of Applying for Personal Loan without PAN Card

Here are some of the benefits of applying for a personal loan without PAN card–

• Immediate Approval: Having a PAN card increases your chances of receiving an immediate loan, making it a useful alternative for crises or unexpected needs.
• Paperless Process: Using a PAN card, the loan application procedure becomes paperless, saving you the time-consuming process of submitting papers and having them evaluated.
• Faster Disbursal: It shortens the time required to complete a loan application and does not demand collateral. The loan is also disbursed quickly, guaranteeing that you obtain the approved amount without any unwanted delays.
• Lower Interest Rates: those having a PAN card are more likely to get loans at lower interest rates than those without a PAN card, who may be charged a higher rate of interest.

Also Read: What is the maximum and minimum tenure for a personal loan?

How to Apply for Personal Loan without PAN Card

Here are a few tips for applying for a personal loan without PAN card–

• Good Credit Score: When applying for a loan without a PAN card, having a strong credit score is critical. Lenders will check your creditworthiness to determine your repayment capabilities. A high credit score reflects sound financial management and raises the chance of loan acceptance.

• Check Eligibility Terms: Before applying for a loan without a PAN card, thoroughly check the lender’s eligibility conditions. While some may have simple conditions others may have tough requirements.
• Identify Lenders and Loan App Without PAN Card: Do research to find lenders or loan apps that do not require a PAN card. To guarantee a seamless borrowing experience, look for lenders with a reputation for clear and speedy loan processing.
• Compare Lenders: Compare the lenders and choose the one with the best conditions and the lowest interest rate. Your decision may also be influenced by other factors such as favourable tenure and no-prepayment penalties.
• Submit Documents: When applying for a loan without a PAN card, it is important to give the lender correct and up-to-date documents. Incomplete or false information may result in loan rejection.

Also Read: How to get a personal loan with low CIBIL score?

Documents required to get Personal Loan without PAN Card

Here are the documents that you might need to submit to get personal loan without PAN card-

While many lenders provide loans without requiring a PAN card some of the following documents are basic for verification-

• ID Proof: A copy of your Voter ID, Passport, Driving License, or Aadhaar Card can be submitted as acceptable picture identification.
• Employment Certificate: Provide an employment certificate showing stable employment for at least a year.
• Address Proof: A suitable address proof is a voter ID, passport, driving license, or Aadhaar card.
• Income Proof: To verify your repayment capacity, you need to submit your salary slips or account statement.

Also Read: What are the tax benefits for Personal Loans?

Eligibility Criteria for Online Loan Without PAN Card

Here are the eligibility factors for applying personal loan without PAN card–

Indian Resident: You must be a citizen of India to apply for a personal loan.

• Age: If you are 18+, you are only eligible for a loan without a PAN card.
• Identity Proof: While the PAN card is not required, you must produce other forms of legal identification.
• A constant Source of Income: To qualify, you must have a constant source of income, either from a salary or from self-employment, demonstrating your capacity to repay the loan.
• Income Record: Your profits must be directly deposited to your bank account, with bank statements serving as documentation of your earnings.
• Repayment Capacity: If you are a salaried individual, your monthly in-hand salary should be at least Rs. 13,500. Self-employed persons are eligible if their monthly income exceeds Rs. 15,000.
• A Good Credit Score: A credit score of 600 or above is preferred by most lenders since it assures them of your trustworthiness and responsible financial behaviour.

So, even if you don’t have a PAN Card, you need not worry because the above-mentioned methods can help you get a personal loan without a PAN Card.