Personal Loan Without PAN Card – Best Guide & Information

What is the role of a PAN Card in applying for a personal loan?

PAN card stands for Permanent Account Number – it is a unique alphanumeric value assigned by the government for all the taxpayers of the country. For every person who has a PAN Card, their tax-related information is recorded using the respective PAN number. To keep a streamlined record of the taxpayers across the country, it becomes efficient for the government to use the PAN Card numbers as a point of reference.

The government has stated some of the rules that mandate having a PAN Card to execute certain finance-related pursuits or tasks. Like, as per the rules that were newly introduced in the Finance Act, 2021 – a PAN Card is a must to perform tasks like opening a Demat account, applying for a debit card or a credit card, applying to open a bank account, and applying for a loan.

If a person wants to access some financial services from the entities of the Indian banking system, it is compulsory for the person to have a PAN Card. Also, when it comes to borrowing money through loans, the guidelines of the RBI (Reserve Bank of India) suggest the borrower’s PAN verification as a matter of compulsion.

So, if you are a loan seeker who wants to borrow money from a bank, a personal loan without PAN Card might not materialize. It is always better to have a PAN Card before applying for a personal loan. Though having a PAN Card is not a guarantee of getting loan approval, it plays an important role in deciding the strength of your loan application. Along with a PAN Card, there are other important documents that are asked by the lenders.

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Personal Loan Without PAN Card

As mentioned in the above information, it is compulsory to have a PAN Card in order to apply for a personal loan. So, it can be assumed that the banks operating under the Indian financial ecosystem, would mandatorily ask any loan seeker to submit their PAN Card.

Still, if a loan seeker is able to convince NBFCs (Non-Banking Financial Institutions) with other relevant documents that reflect enough creditworthiness, the non-banking lender might consider the application and take the loan process forward. Some of the documents that might help you in taking a personal loan without PAN Card are identity proof (like the Aadhar Card of the applicant), address proof, bank account statements, salary slips, etc.

If you have a CIBIL score or credit score that is 750 or more, you might be able to convince the lender about your decent repaying capabilities. A CIBIL score is one of the most important factors that lenders consider while reviewing any loan application.

If you are not much aware of your credit score, you must check it right away as it can prove to be instrumental in your loan approval journey. A credit score (a 3-digit numerical value ranging from 300 to 900) depicts your entire credit history and your repayment potential. A better CIBIL score (750 or more) is always a favourable factor to rely on. If your credit score is lower, there are certain ways through which you can improve your score gradually.

Also, another aspect that might help you in fetching a personal loan without PAN Card is your debt-to-income ratio. If this ratio of yours is below 36%, the lender might get ready to risk their money and sanction your personal loan. And if you do not have any ongoing debt or loan – and you have a stable income, you can use this fact for the pursuit of convincing the lender.

What is the required Eligibility to get a Personal Loan?

In order to get a personal loan, the loan seeker must match the required criteria set by the lenders. Though every bank or financial institution has its own loan eligibility criteria and rules and regulations, there is a general set of criteria that are a must for the loan seeker to fulfil.

Getting a personal loan approval depends on the profile of the loan seeker – comprising their occupational details, income, professional experience, CIBIL/credit score, etc. As there is no collateral guarantee asked by the lenders, the loan-seeking individual’s profile is on what the lender judges the repayment capabilities.

We will now come across the basic personal loan eligibility criteria for the salaried persons and the self-employed persons – so that you may get a better understanding of the chances of your loan approval as per your occupational profile. As this remains a primary step, you must be prepared for the additional documents or certificates (if required) that may be asked by the lenders.

Salaried Loan Seekers – Eligibility Criteria For Getting A Personal Loan

For the loan seekers who are having a stable job and income, the following are the points of eligibility:

• Minimum Age – 21 Years
• Minimum Salary – Rs.15,000/month
• 1 Year Job Stability

Self-Employed Loan Seekers – Eligibility Criteria For Getting A Personal Loan

If you are an individual who runs his/her own business, the following are the points of eligibility to get a personal loan:

• Minimum Age – 21 Years
• Income Tax Return of Minimum 1 Year
• 1 Year Business Stability

As there are various banks and financial institutions that offer personal loans – they operate as per their rules and regulations and terms and conditions. The above-mentioned loan eligibility criteria depict only the general points through which a loan seeker can read the basic requirements.

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