Getting a personal loan without a PAN card is not possible, as every RBI-registered and regulated lending institution checks your PAN card for loan processing. Your PAN card is an essential document required for monetary transactions and holds high importance in the loan approval process. As per the RBI’s guidelines, you need to submit your PAN card for any financial transactions or deposits of Rs. 50,000 or above.
Lending banks, NBFCs and various other financial institutions rely on PAN card before personal loan approval. Therefore, without a valid PAN card you shall not be able to avail personal loan(s) or any other credit product from registered financial institutions, including banks, NBFCs, MFIs, Fintech Lenders, Money Lending Apps, etc. However, if you are in need of urgent funds to meet your financial needs, you can simply apply for a PAN card for free and start your financial journey.
How to Apply for a PAN Card – Online
Find below the simple steps to apply for an Instant e-PAN through the Income Tax e-Filing Portal:
Step 1: Visit the homepage of e-Filing web portal and under the Quick Links section click on ‘Instant e-PAN’
Step 2: On the e-PAN page, click on “Get New e-PAN”
Step 3: On the Get New e-PAN page, enter your 12-digit Aadhaar number, select the I confirm that checkbox and click on “Continue”
Step 4: Click on “I have read the consent terms and agree to proceed further” on the OTP validation page and click on “Continue”
Step 5: Enter the 6-digit OTP received on the Aadhaar linked mobile number, select the checkbox to validate the Aadhaar details with UIDAI and click on “Continue”
Step 6: On the Validate Aadhaar Details page, select I Accept that checkbox and click on “Continue”
Step 7: After the submission is successfully completed, a confirmation message along with an Acknowledgement Number will be displayed on the screen.
Note: Please make sure to note down the Acknowledgement ID for future reference. A confirmation message will also be sent to your mobile number linked with Aadhaar.
After your PAN card is created, you can check and compare from various personal loans available on Paisabazaar from leading banks and NBFCs to apply online, as per your financial requirements.
Is PAN Card Compulsory for a Personal Loan?
Yes, your PAN card is mandatory to apply for a personal loan, as it is one of the important documents, which banks and NBFCs check and verify before loan application approval or denial. PAN card helps in the identification and verification of your identity, financial history and tax details. PAN card gives an overview of the borrower’s financial behaviour and helps the lender, whether to approve the personal loan application or not. To access quick funds safely, apply for a personal loan through a registered financial institution to avoid fraud, data theft, or misuse of your personal and financial information.
FAQs Personal Loan without a PAN card?
Can I take a personal loan without a PAN card?
No, you cannot get a personal loan without a valid PAN card but you can create a new e-PAN card and then start the loan application process.
Can I get a loan amount of more than Rs. 50,000 without a PAN card?
As per the Income Tax Act, 1961, the lending banks require the valid PAN card of the applicant, if the desired loan amount exceeds Rs. 50,000. Therefore, if you do not have a PAN card, you cannot apply for a loan amount above Rs. 50,000.
I am a student can I get an instant personal loan without a PAN card?
Students might find difficulty in availing instant personal loans without a PAN card. Therefore, firstly you need to create a PAN card and then apply for a personal loan of desired loan amount.