Avail Of Instant Personal Loan Without PAN Card - Loan Trivia


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Monday 9 August 2021

Avail Of Instant Personal Loan Without PAN Card


Procuring a personal loan without submitting a photocopy of PAN Card was next to impossible earlier as it provided clarity about a borrower's financial position, loan history, and other details to a lender. However, with the advent of modern technology and digital mediums, it has become easier for banks, NBFCs, and other financial institutions to check your financial status and loan repayment history. Also, several instant personal loan providers have emerged off late that provide quick loans without verifying too many details about a borrower. You may have to use one of these options if you want to avail of an instant loan without PAN Card

Submit your Aadhar card 

If you have lost or misplaced your PAN card, you can submit other important documents such as an Aadhar card, voting ID, passport, etc. in its place. Getting a personal loan on an Aadhar Card is easy as it provides both biometric and demographic details that enable the lenders to verify all your details conveniently. 

Confirm your financial condition 

A loan lender will verify your financial stability before granting a personal loan to you. A lender will always check whether or not you have a regular income source and pay your EMIs on time. Apart from that, lenders would also like to know about your monthly expenses before approving your loan application. 

All these things can be cross-checked easily via your salary slips or account statements. Therefore, if you wish to avail of an instant loan without PAN Card then it would be mandatory to submit account statements and salary slips of at least 3 months. 

Once you confirm your financial stability, it would be easier for the lenders to think positively about your loan application. 

Credit score 

Your credit score reflects your credit history and shows whether you are capable of repaying a loan on time. As a result, banks and NBFCs prioritize it highly while considering a loan application. If your credit score is high then an instant loan provider might not even ask for your PAN Card details. Also, a credit score above 750 is necessary to get loans at reasonable interest rates. 

If your credit score is poor, then an instant loan might still be offered but at a much higher interest rate, and you might also be not able to negotiate on other terms like tenor, loan amount, etc. 

Go for loans offered by NBFCs

Traditional lenders like banks might not approve your loan application without a PAN Card or would at least demand your 10-digit PAN Card number. Therefore, if you wish to get a loan without a PAN Card then approaching an NBFC would be a much better option. This is because the non-banking financial companies do not employ strict eligibility criteria and approve your loans on the basis of minimum documents. 

Also, some NBFCs provide pre-approved offers to their customers based on their eligibility. These offers are provided only once the lender checks the entire credit history and financial status of an individual. Therefore, if you apply for a pre-approved offer then the NBFC might be able to lend an emergency loan without verifying your PAN Card details. 

Bajaj Finserv offers a wide range of pre-approved offers to their selected customers. These offers comprise personal loans, travel loans, education loans, and credit card offers. To check the offer that you pre-qualify for, you need to visit their portal and enter some basic details like mobile number, email id, and name. After providing these details, you will see a list of pre-approved offers according to your eligibility. 

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