Unlike the past, loan approvals today happen in seconds. One integral part of these instant loans is the submission of a PAN card for identification.
PAN cards have been the subject of several frauds in recent times. To ensure the safety of your credentials and avoid unnecessary loans in your name, you must regularly check the active loans on your PAN card. Can I check loan details by PAN card? Yes! To accomplish this. You can do so by checking your credit report.
The credit report is a summary of your credit history, and it is mapped to your PAN card. The report summarizes your credit score and also allows you to check all your loans.
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CIBIL and Experian are the major credit bureaus operating in India. Banks and lending institutions seek credit reports from these bureaus to check your creditworthiness and ensure a safe financial transaction.
CIBIL and Experian also provide credit reports to individuals seeking them. The reports contain detailed information about your loan history, an overview of your job profile, repayment history, credit inquiries, personal and contact information, credit card utilization, and credit score.
To check your CIBIL score, follow the following steps:
On your dashboard, you will find your CIBIL score along with information regarding your employment, account, and more. CIBIL also allows you to analyse your score and download the report free of cost.
You can find out your Experian score in the following way:
CIBIL and Experian also allow users to raise a dispute in case of any discrepancies in the credit report.
There are also several third-party applications that provide your credit score instantly. Most applications display both CIBIL and Experian scores in one place, making it easier for users.
While it is quicker, you must be wary of possible illegal websites that might use your information for fraudulent activities.
If you want to know how to stop misuse of PAN card, then you need to keep an eye on the activities that involve your PAN card. PAN card misuse has become a common problem in recent years.
Users must stay vigilant and avoid sharing personal information regarding the PAN on suspicious websites. If your PAN is active but the details are not as per PAN, then immediately raise a complaint. Check your credit report regularly to see if there are any loans under your name that you are not aware of.
Yes, scammers can use your PAN card to obtain a loan through some instant loan apps.
Even though linking your PAN card to your Aadhaar is mandatory, you cannot currently obtain your credit score solely by using your Aadhaar number. To generate your credit score, you will need to provide your PAN card.
It can be found on your credit report. That is why it is essential for you to check your credit score and credit report on a regular basis.
When you apply for a personal loan, the bank will request your CIBIL credit score. Because all existing and old credit details are linked to your PAN, your PAN is required to generate your CIBIL report. Apart from other eligibility criteria, the loan approval is heavily reliant on your CIBIL report.
Credit card and loan details linked to your PAN card are used to calculate your CIBIL score. As having more than one PAN card is a punishable offense, if you already have one, you do not need to apply for another one.
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