How to Get Personal Loan without PAN Card

You can easily get a personal loan without a PAN card using alternate documents for KYC. You can use documents like Aadhaar card, Voter ID, Passport, etc. However, loan amounts may be smaller if you don’t have a PAN card. 

Thus, if you are looking for an ‘instant loan without a PAN card’ or a ‘loan app without a PAN card’, look no further!

You can get affordable instant loans without a PAN card through Moneyview. Continue reading to know how you can get a personal loan without a PAN card.

Personal Loan Without PAN Card

While a PAN card is considered your primary identity proof document, you can easily get a loan through Moneyview without it.

Our lending partners have a list of documents you can choose from a proof of identity. You can use any of the following documents if you don’t have a PAN card - 

• Aadhaar Card

• Valid Indian Passport

• Valid Voter ID

• Valid Driver’s License

All you need are other officially valid documents or alternate KYC documents, such as your Aadhaar card, Voter ID, Passport, etc.  Read on to learn how to apply, eligibility requirements, and other documents needed.

Is a PAN Card Mandatory for a Personal Loan?

No, a PAN card is not mandatory for getting a personal loan. However, most lenders prefer the PAN card as an identity proof, as it is linked to your financial history. Lenders can easily check your creditworthiness, with your permission, using your PAN. 

Here are the major reasons lenders may ask for your PAN -

• Legality

As mentioned earlier, it is not illegal to take a loan without the PAN card. You can furnish other Officially Valid Documents (OVDs) in its place. 

However, banks and NBFCs have to collect the PAN card or Form 60 for certain transactions to comply with anti-money laundering and tax reporting rules. Remember to mention to your lender in advance if you do not have a PAN card. 

• Income Tax Guidelines

You are supposed to furnish your PAN card for every transaction above ₹50,000. Thus, if the loan amount is ₹50,000 or above, lenders must obtain PAN details or a duly filled Form 60 declaration, when PAN is not available.

You can easily get smaller loans without a PAN card and just verify yourself using OTP and Aadhaar verification.

• Creditworthiness

The PAN card helps lenders report your repayment history to credit bureaus (CIBIL, Experian, etc.). Without the PAN, there’s a chance your loan repayment may not be fully reflected in your credit score.

Who Can Apply for a Loan Without PAN Card?

As long as you are applying for a small loan, anyone can apply for a personal loan without a PAN card. 

Here are the eligibility criteria for a loan without a PAN card through Moneyview -

• Age of the applicant must be within 21 and 57

• Must be an Indian resident

• Should be salaried, or self-employed

• Should have a minimum monthly income of ₹25,000

• Should have a minimum CIBIL score of 650

Documents Required for Online Loan Without PAN Card

The documents you need to apply for a personal loan through Moneyview without a PAN card are listed below - 

• Ensure that your mobile number is linked to your Aadhaar card for KYC verification

• Provide a clear selfie taken in a well-lit area

In case proof of address is required, any one of the following documents will suffice -

• Aadhaar Card

• Valid Indian Passport

• Valid Voter ID

• Valid Driver’s License

• Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Please Note: 

• The documentation requirements will vary based on your profile. Our lending partners may require proof of address, bank statements, and other supporting documents.

• If our lending partners require proof of income, you must furnish your bank statement for the last three months. This statement must show your salary credits.

• Lenders may ask you to submit 2 or 3 documents in the absence of a PAN card. 

Benefits of Applying for an Online Loan Without a PAN Card

Here are some benefits of applying for a personal loan online without a PAN card -

1. Easy Access 

People who do not have a PAN card can borrow money quite easily if the lender accepts alternate documents like voter ID, Aadhaar, or a Passport.

2. Quick Approval Process

Digital lenders often have streamlined processes that do not require a lot of documentation. This makes the loan approval process faster, even without a PAN card.

3. Paperless Process

Most online lenders let you complete the loan application process without having to submit hard copies of documents. You can apply for a personal loan without a PAN card 100% online. 

4. Fast Disbursal

If you do not have a PAN card, you can consider pre-approved loan offers. These loans are easy to apply for and do not need too many documents. All in all, you are able to get the funds required faster.

5. Convenience 

Applying for loans through digital lenders means you do not have to visit a branch or a physical location. This makes the whole process of applying for loans easier for borrowers, especially for those in remote areas.

6. Tailored Loan Products

Some lenders may offer small starter loans or microloans without requiring a PAN card. This can be useful for specific needs, such as medical emergencies and short-term expenses.

Points to Remember Before Getting a Loan Without a PAN Card

Here are some tips, and things you should note to get a loan without a PAN card -

• Good Credit Score

A good credit score will help you get a bigger loan if you don’t have a PAN card. However, this is true for all loans, with or without a PAN card. Through Moneyview, you can get a personal loan with a CIBIL score of just 650.

• Research Lenders and Apps 

There are many online and offline lenders who provide loans without PAN cards. Spend some time researching such lenders and comparing them before finalizing one. 

• Check Eligibility

Check with your chosen lender if they provide loans without PAN cards. Even though its not mandatory, some lenders might not give loans without a PAN card. Moneyview’s partner lenders let you show alternate documents and get a loan without a PAN card.

• Negotiate with the Lender

If you already have a relationship with the lender, getting a loan without a PAN card would be possible if you talk to them.

• Be Prepared for Additional Verification

Not having a PAN card can lead to additional documents required and other verifications. Keep all your other documents in order, and be ready to produce them when required.

• Smaller Loan Amounts

As you cannot get loans above ₹50,000 easily without a PAN card, remember that the loan amount offered to you will be low. 

• Higher Interest Rates

Your PAN card helps the lender run a full check of your previous loans and that increases your trustworthiness. Without that, you might be perceived as a riskier customer and might have to pay a higher interest rate.

• Delayed Approvals

If your documents are not enough, you might need to submit more documents. This may delay your approval and disbursal process.

Conclusion

The main documents you need to apply for a personal loan are proof of identity, address, and income. The PAN card is the most commonly used identity proof, but if you don’t have one, there is nothing to worry about.

Just remember that as per Section 139A and associated rules, failure to quote PAN when legally required (without using Form 60) can lead to penalties. 

You can use any of the listed documents to prove your identity and proceed with the loan procedure as usual. Taking a loan through Moneyview without a PAN card is 100% paperless and hassle-free.

To know more, visit our website or download the Moneyview app.