Personal Loan Without PAN Card. Is it possible? (2024)

Understand how to get an instant personal loan at low-interest rates with minimum documentation in India.
Personal_Loan_Without_PAN_Card_Is_it_possible
Personal_Loan_Without_PAN_Card_Is_it_possible

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Do you need a personal loan immediately because you're short on cash? Have you tried contacting your family and friends, but nothing seems to be working? Don't worry; you can still obtain a personal loan instantly without crucial paperwork like a PAN card. Your PAN card is a necessary form of identification in many situations, such as loan sanctions. Without a PAN card, you can still apply for an instant loan. You can learn how to obtain an instant personal loan in India at a low-interest rate with minimal paperwork. If you want to learn more about Instant personal loans without an Aadhar card, read this article.

If you are looking for an instant loan, you should consider the following:

Personal Loan Without PAN Card

As previously mentioned, there are several ways to get an instant personal loan without providing proof of income. First, many lenders in the nation, including Navi, Loaney, Money View, etc., provide customers with affordable loans, flexible repayment terms, and little paperwork. Additionally, you can easily apply for an instant loan through one of these lenders without a PAN card.

How To Apply For an Online Loan Without PAN Card

You must be qualified to apply for an online loan without a PAN card. To do that, determine if you possess the following:

1. Check Your Eligibility

The first thing you should do is check the lender's website or mobile app. After giving the necessary information, they will quickly inform you of your eligibility.

2. Choose Your Loan Plan

You can choose your loan amount and repayment term after determining your eligibility using the options offered.

3. Upload Required Documents

You must online upload each required document for verification after the loan term.

4. Loan Transfer To Your Bank Account

The loan amount will be credited to your account if selected and qualified within 24 hours of loan agreement verification and submission.

Important Reminder:

1. A NACH form must be printed, signed, scanned, and returned to the lender's website after verifying your documents.

2. By completing this step, the auto-debit feature from your bank account will be enabled, enabling you to automatically pay your EMIs on time without any manual intervention.

3. Once you have your NACH form, you must review the loan agreement on the app. Please apply after carefully reading the terms and conditions.

Eligibility Criteria For Online Loan Without PAN Card

You may be eligible for a loan if you meet the required criteria, which are not challenging to complete and are simple for online loans without PAN cards:

  1. To qualify for an instant loan without an Aadhar card, you must be a citizen of India
  2. It is required that the candidates be between 21 and 57 years old.
  3. The applicant's income must be credited at least Rs to their bank account. 13,500.
  4. A minimum CIBIL credit score of 600 or an Experian credit score of 650 is required.






 

Salaried Individual

Minimum In-Hand Income

Area of Residence

CIBIL Credit Score Requirement

 

Rs. 13,500

 

Any

CIBIL Score of 600 /Experian Score of 650 and above

 

Rs. 15,000

 

Metro City other than Mumbai and NCR

CIBIL Score of 600 /Experian Score of 650 and above

Rs. 20,000

Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)

New to Credit or CIBIL Score of 600 /Experian Score of 650 and above

 

Self Employed Individual



 

Rs. 15,000



 

Any 

 

CIBIL Score of 600 or an 

Experian Score of 650 or higher

For Self-Employed Individuals

  1. The Candidates must have a minimum monthly in-hand income of Rs. 15,000.
  2. The applicant's bank accounts must receive direct deposits of their income.
  3. A minimum Experian score of 650 or higher or a CIBIL score of 600 or more
  4. Candidates must be between the ages of 21 and 57.

Documents Required For Online Loan Without PAN Card And Benefits Of Applying For Loan With PAN Card

Not everyone will be able to submit a PAN card as identification, but many lenders offer other options on their websites, as listed below:

Identity Proof

Address Proof

Income Proof

The primary ID proof required is a PAN card. However, any one of the legally acceptable documents listed below will do if it is rejected for image quality issues or another reason)

  1. Valid Aadhaar Card
  2. Valid Indian passport
  3. Valid Voter ID
  4. Driving License

Any 1 of the following -

  1. Aadhaar Card
  2. Valid Indian Passport
  3. Valid Voter ID
  4. Valid Driver's License
  5. Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Salaried Applicants - Last 3 months' bank statements of your salary account in PDF format showing salary credits

OR

Self-Employed Applicants - Last 3 months' bank statements in PDF format if you are self-employed

However, your PAN card will be recognised as an officially valid document (OVD) for identity proof if you can present it.

Interest Rates and Charges for Online Loans Without PAN Card

As previously mentioned, we emphasise ensuring that all our customers can afford the loans. Therefore, listed below are our fees.

Fees And Charges

Amount Chargeable

Interest Rate                   

Begins at 1.33% per month.

Processing Fees

Varies from 2% to 8% of the approved loan amount. The processing fee is deducted upfront from the approved loan.

Interest In Overdue EMI's

2% per month on the outstanding principal loan amount or EMI.

Cheque Bounce

Rs.500/- each time.

Loan Cancellation

  1. No extra or unforeseen fees were assessed.
  2. Additionally, processing charges will be kept.

Frequently Asked Questions About An Instant Personal Loan Without PAN Card

Here are some of the most frequently asked questions about obtaining an instant personal loan without a PAN Card, given that the process of applying for a loan from the lender is not straightforward:

1. Can we submit my aadhaar card as ID proof if we don't have a PAN card?

When you do not have a PAN card but have valid proof of identity (PoI), such as a passport, a voter ID card, etc., you can apply for an Aadhaar card. You must also provide a valid proof of address (PoA) such as a passport, a bank statement, a voter ID, a driving license, etc.

2. Can we get an education loan without a PAN?

Yes. Without a PAN card, you can still apply for a student loan. You may provide a copy of your passport or Aadhaar card as photo identity proof.

3. Can you take a mobile phone loan without a PAN card?

You cannot apply for a loan without providing your PAN because the government uses it to monitor financial transactions and thwart fraud. Some lenders do, however, grant loans without PAN.

Conclusion

Sometimes you cannot present your PAN card, which is a crucial piece of identity documentation. Consequently, the lender's website provides alternative documentation options. To apply for a personal loan without a PAN card, visit the lender's website or download the app by typing "loan app without PAN card."

Get Your Loan Without A PAN Card Today!

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