How to get a personal loan without a PAN card

Your PAN card is an important document in India, needed for many financial transactions. You usually need it when investing, making deposits or payments above Rs. 50,000, and for big purchases like jewellery or vehicles worth more than Rs. 5 lakh. It’s also required to open a bank account, file income tax returns, or apply for a personal loan.

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If you want a loan without a PAN card, your choices are limited. Most lenders ask for PAN as part of verification. However, some NBFCs and digital lenders may still provide a personal loan without PAN in certain cases—such as when you can give other KYC documents, apply for a smaller loan amount, or already have an existing relationship with the lender.

Benefits of applying for a loan with a PAN card

Faster approval – A loan without documents such as a PAN card is usually a pre-approved offer. This can help when you need funds urgently without a long application process.

Paperless process – Not having to submit documents can significantly reduce the application time for loan.

Quick disbursal – A pre-approved loan is usually disbursed much quicker than a regular personal loan, since the checks for creditworthiness are already done by the lender.

While a PAN card is usually mandatory, some lenders do offer the option to get a personal loan without PAN card. In such cases, you’ll need to submit alternative identity documents like your Aadhaar card, voter ID, or passport. Lenders may also consider your application based on additional factors such as a stable monthly income, a good credit score, and valid bank account details.
 

To qualify, you might need to provide income proof, address verification, and meet the lender’s specific eligibility criteria. Always check with the financial institution to understand the documentation required before applying for a personal loan without PAN card.
 

Challenges of applying personal loan without a PAN card

• Limited lenders offer a personal loan without PAN card, reducing your borrowing options.
• Higher chances of rejection due to incomplete KYC verification.
• May require additional documents like Aadhaar, passport, income proof, etc.
• Smaller loan amounts and stricter eligibility checks.
• Delays in approval compared to standard loan applications.

While eligibility criteria for online loans without a PAN card may vary, some common requirements include an alternative identification document, stable income proof, and valid address proof. Lenders may also consider credit history and employment details. Research lenders with flexible criteria and inquire about specific requirements for PAN card alternatives.
 

Some common eligibility criteria for a personal loan include:

• Employment type
• Work experience
• Income
• Nationality
• CIBIL Score
• Credit history
   

Documents required for a personal loan without PAN card

Typically, you can’t avail of a loan without submitting your PAN, as authorities use it to track financial transactions and prevent fraud. Know the documents required for a personal loan. However, some lenders do extend a loan without PAN. Should you require it, follow these tips.

• Submit other necessary documents, especially your Aadhaar card and permanent address proof.
• Salary slips and bank account statements provide lenders with an accurate picture of your past and present financial position and repayment ability. A substantial monthly income will help you get a personal loan without a PAN card.
• A low fixed obligation to income ratio (FOIR) is best. It shows that you have sufficient funds to repay the loan after paying all your fixed monthly obligations. If your FOIR is over 50%, reduce it before applying for a personal loan.
• A CIBIL score of 685 or higher or more is crucial for loan approval, as it emphasises your creditworthiness. Moreover, it can help you secure better interest rates on personal loans.
   

These measures can help you get a loan without PAN. To make up for an absent PAN card, ensure that you adhere to all other eligibility and documentation guidelines. Also, approach an NBFC rather than a bank, as NBFCs have simple eligibility criteria and minimal documentation requirements. For instance, Bajaj Finserv offers personal loans of up to Rs. 55 lakh online. You can apply by submitting only essential details. You can also use our personal loan EMI calculator to calculate your monthly payments in advance.

How to apply for personal loan online without PAN card

To apply for a personal loan online

1. Provide identification documents like PAN card, Aadhaar, or voter ID.
2. Complete the online application with accurate details, including income proof and address.
3. Verify eligibility, submit required documents, and await approval.
    

Tips to apply for a loan without PAN Card

Following are the tips to apply for a personal loan:

• Research lenders accommodating simple eligibility criteria.
• Ensure accurate personal and financial details in the application.
• Highlight stable income and a good credit history.
• Consider smaller loan amounts initially to enhance approval chances.

A PAN card is a crucial document for availing of a personal loan, as it helps lenders verify an applicant’s financial history and tax records. Most banks and NBFCs mandate it for loan approvals. However, some lenders offer a loan without PAN card, but with alternative documents like Aadhaar, Voter ID, or salary slips.

For an instant loan without PAN card, borrowers may need to meet stricter eligibility criteria, such as a high credit score or an existing relationship with the lender. These loans are often available through digital lending platforms with minimal paperwork. However, interest rates may be higher due to increased risk.

To improve approval chances, applicants should maintain a good credit profile and provide valid identity and income proof. While a PAN card simplifies the process, alternative options exist for those without one.

Conclusion

While a PAN card is a vital document for financial transactions, some lenders offer online loan without PAN card by accepting alternative identification and income proof. Ensuring a strong credit score, stable income, and low FOIR can improve your chances of approval. To secure quick funding, it is advisable to apply for a personal loan with a reputed lender that offers minimal documentation and hassle-free processing. Always compare options to find the best terms for your financial needs.