Loan Without PAN Card

Getting a loan without a PAN card is now possible as many lenders are offering loans with alternative identification options. The Permanent Account Number (PAN) card is a crucial document for financial transactions. Lenders often require it to verify identity and assess creditworthiness. However, with alternative identification options, it is now possible to get a loan of up to ₹10 lakhs at competitive interest rates and repayment terms even without a PAN card. Communicate with lenders to understand their requirements for a smoother application process and higher chances of approval.

Personal Loan without PAN Card and Salry Slip

For amount above 50,000, PAN card is usually a mandatory requirement by RBI approved loan lenders and instead of salary slip you can show some other proof of income to get an instant loan.

PAN Card is mandatory requirement for many lenders, and getting a loan of greater than ₹50,000 without PAN can be challenging. However, for smaller loan amounts it can be still possible to get an instant loan without plan depending on the lender terms.

Get ₹50,000 Loan Only With a PAN Card

Yes, you can get a ₹50,000 PAN card loan as lenders commonly use the PAN card for verification in the application process for small loans, simplifying documentation. The approval criteria and loan terms can vary among lenders.

Before availing a ₹50,000 loan on PAN card, it is crucial to conduct thorough research on lenders, both online and offline, to understand their specific requirements.

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Eligibility Criteria For Instant Loan Without PAN Card

The eligibility criteria for a loan without PAN card will depend on different lenders, here are some common criteria that most lenders will look for:

  • You must be an Indian citizen.
  • You should be 18 - 65 years of age.
  • You should have a stable source of income.
  • The minimum income for a salaried individual is ₹13,500.
  • The minimum income for a self employed person is ₹15,000.
  • You must have a credit score of 600 above.

Documents Required for Personal Loan Without PAN Card

Certain documents will be required by the lender so they can access your credibility and repayment capability. These documents are:

  • Valid identity proof: Aadhaar card, Passport, Voter ID, Driving licence.
  • Address proof: Aadhaar card, Utility bills, Passport, Driving licence.
  • Income proof: Salary slips, 6 months Bank statements.
  • Aadhaar card should be linked to your mobile number.
  • Passport size photograph.

KYC Documents for to Get an Instant Loan

You can use different documents for eKYC, and PAN is not the only mandatory document for KYC. However, Aadhaar is a preferred KYC documents. As per RBI other KYC documents for Identity & address proof are Passport, Driving Licence, Voters’ ID Card and Job Card issued by NREGA signed by a State Government official.

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How to Apply for a Loan Without PAN Card Online

You can apply for a loan without a PAN card online or through various lender mobile applications. Below are the steps you can follow to get online loans without a PAN card:

Step 1: Choose the right lender: Research for a lender who offers eligibility criteria that fits your requirements to get good loan terms.

Step 2: Apply for the loan: Begin the application process by filling out the application form and providing all the requirements asked by the lender.

Step 3: Loan details: Select the loan amount required and preferred repayment tenure.

Step 4: Submit documents: Submit all the required supporting documents.

Step 5: Verification and approval: The lender will verify your credibility through the submitted documents and choose to accept or reject the loan application.

Step 6: Disbursal: Once the loan application is accepted, the loan amount will be disbursed to your bank account.

Personal Loan EMI Calculator

It is important to check and calculate your EMI for the loan you need. For ease, use an online EMI Calculator to calculate your EMI. Enter your loan amount, interest rate and tenure details to check your monthly EMI instantly.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Tips to Apply for a Loan Without PAN Card

Securing a loan without PAN card will require you to carefully consider lenders, their terms and understand their requirements. Given below are some tips you can follow to successfully get an instant loan without PAN card:

  • Explore alternative options: Identify lenders who accept identification documents like Aadhaar or voter ID in place of a PAN card.
  • Maintain a good credit history: Timely repay your existing debts to show financial responsibility and to strengthen your creditworthiness.
  • Provide additional documentation: Submit supplementary documents, such as income proof, or as required by the lender to strengthen your loan application.
  • Choose flexible lenders: Research and find lenders who are known for their flexibility, specifically to applicants without a PAN card.
  • Communication is key: Communicate openly with lenders, explaining your situation and demonstrating your willingness to fulfill any additional requirements.

Steps to Apply Online For a Personal Loan

Get a personal loan with ease by applying through Buddy Loan. As a loan service provider, Buddy loan helps you avail loans form the top RBI approved lenders. Simply follow the steps below and get the financial aid you need:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

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Frequently Asked Questions

Yes, getting a loan without a PAN card is possible.

Usually, a PAN card is mandatory to get a loan. However, there are various lenders who offer flexible eligibility criteria for those who do not own a PAN card.

Getting a personal loan without a PAN card or Salary slips will be very challenging, as lenders require financial and identity verification. However, if you have alternative documents that can support your credibility, then some lenders may provide a personal loan.

The time it will take to get a loan without a PAN card will depend on the lender verification process, your credibility, and more. Ask your lender for more information.

A PAN card is used as the main document for identity verification and aid in credit assessment, therefore it is important to provide a PAN card to get a loan.

Yes, various lenders offer a loan without PAN card especially in case of emergency.

If you are an NRI you will have to comply with local identity requirements and eligibility. You can contact your lender for better information.

No, it is not illegal to apply for a loan without PAN card.

Yes, obtaining a PAN card may enhance your eligibility. You can reapply with the same lender and improve your loan approval chances.

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