Can I Get a Loan without a PAN Card?

A PAN card is an essential and common identity document in India using which Indian citizens can verify their identity. It can be useful in many situations, including getting a loan or credit card, opening a bank account, investing in mutual funds, or performing other activities.

In case you are applying for a loan, a PAN Card is an essential identity proof document with a full name and a picture of the applicant. Most lenders consider the PAN card a mandatory document for processing any loan, investment, deposit, and transaction request above Rs. 50,000. Also, it is an essential document for filing Income Tax Returns (ITR) or opening a new bank account, which is crucial to obtain a loan. 

However, even if you do not have a PAN card, you can still avail of a personal loan or another form of credit with some lenders. Instead of using PAN, you can use other KYC documents, such as Aadhaar Card, Passport, Driving License, etc., for general verification.

Continue reading below to learn how to get a loan without a PAN card.

Tips to Get an Instant Loan without a PAN Card

If you do not have a PAN Card, it is advisable to apply for one as soon as possible to avail of a loan or any credit product. Below are some useful tips to consider till your new PAN card does not arrive:

• Build and maintain a high credit score for a quick approval.
• Submit bank statements for financial assessment done by the lender.
• Submit utility bills and other identity proofs instead of a PAN card. It can work for some lenders depending on their eligibility criteria. Some lenders also offer small cash loan on Aadhar card without PAN card.
• Approach lenders who offer loans with less stringent eligibility norms. You can look for a loan app without PAN card.
• A stable repayment record can form the base for sanctioning a loan without a PAN card.

Benefits of Applying for a Loan with a PAN Card

Having a PAN card is beneficial for getting instant personal loan approval. It increases the lender’s confidence in sanctioning a loan early. A personal loan request without a PAN card might take a longer time for loan approval, or your loan might not get sanctioned at all. So, it is advantageous for borrowers to have a PAN card when applying for a loan online or offline.

Best Loan App without PAN Card

Following are some of the best loan app without PAN card:

• Dhani: The Dhani is one of the best loan app without PAN card that offers up to Rs. 15 Lakhs loan amount.
• KreditBee: This app offers loan amount up to Rs. 1 Lakh without a PAN card.
• mPokket: With this app, you can get a minimum Rs. 500, and there is no maximum limit.
• MoneyTap: The app offers loan amounts between Rs. 3,000 to Rs. 5 Lakhs.
• Rupeelend: Get up to Rs. 1 Lakh as loan amount from Rupeelend without providing a PAN card.
• Stashfin: This without PAN card loan app provides instant loans up to Rs. 5 Lakhs.
• CASHe: Get up to Rs. 2 Lakhs as loan amount from Rupeelend without providing a PAN card.
• Pocketly: Pocketly offers loan amount anywhere between Rs. 500 and Rs. 10,000 without a PAN card.
• IndiaLends: With IndiaLendes instant loan app without PAN card, you can get up to Rs. 50 Lakhs. 

Eligibility Criteria for Loan without a PAN Card

Before you apply for an instant loan without a PAN card, check if you fulfil the following eligibility criteria: 

Eligibility for Salaried Individuals

• Salaried applicants must be aged between 21 and 60 years.
• Your income must be credited directly to your bank account.
• Your minimum in-hand salary should be Rs. 13,500 or above.
• Your credit score should be at least 600 or above.

Eligibility for Self-employed Individuals

• Salaried applicants must be aged between 21 and 65 years.
• Your income must be credited directly to your bank account.
• Your minimum in-hand salary should be Rs. 15,000 or above.
• Your credit score should be at least 600 or above.

Documents Required for Online Loan Without PAN Card

• Identity proof: PAN Card is the primary identity proof required by most lenders. However, if you are not able to submit a PAN card as identity proof, you can provide any one of the following alternatives:
  • Aadhaar Card
  • Passport
  • Voter ID
  • Driver’s License
• Address proof: Any one of the following:
  • Aadhaar Card
  • Passport
  • Voter ID
  • Driver’s License
  • Utility Bills (Electricity/ Water/ Gas/ Landline) not older than 3 months.
• Income proof
  • Salaried applicants: Bank statements of salary account for the last 3 months in PDF format showing your salary credits.
  • Self-employed applicants: Bank statements for the last 3 months in PDF format.

Interest Rates & Charges for a Loan without a PAN Card

If you apply for a loan without a PAN card, there are high chances of getting the loan at a higher interest rate and processing fee. Therefore, if you don’t have a PAN, it is advisable to apply for one instantly.

How to Apply for Online Loan without PAN Card

• Check the eligibility criteria of various lending institutions.
• Look out for a lender who offers a loan without requiring a PAN card. You will find some without PAN card loan apps that offer instant loans online.
• Check out the charges involved in getting a loan.
• Choose a preferred loan amount and repayment tenure.
• Apply online or offline with the required set of documents.
• On approval, get the money disbursed to your bank account. 

Although you can get a loan without a PAN card, getting a loan with PAN will have many benefits. The loan application process will be easier and instant, the interest rate and other charges will be lower, and so on. 

It is advised to apply for a PAN card before you apply for the loan if you already do not have one. You can easily apply for a new PAN card online either through the portal of Protean (formerly NSDL eGov) https://tin.tin.nsdl.com/pan/index.html) or via the UTITSL portal https://www.pan.utiitsl.com/PAN/. 

The fee to apply for a PAN is Rs. 93 plus GST (Goods and Services Tax) for an Indian communication address and Rs. 864 plus GST for foreign communication address. You can pay the application fee through credit/debit card, demand draft or net banking. 

Once your application and payment are accepted, you will be required to send the supporting documents to Protean or UTITSL via courier/post. After receiving the documents, your PAN application will be processed by Protean or UTITSL.