You might be here to know the scope of obtaining a loan unaccompanied by a PAN card. A PAN card is a quintessential document for deposits, investments, and monetary transactions exceeding INR 50,000. Whether you opt for bank account opening or apply for personal loans, you must furnish your PAN card to complete the verification process.
The necessity of a PAN card for instant availing of loans
With the emergence of digitization, borrowers increasingly adopt online loan applications. The good news is that submitting the PAN card in the digital loan disbursal process is not required. The applicant needs to enter the registered PAN numbers and other details to proceed with the application.
Many financial organizations have made it mandatory to submit a physical PAN card and a loan application. This helps them get a clear idea about the borrower’s financial status. If you think of obtaining a loan shortly, it would be best to keep your PAN card ready. Don’t let your lender have a bad impression on you.
You must know that personal loans don’t need any collateral to be approved. As a borrower, it is your responsibility to co-operate with the banking institutions so that your loan gets instantly approved. If you notice that any lender is promising you a loan disbursal without a valid PAN card, first inspect their credibility before you ask them for borrowing.
How to Avail Loan Until Your PAN Card Arrives?
In countries like India, you hardly find any lender that sanctions loans without checking your Permanent Account Number. Whenever you go to a renowned lending institution, they would ask for furnishing your eligibility criteria, including PAN card, Aadhar card, driving license, etc. Therefore, you’re mistaken if you thought you could obtain a loan without providing your PAN details. Check out some of the tips that you can take into account till your card arrives:
- Submit your current bank statement to assess your financial condition
- Request lenders provide loans with low demanding eligibility requirements
- Submit some of your utility bills, if your lender allows
- Have an excellent credit score for speedy approval
- Showcase a steady repayment history
Why is it Beneficial to Apply for a Personal Loan With a Verified PAN Card?
When a borrower makes an application for a Bajaj Finserv personal loan accompanied by a PAN card, it automatically increases the lender’s confidence. Thus, they agree to disburse the loan at the earliest. Showing the PAN card to the lender helps in document verification of the applicant and confirms his/her eligibility.
Deciding on a loan application without a PAN card may take a handful of time from your busy hours and ultimately not getting approved. Therefore, it is advantageous for all the loaner to keep their PAN card handy while applying for loans.
By now, you have understood that it is not all recommended to opt for a personal loan application without having a PAN card. Through this important document, lenders check your credit, income verification, repayment capacity, financial behavior, and other information. Fix your urgent financial requirements with a personal loan and enjoy a seamless loan disbursal.