A PAN (Permanent Account Number) is a 10-digit alphanumeric code generated by the Income Tax Department used to identify people who pay tax. This PAN number is generated using a software-based system which gives a unique identification number to every Indian citizen. The PAN number stores all the information related to your financial transactions and tax payments. Since PAN number is unique, no two individuals will have the same PAN number. Moreover, it also acts as proof of your identity when you apply for any type of loan.
However, did you know that sometimes you can still get an instant loan without PAN card? Yes, you can easily get an instant loan even if you don't have a PAN card with other alternatives. So read this blog further to know the steps to get one instantly.
What Are Instant Loans?
Instant loans are personal loans which banks offer to cover any sudden financial expenses that occur such as medical emergencies, travel expenses, business expansion, home renovation, wedding plans, etc. Moreover, you can easily apply for an instant loan using Buddy Loan. It is one the largest loan aggregators that helps you get personal loans from trusted lenders.
Since lenders check for your credit score to determine your creditworthiness, you must check your credit score frequently using Buddy Score to keep a track of your credit health. And to apply for an instant loan, all you have to do is to satisfy the required eligibility criteria and submit the required documents.
Eligibility Criteria
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Sl.No.
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Particulars
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Description
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1
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Nationality
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Indian
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2
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Age
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21 to 60
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3
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Employment Status
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Employed or Self-Employed
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4
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Minimum Income
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INR 20,000 per month
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5
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Work Experience
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Min 1 year completed
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6
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Credit Score
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Above 750
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Documents Required For Instant Loans
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Sl. No.
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Particulars
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Documents required
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1
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Proof of Identity
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Aadhar Card, PAN Card, Driving License, Passport
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2
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Proof of Address
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Electricity Bill, Water Bill, Passport
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3
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Proof of Income
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Salaried: Bank statement for the past six months
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4
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Work experience
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Employment Certificate for a minimum of 1-year experience
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What To Do If You Don’t Have A PAN Card To Apply For An Instant Loan?
When you apply for an instant loan, lenders ask you to submit certain mandatory documents to conduct your KYC verification. And if you don't have your PAN card, you can submit your Aadhar card and other income proof documents such as your salary slips or IT returns as an alternative. In this way, some lenders will accept your documents and will approve your loan application.
Steps To Apply For Instant Loan Without PAN Card
Here are the steps you can follow to get instant loan online even if you don’t have a PAN card:
- Visit the official website of the bank or lending institution that you have chosen to apply for.
- Enter your personal and professional details carefully.
- Submit all your required documents. And instead of a PAN card, give your Aadhar card as a proof of your identity along with the income proof documents.
- Once you have submitted all the documents, recheck your application form once before you submit.
- Verification process will take place.
- Once you clear the verification process, you will get your loan amount to your bank account within a few hours.
Final Note
Though you can get an instant loan without a PAN card, you have to still apply for a new PAN card to avoid unnecessary loan rejection. Moreover, having a PAN card is necessary and mandatory to make any large financial transactions.
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