How to Apply for an Instant Personal Loan Without a PAN Card?

  • Updated on: 26 Dec 2023
  • Published on: 21 Dec 2021
How to Apply for an Instant Personal Loan Without a PAN Card?

Getting an instant loan without a PAN card in India is possible. With digital advancements in the financial sector, it has become easier to get credit. In fact, you can now apply on the lender’s website or a loan app without a PAN card. 

While availing an online loan without a PAN card has become convenient and paperless, meeting the eligibility terms set by the lender is essential. Read on to learn how to apply for a loan without a PAN card.

What is a PAN card and when do you need it?

Your Permanent Account Number (PAN) is a 10-digit unique number given by the Income Tax Department to all taxpayers in India. The primary uses of the PAN card are listed below:

  • It tracks financial transactions carried out by citizens, thus reducing tax evasion. 
  • PAN details must be shared when communicating with the Income Tax Department or paying income tax.

It is a mandatory document that banks and financial institutions require if you wish to:

  • Open a new bank account or Demat account
  • Obtain a landline or mobile phone connection 
  • Acquire foreign currency or convert currency 
  • Apply for a loan
  • Conduct bank deposits over ₹50,000
  • Buy jewellery above ₹5 lakhs
  • Make insurance payments above ₹50,000 annually
  • Invest in property or buy land
  • Apply for credit or debit cards
  • Purchase a vehicle
  • The PAN card even serves as proof of age and identity

A personal loan application requires the least documentation compared to other loan categories. The law requires all loan seekers to provide PAN card details when applying for a loan. 

Financial lending institutions like banks check applicants’ CIBIL scores and financial portfolios to approve loan requests. A PAN card is linked to an individual’s financial profile, thus providing banks with details of the person’s creditworthiness. 

The absence of such a key document will make the personal loan application process difficult. Does that mean you cannot apply for credit on the lender’s website or loan app without a PAN card? Not necessarily. 

There are some options available to you:

  • If you have misplaced the card, lenders might approve your loan if you submit your 10-digit PAN number
  • If the loan amount is below ₹50,000, lenders might grant you the loan
  • Note that the above conditions may vary across lenders

Also Read: 10,000 loan on aadhar card

What are the various options to get a loan without a PAN card?

The PAN card serves as a critical KYC document for financial institutions granting loans. Listed below are some ways to opt for an instant online loan without a PAN card.

1. Have a good relationship with your lender: Maintaining an active savings bank account with the bank you plan to borrow a loan from is a good idea. If you have borrowed from this bank previously and ensured timely repayments, the bank will consider your loan application. 

In some cases, banks also offer pre-approved loan offers to their existing customers. Then, you don’t need to submit any documents for new loan applications. Regular loan payments and maintaining your account balance will build trust in your lender.

2. Maintain a strong credit score: Financial institutions count on CIBIL reports to determine which prospective borrower they will grant a personal loan. A CIBIL score of 750 and above must be maintained to improve your chances of personal loan approval. Timely payment of bills and debt clearance usually assures a good score.

3. Aim for a low debt-to-income ratio: This signifies the ratio between your monthly debt and income. An ideal debt-to-income ratio would be 35% or below. To maintain a healthy ratio value, you must clear your existing loans at the earliest. 

You must also ensure that your monthly EMI instalments fall maximum within the bracket of 30-40% of your total monthly income.

4. Maintain transparency about all sources of income with your lender: Doing this will help provide your lender assurance about your financial ability to repay the borrowed funds. Details that you can share with your lender include:

  • Your monthly salary
  • Rental income, part-time work income, etc.
  • Bonus or work-related incentives received from your employer, etc.

5. Clear all your credit card bills on time: If you have a credit card with the bank you wish to avail of a loan from, clear all your outstanding bills before applying for a loan. Ensure that no bill payments are delayed or missed. Missed payments indicate an inability to handle finances prudently and adversely affect your chances of being granted a personal loan. 

6. Ensure you meet the lender’s eligibility criteria: Most financial institutions have standard eligibility requirements for loan eligibility. Broadly, these are:

  • You must be a citizen of India within the age range of 21 to 60 years
  • You must be employed with your current company for at least six months
  • You must have at least 12 months of experience in your current field of work
  • You must be financially stable and draw a monthly salary (which meets your lender’s minimum salary requirements)

7. Submit collateral or apply with a guarantor: You can negotiate with your bank to lend you money based on some security you provide as collateral. You can also include a trustworthy person as a guarantor when applying for your loan. While supporting your loan application, this individual would be liable to repay your loan in the case of any default.

8. Approach a non-banking financial company (NBFC): NBFCs like Fibe offer Personal Loans with simpler norms for lending. They have minimal documentation and moderate eligibility requirements. 

If you want to get a loan without a PAN card, you may have to pay a higher interest rate on your loan amount. Some lenders will readily provide loans to borrowers without PAN cards based on their Aadhaar card and salary details. 

Such deals, however, run the risk of being scams. It is important to research your options thoroughly before approaching such lenders. A personal loan without a PAN card is challenging but not impossible.

You can get one such instant Personal Loan with Fibe. With the easy and digital loan application process, having instant funds is just a tap away. To apply for an instant loan today at Fibe, download the Personal Loan App or log in to our website. 

FAQs on how to get a Personal Loan without a PAN card

Can we take a loan without a PAN card?

Yes, you can get an instant personal loan without a PAN Card if you have a good credit score, ideally above 750 and have an existing relationship with the lender.  

How can I get instant cash without a PAN card?

You can get an instant personal loan by providing alternative documents, such as your Aadhaar card, salary slips and bank statements.

Is PAN mandatory for cash payments?

A PAN card is mandatory for all financial transactions exceeding ₹50,000.


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