How to Get a Personal Loan Without Pan Card and Salary Slip? : The Tribune India

How to Get a Personal Loan Without Pan Card and Salary Slip?

How to Get a Personal Loan Without Pan Card and Salary Slip?

November 03: One of the most crucial requirements of loan approvals is financial credibility. An individual's financial credibility offers insight into the risk involved in giving a loan to them, and whether they’ll make timely repayments. While there are different ways to prove your financial credibility for different types of loans, there are some specific criteria to fulfil Personal Loan eligibility.


A PAN (Permanent Account Number) card is an important document that contains a taxpayer's financial information. Moreover, in the case of an entirely digital application for a Personal Loan, PAN and Aadhaar become the most crucial documents to verify identity & financial credibility and authenticate nationality as well as tax information.


Additionally, with digital advancements, you require these two documents to complete your KYC (Know Your Customers) process online. Furthermore, according to the Financial Act of 2021, you must produce your PAN card to carry out financial transactions, including opening a DEMAT account and availing of credit cards and loans.


What is a Personal Loan?

A Personal Loan is a type of unsecured loan that does not require borrowers to submit any assets as collateral or security and requires minimal documentation. The funds from this loan can be used to fulfil any legitimate financial requirement. It must be repaid as per the agreed-upon terms.


Nonetheless, there’s no cause for worry as there are a few ways to get the best Personal Loan in India without a PAN card and salary slip/income proof. This article shows you how to do this successfully!


Personal Loan eligibility without PAN and Salary slip

You may be able to get a Personal Loan in the following scenarios:

●     Develop and maintain a high credit score - A CIBIL score of 700 and above makes you a creditworthy borrower for most lenders, who will not hesitate in granting a Personal Loan without the documents mentioned above. A high credit score leads to financial credibility.

●     Perfect past repayment records - An excellent repayment record shows that you are a credible borrower, and some institutions might consider that enough to loan you the requested amount.

●     Collateral Security - Even if you cannot prove your credibility to fulfil your loan eligibility, you can still get one if you can offer a property, asset, or other collateral as security, i.e., a secured loan.

●     Co-applicant with a PAN card or salary slips - If you can get another individual who possesses the necessary documents and is willing to co-sign/co-apply for your Personal Loan, then you may be granted the loan based on the co-applicant’s financial credibility.

●     Submit your bank statements for assessment - Since a PAN card is an easy, one-stop access to your financial credibility, it becomes an important document. But if you can submit all your financial statements, records, and past loan records and let the lending institution assess them, they can gauge your financial credibility for themselves. In this case, the loan provider can offer you a Personal Loan of a capacity they deem fit based on your financial statements.


In conclusion, as an individual, you must check the requirements of the money lending firm from which you wish to apply for a loan.


While some institutions will not approve a loan even if you meet the above criteria, as an additional measure, you can apply for a PAN card online and wait for the required duration for it to be delivered to you. In case of an emergency, you may alternatively ask a family member with a PAN card to co-sign on a loan application and receive the required funds without much delay.


Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.

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