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With the continually rising cost of living, individuals might be compelled to secure loans to fulfill their daily financial requirements. Moreover, many people aspire to enhance their way of life. When faced with a shortage of funds, they are drawn towards acquiring loans. Certain loan types necessitate extensive documentation, whereas others, such as personal loans, are promptly accessible.
When it comes to granting a personal loan, the provision of PAN card details is imperative. Most banks and financial institutions extend personal loans, and they already possess the PAN card information of their clientele. Presenting a copy of the PAN card is obligatory for any financial transaction. Nevertheless, procuring a personal loan without PAN card can prove to be a challenging endeavour. Keep reading to know how to get personal loan without PAN card.
A widely recognized identification known as a Permanent Account Number (PAN) card has become a vital requirement in contemporary times. This PAN card is a significant governmental identification document in India, issued by the nation’s Income Tax Department. The fundamental objective behind introducing the PAN card was to deter individuals from evading tax obligations. In earlier times, the PAN card primarily found its use in filing income tax returns. However, in the present era, it has become obligatory to furnish a PAN card copy for any dealings related to financial transactions.
A loan represents an unsecured form of credit extended by financial establishments, determined by factors such as employment background, ability to repay, earnings, occupation, and credit track record. A Personal Loan, commonly called a consumer loan, embodies a versatile financial option that can be utilized to address various immediate requirements.
If you currently lack a PAN Card, it is recommended to initiate the application process without delay, particularly if you plan to secure a loan or any form of credit product. Below are some valuable suggestions to consider while awaiting the arrival of your new PAN card:
To apply for a personal loan without PAN card, it’s essential to meet the required qualifications. To determine your eligibility, consider the following steps:
Initiate by visiting the lender’s website or mobile application. By providing the necessary details, you will swiftly receive information about your eligibility.
Following the confirmation of your eligibility through the available options, you can opt for your desired loan amount and the repayment duration.
After finalizing the loan terms, proceed to upload all the necessary documents for verification via the online platform.
Upon selection and successful qualification, if applicable, the loan agreement will be verified and submitted. Within 24 hours, the loan amount will be transferred to your designated bank account.
Meeting the stipulated conditions for eligibility can render you qualified for a loan, a process that is straightforward for online loan applications, not necessitating PAN cards. So, if you want to know how to get personal loan without PAN card, you must meet the criteria as mentioned below:
Upon receiving the loan funds, it is imperative to ensure timely repayment of your obligations to prevent jeopardizing your credit score. Your payment history holds a substantial weight of 35% in the FICO (Fair Isaac Corporation) scoring model, thereby exerting a considerable influence on your overall score. Here is a compilation of factors that warrant consideration prior to get personal loan without PAN card.
Each time you consider applying for a personal loan, ascertain your reasons for seeking the loan and determine the precise amount you require. Develop a well-defined plan and establish a budget that aligns with the necessary amount. This approach will enable you to evaluate in advance whether you can feasibly repay the loan sum.
Engage in comprehensive research regarding various banks and lending institutions providing loan services. Make thorough comparisons of the interest rates they offer and pre-calculate the Equated Monthly Instalments (EMIs) for repayment. By adopting this approach, you can select a lender who offers personal loans with more favourable interest rates in comparison.
Given the substantial influence of payment history on your credit score, it is imperative to ensure the punctual repayment of your EMIs. Consider setting up reminders to guarantee the timely repayment of your loan.
Settling your previous financial obligations will notably enhance your credit score. To achieve this, acquiring a personal loan to promptly clear all outstanding debts is a viable strategy. By taking this step, not only will you address your repayment history, but you will also bolster it, consequently elevating your overall credit score.
Whether minor or substantial, an unexpected financial need can induce stress. Nonetheless, you can alleviate this stress by obtaining an immediate personal loan through the alternate approach outlined in this article on how to get personal loan without PAN card. This avenue has simplified and enhanced the convenience of securing swift small loans, accessible at any location and time. Nevertheless, it remains imperative to acquire your PAN card since it constitutes an integral element of KYC documentation. Furthermore, maintaining a commendable credit score is advised to heighten the likelihood of rapid approval.
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