PAN(permanent account number) is a way to identify various taxpayers in a particular country. PAN is a unique 10 digit identification alphanumerical number, which means it includes both numbers and alphabets. A PAN is assigned to Indians and mainly to those people who pay taxes. Through PAN, all the tax-related information of a particular person is recorded in the database against the alphanumeric code, which acts as a key for data storage.
Thus, a PAN card is essential to avail of a personal loan. A salary slip is also required to avail of a personal loan.
Loan without PAN or salary slip
What is a personal loan?
A personal loan is a loan that doesn’t require its customer to provide any security or collateral to secure the loan and requires minimum documentation.
The funds secured through a personal loan could be used for any legitimate financial need. Like all the other loans, personal loans also need to be repaid under the terms agreed with the bank. A person just needs to search private financer near me to get the best financer.
What is a pan card?
PAN or permanent account number is a 10 digit unique alphanumeric identification code. This code is provided to the potential taxpayer by the Income-tax department to prevent any kind of tax evasion activity. The electronic system involved in a PAN tracks the financial transactions of every tax-paying citizen. A simple search for a private financer near me will help individuals get the best deals available.
What is a salary slip?
A document issued by an employer to all its employee every month is known as a salary slip or payslip. This slip contains a detailed breakdown of an employee's salary and all the salary deductions for a given time. A salary slip may be in printed form or mailed to the employees themselves. Every company is bound to provide their employees with a salary slip periodically.
How to get a loan without a PAN card?
There are some scenarios under which you can get a personal loan.
High credit score
A good credit score reflects your creditworthiness and that you are punctual in paying your loan repayments. Someone having a good credit score indicates his/her good credit history. Having a CIBIL score of above 700 is considered good enough to get a loan approved fast. A good loan partner registration is required before you receive the loan.
Relationship
Having a clean repayment record without any defaults in the past and holding a salary account with the same bank is preferred to get a loan without using a PAN card.
Availing of a loan of upto Rs50,000
Banks usually approve a loan amount of 50,000 or less without requiring a PAN card or a salary slip.
Conclusion
Before an individual applies for a loan from a bank, he/she must check all the eligibility criteria. Several lenders do not offer personal loans without a PAN card. We at Finway FSC understand the needs of different individuals and work towards their needs tirelessly. To remind you, loan partner registration is necessary to apply for a loan.
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