A PAN or a Permanent Account Number is a unique ten-digit alphanumeric (contains a combination of both alphabets as well as numbers) identification number that is allocated to every taxpayer in India. It is the most important document for filing taxes and every tax-related information for an individual is reflected in their PAN number.
A PAN card has details of the individual's full name, date of birth, photograph, and the unique identification number. Hence, a PAN card new or old serves as an identity proof for all banking and financial transactions and for the procurement of any kind of personal loan.
However, if you do not have a PAN card, then the process of obtaining a personal loan or for that matter any loan, becomes cumbersome. You may have to submit multiple documents, get various approvals, and may even have to wait for a longer period of time for the loan to get approved. In some cases, your loan request may even get rejected in the absence of a PAN card. The solution, therefore, lies in getting a new PAN card, if the current one is lost, broken, or damaged
You can easily apply for a new PAN card for personal loans, either through online government portals like NSDL or UTITSL, or you can directly apply for a new PAN card at any district-level PAN card office. An already existing PAN cardholder can request for reissuing a new PAN card with the same PAN number. This will keep the collated CIBIL score intact and borrowers will not have to rebuild the score.
Once you get a new PAN card, you can submit the same along with your Aadhar card and income proof documents and apply for a personal loan online, private lenders like HeroFincorp have launched personal loan apps like HeroFinCorp, to obtain a personal loan in a few simple clicks. You only need to download the app, log in, enter your details, upload your documents and wait for instant loan approval and quick disbursal.
With a shiny new PAN card and a completely digitized personal loan app, you can procure a personal loan from the comfort of your home with ease and elan!
Can I get a personal loan if my PAN card details are incorrect?
Incorrect details on your PAN card can cause verification issues and lead to delays or rejection of your loan application. It is advisable to complete PAN card correction online before applying for a loan.