How to Get Personal Loan with Pan Card & KYC Documents?

Jan 29th 2024

In today’s fast-paced world, getting a personal loan has become easier than ever before. There are hundreds of banks and NBFCs operating in the country that provide steadfast and affordable personal loans to people of all types. Whether you are a salaried individual or a self-employed person, you can easily apply for a personal loan from one of the lenders. If you meet the eligibility criteria, it won’t take more than a few hours to get the loan amount right in your bank account.

However, it has also become possible to get a personal loan if you have a PAN card and KYC documents like an Aadhaar Card. Let’s find out how you can get a personal loan this way in the following post. 

What is a Personal Loan?

A personal loan is an unsecured loan given by different types of financial organizations in India. Since it is an unsecured loan, there is no need to pledge any collateral or security to get the loan amount.

In addition, the borrowed loan amount can be used for any purpose such as education, wedding, medical care, holidays, home renovation, shopping, etc.

Why is having a pan card necessary to get a personal loan?

Be it any loan application, the first and foremost document that is asked by a majority of lenders is your PAN card. It refers to the permanent account number. Your financial details are stored against your PAN no. and this is why lenders want it so that they can check your financial status such as your credit history, your active loans, your income, and other such things.

So, before you apply for a loan, make sure you quote your PAN for further processing.

Why so many documents are required for loan approval?

There is an immense role of documents in any loan processing. Documents like your PAN card, Aadhaar card, income slip, bank account statement, and other such things help lenders determine and verify the details provided by you such as your identity, address, income, taxes, etc. Whether you apply through a bank or an NBFC, you are most likely to be asked to furnish all your relevant documents that you can upload online. This way, they will determine your creditworthiness by referring to the details mentioned in these docs.

What is the role of KYC documents?

KYC (Know Your Customer) refers to a crucial procedure authorized by almost all financial organizations when it comes to ascertaining the identity of the applicants. There are various types of KYC procedures adopted by banks like online KYC or video KYC to validate the identity and other details of the applicant. A majority of these procedures are designed to make the verification process quite simple and seamless. Irrespective of the chosen KYC procedure, you are supposed to provide the crucial documents. Amidst all these elements, the Aadhaar Card holds the most value as it is used by banks to validate your identity in no time.

Your PanCard and Loan Approval

Permanent Account Number (PAN) Card is known to be the most crucial element and plays an important role in making any Personal Loan application successful. It largely serves as a distinctive tax identifier and helps in validating the financial records of the applicant. As has been already stated, a personal loan is an unsecured loan, and therefore, the applicant’s credit history is of extreme importance in the loan application approval. For this purpose, banks make use of PAN Cards to check the applicant's financial history and to assess creditworthiness given various factors like income, running loans, and tax paid. Other than PAN Cards, Banks also refer to the applicants’ credit scores to determine their creditworthiness.

Here are the following steps to get a personal loan with a PAN card.

  • Download the mobile app of the lender or visit the InvestKraft.
  • Go to the personal loan section 
  • Feed your 10-digit mobile number and you will receive an OTP right on your mobile number
  • Now enter your basic details like PAN card no. name, address
  • You will have to enter your Aadhaar card no. for the e-KYC process
  • Explore the available loan options
  • Choose a loan option and click ‘PROCEED
  • Choose the loan tenure which can be between 6 and 60 months
  • Click on “SUBMIT

Once your loan application is approved, the approved loan amount will be disbursed in no time to your bank account.

Eligibility Criteria For a Personal Loan with PAN Card

Every lender may have its criteria for giving a loan to people with PAN cards. Make sure you visit the lender’s website or mobile app to get proper information about the same.

  • Nationality: Indian.
  • Age: 21 years to 60 years.
  • Salaried with Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Minimum Rs. 20000.

How does your credit score affect your loan eligibility?

Your credit score holds the key to loan approval. A higher credit score means a high likelihood of getting your loan approved by the lender whereas a low credit score means fewer chances of loan approval. Your credit score ranges from 300 to 900 and the closer it is to 900 the higher the chances of loan approval. Your credit score is the first thing that lenders ask while reviewing your loan application. Though a higher credit score increases your creditworthiness, a low credit score may make it slightly harder for you to get a loan.


Q. What is the interest rate on a personal loan on a PAN card?

- The chargeable interest rate on a personal loan with a PAN card varies from lender to lender. So, do check it with your chosen lender for precise details.

Q. Do I need to provide any security or collateral for such type of loan?

No, since, it is a personal loan, no collateral is required for a personal loan.

Q. What should be my minimum CIBIL score to get a personal loan on a PAN card?

In most cases, lenders provide personal loans to people with a CIBIL score of 650 or more.

Q. Can I get a personal loan without a PAN card?

Without a PAN card, it is possible to obtain a personal loan. For verification, additional KYC and supporting documentation could be needed in some situations. The requirements will be determined by the rules set out by your lender and, if relevant, by the government.

If you are looking to avail of a loan on a PAN card and other KYC documents, you need to check with the lender about its personal loan eligibility criteria and required documents. If you find yourself eligible for such a loan, you can easily apply for a personal loan with a PAN card and get the money right in your bank account. At Investkraft, we provide quick and hassle-free personal loans to both salaried and self-employed individuals.

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