First of all, let us make it clear that no one can get any loan on the basis of a PAN card or PAN number only. With the help of this, only your credit score can be known and loan ability can be checked. Yet many instant loan apps send you messages to give you instant loans. People are also attracted by giving the headline of PAN card loans on many websites and YouTube channels. In this article, we will examine their reality.
We will understand here that is it really in this article we will know that loan is available on PAN card? If you do, how do you get it? What are the prerequisites and qualifications for this? What is its limit and what are the rules? How to Get a Personal Loan on Pan Card? Facts and analysis in Hindi
Loan against a PAN card
As we have mentioned in the beginning that with the help of a PAN card, your credit score can be checked. This credit score is based on your PAN number, past loan, and financial transaction records. But getting ready online. Credit Information Bureau India Limited (CIBIL) has the responsibility of preparing the credit score of every person, hence it is also called the CIBIL score. This score is fixed between 300 and 900. If your credit score or CIBIL score is more than 700 then you can get a bank loan easily.
Instant loan companies or mobile apps also first ask you for your PAN number and details of name, date of birth, mobile number, monthly income, etc. Based on that PAN number, your credit score or CIBIL score is checked. If your CIBIL score is more than 700, then they offer you a loan. After this, with the help of their representative or agent, they complete the necessary procedures to get that loan. But, keep in mind that the loan obtained in this way is in the form of a personal loan. Whose interest rate is very high.
Now make it clear here once more that you do not get a loan on the basis of PAN card number only. Your eligibility to take a loan is checked only by the PAN card number. After that, your identity and address are authenticated with the help of your Aadhaar card number. The proof of your salary or income is checked. They are checked online or offline. Then your personal loan is finalized. At least your PAN number and Aadhar number must be certified, then there is a chance of getting a loan.
Usually, banks or good apps follow these procedures. But, some of the instant loan apps that claim to give instant loans also claim to give you a loan on the basis of only PAN or only Aadhaar number. Such APPs, mostly, work to extort money, or for fraud. You need to be careful with them.
It is necessary to check the credibility of the lending app or company
Before taking a loan from any app, its credibility should be checked. Make sure to check that the institution running that app should be associated with a reputed and reliable banking or financial institution. His Reserve Bank of India (RBI) registration must be checked. Or should have a solid knowledge of working with any bank or NBFC registered with RBI.
It would be best if you apply for a personal loan from a good bank or through its app. The terms and conditions of bank loans are more correct. There is also less scope for fraud. Now we also explain the online way to take a loan with the help of an APP.
Steps to take a personal loan with a pan card
- Download this reliable personal loan app from Apple’s App Store from Google’s play store on your mobile.
- Login to that loan app by creating your password or pin etc.
- Complete your KYC process (Identity and Address Proof) with the help of your Aadhaar card and PAN card number.
- Some apps also check your eligibility to get a personal loan based on your salary or income. For this, they can also ask for your salary slip or income tax return receipt. Based on this, you also decide the limit of getting your loan.
- Apply by filling out the application form for a personal loan within the limit set by the loan app.
- Once all is well, after some time (within 24 hours) the personal loan is released to you.
Importance of PAN Card and Aadhaar Card in getting the loan
Till a few years ago, for a bank loan, you had to submit a variety of documents. Documents such as identity proof, address proof, and income proof. Even after this, a long process had to be passed before the loan was released. But, now, the linking of PAN cards with Aadhaar has been made mandatory. Since then many banks, financial institutions, and instant loan apps have started giving personal loans with the help of only PAN cards and Aadhar cards. Keep in mind that not only on PAN cards. After submitting the details of both PAN card and Aadhar card, and after checking your loan eligibility.
How to link with PAN card number Financial record: Now it has become mandatory to provide your PAN card details in all your bank accounts (savings account, current account, salary account), trading account, loan account, and important financial transactions. Your income and tax-related details are also submitted in the income tax return. Due to all this, the complete proof of your income and financial status is linked with the PAN card number.
Based on all this, your online credit score is prepared. It is also called as CIBIL score. Because the responsibility of preparing the credit score of every person lies with the Credit Information Bureau (India) Limited, which is called CIBIL in short. Any bank or financial institution can check your CIBIL score before giving you a loan.
Identity proof made easy with Aadhar card
Since the Aadhar card is generated on the basis of your physical characteristics (fingerprints and identification of iris). Hence, it has become easier now to identify any person correctly. That’s why now many banking and financial institutions as well as instant loan apps have started sending you offers of personal loans ranging from 50 thousand to 5 lakh rupees, depending on your CIBIL score. They give personal loans only on the basis of your PAN card number and Aadhaar card number.
Note, this is a personal loan, which is kept in the category of risky loan, so its interest rate is also very high. This was the risk that you have to bear if you take a loan from the right institution or reliable loan app. If you take a personal loan from a non-reputable institution or app, then you may have to face many other types of risks or dangers. We have given this information later in this article.
Business of extorting money under the guise of instant loans Too
Now hundreds of instant loan apps have come in such a way that first of all, people give loans by explaining the ease and advantages of their loans. Later, under the guise of their hidden rules, they extort a lot of interest from you. Often, for their loan, you have to pay interest at the rate of 24 to 36 percent per annum.
Often, at the time of issuing the loan, the loan is given after deducting 25 to 50 percent of the amount from you in the name of processing fee or interest. For example, on taking a loan of 5000, only 3700-3800 rupees are available in the hands of the customer.
Apart from this, if you cannot repay some installments of their loan on time, then you may have to pay many times more money. They also torture you mentally and physically by sending recovery agents.
These apps usually target people who are deeply in debt or who are in great need of immediate money. Such people take loans without much thought. And since in most cases, the loan application and approval process is done online, one cannot even get to know the terms and conditions of such loans. Later, when they have to pay manifold money, then they have to pay their money by selling land and property. Many people have been forced to commit suicide due to their torture.
The game of data theft and blackmailing through the app
Many times there have also been complaints that with the help of the fake app, the virus was put on people’s phones. Later, with the help of these viruses, people’s personal information, photos, videos, passwords, etc. were stolen. They were used to extort money by blackmailing or withdrawing money directly from the account.
Because, in order to get cheap loans, people download their app on their mobile. After downloading, in the process of registration, people are asked for permission to access their contacts, location, file manager, and gallery. People often allow this of the greed for money.
With the help of these permissions, criminals can transmit viruses to your phone, which help in getting your personal information, photos, videos, etc. Later they can also blackmail you through your private information. Many times there have been reports of blackmailing customers by making changes in their photos or videos or making them obscene.
Government and Reserve Bank also alerted: In December 2021, the Central Government quoted the Finding Report of the Reserve Bank of India (RBI) in the Lok Sabha and told that there are more than 600 fake lending apps in India.
Google bans 453 loan lending apps In view of the complaints of the Government of India and the people, in January 2021, Google launched such a feature from its Playstore. 453 Apps were removed, about which reliable information was not available.
You can complain on the Sachet Portal of Reserve Bank about the fake app
The Reserve Bank of India (RBI) has set up a portal Sachet for making complaints about any suspicious app on the internet. On the ‘Sachet’ portal, the complaints received are sent to the Registrar of Entities for the Ministry of Corporate Affairs on behalf of the Reserve Bank. Along with this, information is also sent to the Economic Offenses Wing of the complainant’s state. So that action can be taken by collecting information about it.
