Small Cash Loan on Aadhaar Card Without a PAN Card

small cash loan on aadhar card without pan card

From accommodation, food, and savings to utility bills, you have a pre-planned budget that you would spend only a particular amount on each of these things to avoid experiencing a shortage of money. But then, sometimes, unexpected expenses add up when you least expect them. It can be anything – vehicle repairs, sudden travel, home renovation, and medical emergencies. To tackle these situations with enough money, you need to look for options that would help you to raise money in a short span of time. But what if we say that there is a way to deal with unpredicted situations with quick financial assistance? Yes, small cash loans on Aadhaar card help you with instant cash during unexpected additional expenses. Here, let’s understand what small cash loans are, how to apply using an Aadhaar card, its benefits, and how you can apply for a loan without a PAN card.

personal loan

Also, Read: What is Emergency Loan: A Comprehensive Guide

What are Small Cash Loans?

Small cash loans or mini cash loans are short-term loans offered by banks, NBFCs, and other lenders to help individuals handle their unexpected financial needs effectively. Simply put, these loans assist people in addressing unforeseen expenses immediately without any delay. For instance, imagine you’re navigating the monthly expenses as planned. Then you remember that you need to purchase a gift for your friend’s marriage that’s coming at the end of the month. So, how to utilize money in such situations? Cut down on some necessary expenses to purchase a gift? To handle this, you don’t necessarily have to compromise your regular monthly expenses. Instead, opt for a small cash loan, present a gift, and repay the amount in the coming months. These small cash loans can be availed online through a completely digital process with flexible repayment tenures.

Also Read: I Need 1000 Rupees Loan Urgently

Purpose of Small Cash Loan on Aadhaar Card Without a PAN Card

Here are some examples of situations where you can make use of small cash loans.

1. Medical Emergencies

Medical emergencies demand a handful of money to complete the entire checkup, from visiting doctors to buying the necessary medicines. If you’ve saved up enough money in advance for medical expenses, it can help. But sometimes, the cash required might surpass your savings amount. So, instead of going for collateral loan options, opt for small cash loans to tackle the medical crisis. Get the right treatment at the right time without being stressed about raising money by utilizing this loan.

2. Repair and Renovation

Ever felt that your motorcycle comes up with a problem when you don’t have enough money? Vehicle repairs or maintenance services hit at unexpected times, and you can’t always postpone repairing as you need to use the vehicle daily for transportation. Similarly, renovating your home might become the first expense that you ought to prioritize in a particular month. In such cases, apply for loan for home renovation online and then pay the loan later.

3. Unexpected Purchases

Purchasing new appliances or furniture can’t be brought under a regular monthly budget as buying new things has their prices. At the same time, when purchasing new things, compromising on quality and choosing a low-budget one isn’t a good idea. So what’s the best solution? Relying on a credit card comes with its challenges, like high-interest rates. But unlike credit cards, small cash loans offer competitive interest rates with similar advantages like same-day disbursal.

4. Gift for Occasions

Whether it’s your loved one’s birthday or any other festival, the idea of gifting something purposeful according to their needs has never gone wrong. On such occasions, small cash loans can help you buy a present depending on the budget you choose to afford.

Also, Read: I Need 50000 Rupees Loan Urgently

Is it Possible to get a Small Cash Loan on an Aadhaar Card Without a PAN Card?

Most people apply for small cash loans on an Aadhaar card as this helps the lender to complete the KYC process with a single document easily without any hassle.

Applying for a Small Cash Loan on an Aadhaar Card helps in two ways:

1. Stay away from the stress of forgetting crucial documents required for the loan application

2. Saves a lot of time for lenders and borrowers. Plus, borrowers get almost instant financial assistance because of the convenient process.

Now, when you’re applying for a small cash loan on an Aadhaar card, some lenders might also demand your PAN card to carry forward the application. With these cards and your income statements, you’ll be able to get the amount in your bank account. But wondering how this works for people who don’t have a PAN card? Although it is now mandatory for Indian citizens to possess a PAN card, some people don’t have one. For these people, it can get tough to apply for small cash loans.

This is Because of Two Main Reasons:

  • Only a few lenders offer loans without a PAN card. Moreover, you have a chance of getting scammed if you don’t verify the authenticity of the lenders
  • Interest rates can be quite high and the loan approval can get delayed

With a PAN card, lenders can check the financial history and decide if the borrower can repay the loan promptly. So, to be on the safer side, we advise you to apply for loans with a PAN card. Even if you don’t have one now, apply for a PAN card to get future loans in a much more smooth way.

Also, Read: How To Apply For ₹5000 Loan On Aadhaar Card?

Benefits of Small Cash Loans on Aadhaar Card Without a PAN Card

Still, doubting if these loans are a good option to get instant financial assistance? Then, here are five benefits that you shouldn’t miss before looking for another option.

1. Collateral-Free Process : Small cash loans on an Aadhaar card are unsecured loans, which means you don’t have to pledge any of your physical assets like gold, silver, or land to the lender. Unlike collateral loans, lenders approve loans based on your income and cibil score and not based on your assets.

2. 100% Paperless : What if we say this loan can be availed while relaxing on a couch at your home with minimum effort? Yes, online lenders like Credmudra approve small cash loans through a digital process. Fill in the details and upload the scanned copy of the required documents through the website and get sanctioned. Don’t spend half a day waiting in a bank to get approved and choose a paperless process.

3. Quick Disbursal : The problem with unanticipated financial expenses? You need to address the situation with enough money instantly, like how you would have dealt with it if you had money in advance. The solution? Apply for a small cash loan on an Aadhaar card with a PAN card. Because, without a PAN card, the process of assessing your financial condition and approving the loan can take more days.

Also Read: I Need 2000 Rupees Loan Urgently

Eligibility Criteria for Small Cash Loan on Aadhaar Card Without a PAN Card

Check these eligibility criteria before applying for the loan.

  • Age: 21 – 60 years of age
  • Citizenship: Only Indian citizens are allowed to apply for this loan
  • Income: A minimum monthly salary of 15000/- is expected to apply for this loan
  • Work Experience: 1 year of experience is required to apply for the loan
  • Credit Score: A range of 700-800 is considered safe to apply for small cash loans

Documents Required for Small Cash Loans Without a Pan card

  • Proof of identity: Aadhaar card or Driver’s license
  • Proof of Address: Aadhar card or utility bills
  • Proof of income: Salary slips and bank statements for the past six months

Interest Rate to Apply for Small Cash Loans

Though interest rates differ from lender to lender, get an overview of what you can expect by checking the image below.

LENDERAPPLICABLE INTEREST RATE
mPokket0% to 48.0% per annum
CASHe2.50% per month
MoneyTap1.08% per month onward
Fibe24.0% to 30.0% per annum
ICICI Bank10.75% to 19.0% per annum
Bajaj Finance11.0% to 39.0% per annum
HDFC Bank10.50% to 24.0% per annum
Axis Bank10.49% to 22.0% per annum
Kotak Mahindra Bank10.99% per annum onward
IDFC FIRST Bank10.49% to 36.0% per annum

Also, Read: I Need a 3000 Rupees Loan Urgently

Calculate Your Personal Loan EMI

Repayment Options for Small Cash Loan

Small cash loans can be repaid flexibly in a way you choose. Choose the monthly payment and the number of months according to how much you can afford each month.

Consider these things Before you Apply for a Small Cash Loan Without PAN Card

As said above, we don’t encourage applying for loans without a PAN card. But still, if you need sudden cash and don’t have a PAN card, these tips can help.

1. PAN Card Number

Lost your PAN card recently but know the 12-digit PAN number? Then, you have a higher chance of getting approved for loans. Some lenders only ask for your PAN number and not the scanned copy of the PAN card. With such lenders, you can apply and get sanctioned.

2. High Cibil Score

If your cibil score range is very high, considering your creditworthiness, lenders would approve the loan confidently. So, maintain your CIBIL score in a high range if you don’t have a PAN card.

3. High-Interest Rates

If you don’t have a PAN card but are ready to repay the loan with high-interest rates, then you have a good chance of loan approval. As a person without a PAN card is considered a high-risk borrower, expecting high interest rates.

How To Apply For A Small Cash Loan on An Aadhaar Card Without PAN Card?

To apply for a small cash loan using an Aadhaar card without a PAN card in India, follow these steps:

Step 1: Find Lenders Offering Loans Against Aadhaar Card:

Search for banks or online lenders that provide small cash loans based on the Aadhaar card.

Step 2: Check Eligibility Criteria:

Ensure you meet the lender’s eligibility criteria, which may include age, income, employment status, and credit score.

Step 3: Go to the Lender’s Website:

Go to the official website or app of the chosen lender. Many lenders have streamlined online processes for loan applications.

Step 4: Fill Out the Application Form:

Complete the application form, providing personal and financial information. Without a PAN card, your Aadhaar card will be the primary document for identity and address verification.

Step 5: Upload Aadhaar Card:

Upload a scanned copy of your Aadhaar card. Ensure that the details are clear and legible.

  • Provide Additional Documents if Required:
    Some lenders may ask for additional documents like bank statements, salary slips, or employment proof to assess your loan eligibility and repayment capacity.

Step 6: Complete the KYC Process:

Complete the Know Your Customer KYC process. With e-KYC facilities, this can often be done online using biometric verification or OTP verification linked to your Aadhaar number.

Step 7: Wait for Loan Approval:

After submitting the application and documents, the lender will verify the information. If everything is in order, the loan can be approved quickly, sometimes within hours or days.

Final Step: Loan Disbursal:

Once approved, the loan amount will be disbursed directly into your bank account. Ensure that the account details provided are correct to avoid any delays.

Also, Read: How to Get Personal Loan without Pan Card?

5 Tips for Faster Approval for a Small Cash Loan

Enhancing your chances of obtaining a small cash loan in India requires careful preparation. Here are essential tips to help you: 1. Maintain a Strong Credit Score: A solid credit score acts as a testament to your financial responsibility. It reassures lenders of your ability to manage finances effectively.

2. Reduce Existing Debts: Minimizing your current debts demonstrates your financial acumen and commitment to maintaining a healthy financial status. It’s a positive signal to lenders about your debt management skills.

3. Provide Truthful and Updated Information: Accuracy and honesty in your loan application are crucial. Ensure all personal and financial details are current and truthful. Trustworthiness in your application can significantly boost your credibility with lenders.

4. Increase Your Income Streams: Demonstrating additional sources of income can strengthen your loan application. It shows lenders that you have more than one way to repay the loan, reducing their risk.

5. Consider a Co-applicant or Guarantor: If your credit score or income does not meet the lender’s requirements, adding a co-applicant or guarantor with a stronger financial background can enhance your loan application. Their creditworthiness and guarantee of repayment can provide additional security to lenders, increasing your chances of approval.

Also, Read: I Need ₹5000 Rupees Loan Urgently: Quick Guide.  

Choose a Stress-Free Way to Handle Unplanned Financial Situations with Credmudra

While there are so many options available, such as credit cards to make new purchases and collateral loans for medical needs, choosing one during sudden expenses is overwhelming. When applying for a small cash loan, check for quick disbursal, competitive interest rates, flexible repayment, and collateral-free loans. Credmudra gives you a short-term small cash loan within 24 hours, with minimum documentation. Sign up on Credmudra and get your personal loan instantly.

Also, Read: How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?

FAQs

1. Can you apply for a loan without a PAN card?

Yes, you can still apply for a loan without a PAN card, but the time taken to check your financial history and approval for the loan may get longer.

2. What are the documents required to apply for a loan without a PAN card?

This differs according to the lenders, but other documents you can use are an Aadhaar card, utility bills, a driver’s license, and a valid passport.

3. How long does it take to approve a loan without a PAN card?

Depending on the lender you choose, this can vary, and it also depends on the time required to analyze the repayment abilities of the borrower.

4. Is a PAN card mandatory for applying for a loan?

Some lenders don’t ask for a PAN card, but applying with one has a higher chance of loan approval with competitive interest rates.

5. How to apply for a loan without a PAN card?

First, research the lenders who don’t demand a PAN card, check their authenticity, application process, and additional charges, and then apply online.

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