Loan Without PAN Card in India: Form 60/97 Rules & Options

You can get a loan without a PAN card in India only in limited cases. Regulated banks and NBFCs must collect your PAN, or, if you genuinely do not have one, a declaration in Form 97 (which replaced Form 60 from 1 April 2026), as part of KYC, and most lenders insist on PAN for unsecured loans because it is how they pull your credit report. The realistic routes without PAN are small secured loans, such as a gold loan or a loan against your own fixed deposit, where the lender's credit policy allows the declaration. For almost everyone else, the faster fix is to get a free instant e-PAN using Aadhaar.

This guide explains why lenders ask for PAN, what the Form 60/Form 97 route can and cannot do, which loans may still be possible, how to get an e-PAN quickly, and the scams built around "PAN card se instant loan" offers.

Why lenders need your PAN

PAN does three separate jobs for a lender:

1. KYC. RBI's Know Your Customer directions require banks and NBFCs to obtain the customer's PAN (or its e-version) or the prescribed declaration for people without PAN when starting any account-based relationship, and a loan account is one. Aadhaar or another officially valid document proves identity and address; PAN or the declaration is collected in addition.
2. Credit report. Credit bureaus (CIBIL, Experian, Equifax, CRIF) match your loans and cards mainly through PAN. Without it, a lender may not be able to find your history reliably, and your new loan may not build your score properly. If you want to see your report first, read how to check your CIBIL score for free.
3. Income-tax reporting. Section 262 of the Income-tax Act, 2025 (old Section 139A) and Rule 159 of the Income-tax Rules, 2026 (old Rule 114B) list transactions where PAN must be quoted. Banks also report certain high-value transactions to the Income Tax Department, and PAN ties them to you.

So "loan on PAN card" does not mean PAN gets you a loan. It means PAN is one of the entry tickets, alongside Aadhaar-based KYC, a credit check and income assessment. Our explainer on what an Aadhaar card loan really means covers the Aadhaar side.

Form 60 is now Form 97: what it allows

From 1 April 2026, the Income-tax Rules, 2026 replaced Form 60 with Form 97: a signed declaration given by a person who does not have a PAN while entering a transaction that otherwise needs PAN. Those who receive these declarations report them to the tax department in Form 98 (old Form 61). Many bank forms and websites still say "Form 60", so expect both names for a while.

What the declaration can do, as of October 2026:

• Let someone without a PAN complete KYC for an account with a bank or NBFC, if the lender's policy accepts it.
• Record your identity and estimated income for tax-reporting purposes.

Its limits:

• Only if you truly have no PAN. If you have a PAN, you must quote it. Giving a false declaration can attract penalties and prosecution under income-tax law.
• The lender decides. KYC rules allow the declaration, but nothing forces a lender to give you a loan on it. Most unsecured personal loans, credit cards and app loans are approved only with PAN because the credit check depends on it.
• Not for everything. Under the new rules, individuals buying, selling or gifting property with a stamp duty value above ₹45 lakh must apply for a PAN; a declaration is no longer enough there.
• Accounts may be restricted later. RBI's KYC framework allows banks to temporarily stop operations in existing accounts if PAN or the declaration is not submitted when required.

Which loans may be possible without PAN

Gold loan for small amounts

Under RBI's gold and silver lending directions, effective 1 April 2026, banks and NBFCs can lend up to 85% of the gold's value for loans up to ₹2.5 lakh, 80% for ₹2.5-5 lakh and 75% above ₹5 lakh. For bullet-repayment loans the LTV includes the interest payable at maturity. Because the jewellery secures the loan, some lenders may process small gold loans with KYC and a Form 97 declaration instead of PAN, but many ask for PAN anyway. Ask the branch before you go. See our gold loan guide for tenure and interest rules.

Loan against your own FD

If you already hold a fixed deposit with a bank, it has your KYC on file. Banks typically lend about 75% to 90% of the deposit at roughly 1% to 2% above the FD rate, as explained in loan against FD and mutual funds. If your account was opened with a declaration instead of PAN, ask the bank whether it will sanction the loan on the same basis. Note that FD interest without a PAN can also face higher TDS.

When to stop trying

If you need an unsecured loan, a credit card or any large loan, do not hunt for a lender that skips PAN. The ones that do are usually not regulated. Get an e-PAN first; it is free and can be done in one sitting.

How to get an instant e-PAN using Aadhaar

The Income Tax e-filing portal offers a free Instant e-PAN service for individuals who do not have a PAN. As of October 2026, the steps generally are:

1. Go to incometax.gov.in and open Instant e-PAN from the homepage quick links.
2. Choose Get New e-PAN and enter your 12-digit Aadhaar number.
3. Enter the OTP sent to your Aadhaar-linked mobile number and confirm your Aadhaar details.
4. Submit and note the acknowledgement number.
5. Later, use Check Status / Download PAN on the same page with your Aadhaar and OTP to download the e-PAN PDF.

You must be an adult individual without an existing PAN, and your Aadhaar must be linked to a working mobile number. The e-PAN is a digitally signed document accepted like a physical card. Applying through the authorised PAN agencies (Protean and UTIITSL) for a physical card involves a fee. The new rules from April 2026 changed PAN application forms (Form 93 for Indian citizens) and documents, so if the instant route does not work for you, follow the portal's current instructions. Do not hold two PANs; it is illegal.

"PAN card se instant loan": scams to avoid

Search ads, WhatsApp messages and Instagram reels promise an "instant loan with PAN card" or "only PAN, no CIBIL, ₹50,000 in 5 minutes". Common patterns:

• Upfront fee fraud. You pay a "file charge", "insurance" or "GST" by UPI to a personal account, and the loan never arrives.
• Illegal apps. APKs from links outside the official app store that demand access to contacts and gallery, then harass you and your contacts.
• Identity theft. Your PAN and Aadhaar photos are used to open loans in your name. If an unknown loan appears on your report, follow fake loan in my name on CIBIL.
• OTP and screen-share tricks. "Verification" calls asking for your Aadhaar OTP, UPI PIN or screen-sharing app.

RBI digital lending rules: the basics

Under the Reserve Bank of India (Digital Lending) Directions, 2025, a genuine loan app must lend on behalf of an RBI-regulated bank or NBFC and name it. Before you sign, you must get a Key Fact Statement (KFS) with the full APR (annual percentage rate, including all fees). Money must go directly from the lender to your bank account, and you get a cooling-off period (at least one day, set by the lender's board) to exit by repaying the principal and proportionate interest without penalty. Apps cannot access your contacts, call logs or media. Check the app on RBI's list of digital lending apps and read RBI rules for instant loan apps.

If you have been cheated, report at cybercrime.gov.in or call 1930, and check unknown lenders on sachet.rbi.org.in. Our guide on reporting fake loan app fraud has the full steps.

Worked example: gold loan vs a "PAN card loan" scam (illustrative)

Ramesh needs ₹1 lakh for six months and has no PAN yet.

Option A: Gold loan. He pledges 20 grams of 22-carat jewellery. Assume the lender values it at ₹9,000 per gram (illustrative; actual rates follow the published gold price).

• Gold value = 20 × ₹9,000 = ₹1,80,000
• Maximum at 85% LTV = ₹1,80,000 × 0.85 = ₹1,53,000
• He borrows ₹1,00,000 at an illustrative 10% a year, bullet repayment after 6 months
• Interest = ₹1,00,000 × 10% × 6/12 = ₹5,000; total repayable ₹1,05,000
• LTV including interest = ₹1,05,000 ÷ ₹1,80,000 = 58%, well within the cap

Option B: "Only PAN, instant loan" offer. The caller asks for a ₹1,999 file charge, then ₹3,500 "insurance", then ₹2,500 "GST release fee". Ramesh has paid ₹7,999 and receives nothing.

Option A costs ₹5,000 for real money; Option B costs ₹7,999 for none. For EMI-based loans, compare total cost with our EMI calculator and the APR in the KFS.

Key takeaways

• Regulated lenders must collect PAN, or a Form 97 declaration (old Form 60) if you have no PAN, during KYC.
• Small gold loans and loans against your own FD are the most realistic options without PAN; unsecured loans and cards almost always need it.
• Form 97 is only for people who truly have no PAN; a false declaration is an offence, and lenders can still refuse it.
• A free instant e-PAN through Aadhaar OTP on incometax.gov.in is usually the fastest fix.
• "PAN card se instant loan" offers that skip KYC or ask for upfront fees are scams; check the lender, the KFS and the APR, and report fraud on 1930.