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2 mins Read | 6 Months Ago

Get Personal Loan with PAN Card and KYC Documents

Get a Personal Loan with PAN Card and KYC Documents

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A Personal Loan is an easy and accessible solution for your immediate financial needs. Whether you are in a financial crunch or looking to make a big purchase, you can get the required funds and work towards your goals. However, availing a Personal Loan requires certain documents. Among these, PAN Card and KYC documents are the most important.

The importance of documents for availing a Personal Loan:

For a Personal Loan, the Bank needs to verify your personal and financial information. Personal information allows the Bank to verify your identity. Financial information, on the other hand, allows the Bank to check your creditworthiness, income, income source etc. You need to provide these documents for all loan types, whether it is an unsecured loan like a Personal Loan or a secured one against a collateral.  

Role of KYC documentation for Personal Loan approvals:

KYC (Know Your Customer) is an important process mandated by financial institutions for verifying the identity of the loan applicant. Banks use several types of KYC processes such as digital KYC or video KYC to verify the applicant’s identity. Most of these processes are designed to make the verification process easy. Regardless of the KYC type, you are required to submit the necessary documents. Among these, Aadhaar Card is the most important. It helps the Bank confirm your identity quickly.

Role of PAN Card in loan approval:

Permanent Account Number (PAN) Card is an important document required to complete your Personal Loan application. It serves as a unique tax identifier and helps in verifying the applicant’s financial records. As mentioned earlier, Personal Loans are unsecured loans and hence the applicant’s financial history is important for approving the loan. Banks use PAN Card to check the applicant's financial history and to assess his/her creditworthiness based on factors such as income, existing loans and tax history. Apart from PAN Card, Banks also use credit scores to check creditworthiness.

Role of credit score

Your credit score determines the probability of getting the loan approved, the term of the loan, interest rate of the loan and the funds you can borrow. Simply put, it is an indicator of your financial health and creditworthiness. It typically ranges from 300 to 900 with a higher credit score signifying responsible financial behaviour, making you a favourable candidate for the loan. If you do not have your credit score, you can go to ICICI Bank’s Credit Score page to get the details. ICICI Bank typically uses CIBIL score as the benchmark.

Other documents required:

Apart from KYC documents, additional documents required for loan approval include proof of income, bank statements, employment details etc. These documents confirm the applicant's ability to repay the loan, providing security to the Bank.

Process of applying for a Personal Loan with ICICI Bank:

  1. Visit ICICI Bank website or download the iMobile Pay app to start the application process

  2. Based on the information provided, you can check the available offers 

  3. Submit the scanned copies of the mentioned documents

  4. Complete the KYC process

  5. Wait for the loan to get approved

  6. This will be followed by  disbursal of funds

Loan approval process and timelines

Having a PAN Card and the required KYC documents speed up the loan application process. Typically, loans are approved within a week after document verification. However, delays might occur due to incomplete documentation or additional verification requirements.

Here is how you can ensure that there are no delays in processing your Personal Loan application:

  1. Document verification: Ensure all documents are complete and accurate

  2. Credit history: A good credit history speeds up the process

  3. Additional verification: Double-check all the documents and information that you have provided so there is no need for additional verification.

Inaccurate documents: The major reason for your loan application not getting approved:

Many factors could lead to non-approval of your Personal Loan application. Among these, inaccurate documents are at the top. When any Personal Loan document is missing or inconsistent with all the other components of your application, the loan application might get delayed or may not get approved. All these documents help the Bank understand your personal and financial history. If there is any discrepancy, it can lead to non-approval of your loan. ICICI Bank has a great digital infrastructure that checks all the documents submitted by the applicants.


Availing a Personal Loan without PAN Card and KYC documents is difficult. These documents simplify the application process and increase the lender's confidence in the borrower's credibility. Understanding their significance and ensuring their accuracy can lead to a faster loan approval process.

Apply Now   Know More

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