Is a PAN Card Important for Checking Your Credit Score?

India’s central bank, Reserve Bank of India, has licensed four credit information companies: CIBIL, Experian, Equifax, and Highmark. These companies gather your credit history and credit behavior based on several factors and give you a score based on your performance ranging from 300-900 (900 being the best and 300 the worst). When you ensure CIBIL score check with a PAN card, a good credit score helps you get loan applications approved and can also help you get lower interest rates.

To regulate the transactions for a fair analysis by these companies and the Indian government, the PAN card was introduced under Section 139A of the Income Tax Act of 1961 by the Indian government.

What is a PAN Card, and Who Can Get It?

PAN is a Permanent Account Number, and your PAN card is a physical verification card containing this unique number, which is a combination of letters and numbers. Your PAN number is unique to you, and you are its sole proprietor.

PAN cards were introduced to curtail tax evasion and keep track of taxes. The income tax department produces it, and you can obtain it by applying on the official website. You can now perform CIBIL score check with a PAN card.

PAN card is authorized for the following-

• Indian residents with date of birth and Address proof
• Individuals earning money
• NRIs
• Companies
• Partnership firms
• Trusts
• Local authorities

Do Kids Need a PAN Card?

Children under 18 can possess a PAN card, but it must be processed and approved by their parents. After age 18, every Indian, whether a student or employed, has the right to get a PAN card.

Conditions under which kids must have a PAN card-

1. When minors are nominees of investments.
2. When minors are under guardianship while being involved in financial transactions.

How Can I Use My PAN Card?

Your PAN card is an important photo identification card consisting of your details like Name, Date of Birth, Husband/wife/father’s name, and your passport-size photograph that is required for various purposes, including but not limited to:

• As identity proof
• Filing ITR
• When opening a new bank account
• To borrow credit/loan
• Getting a new credit card
• Buying property
• Registering your business
• Opening a Demat account
• Starting an FD
• Applying for a gas connection or telephone connection
• Buying jewelry

Steps for Getting Your PAN Card

Getting a PAN card has become one of the easiest tasks. You can apply for it both online and offline through these pathways-

Online:

• Visit either of the only two authorized official website(s) of Protean e-gov Technologies Limited or UTIITSL and choose ‘Apply online.'
• Fill in your details.
• After submitting the required details, you will be directed to the fee payment link.
• After paying the fee, your acknowledgment number will appear. Save it for future reference.
• Please monitor your mail for any details. Your PAN card will be delivered in the next 15-20 working days.

Offline:

1. Visit the official website mentioned above and click on ‘PAN’ under the ‘downloads’ part.
2. Download your form. Indian citizens must fill out Form 49A for a new PAN, while foreign citizens must fill out Form 49AA.
3. Fill out the necessary details and compile the required documents with your passport-size photograph as per the directions of the Income Tax Department.
4. Pay the fee via demand draft in the name of Protean e-Gov Technologies Limited - PAN payable at Mumbai.

How Can I Check My Credit Score With My PAN Card?

A credit score is essential for everyone to know how lenders and banks view their applications. Checking credit scores has become easy with many trusted service providers like Stashfin, which provides you with your authentic credit score in minutes. Fortunately, all you need to check your credit score is a PAN card, DOB, registered mobile number, name, and basic KYC details. You can check out Stashfin to get your CIBIL score.

Details required for credit score check include:

• Name
• Date of Birth
• PAN number
• Phone number
• Address
• KYC authentication

Importance of PAN Number for Checking Credit Score

Below, we’ve discussed a few common reasons why a PAN number is important for checking your credit score:

• PAN number links all your financial activities, from credit to debit, under one identity, making it easier for banks and lenders to get details as per their requirements.
• Credit bureaus can handle your transactions under a unique PAN number and help lenders find your credit history to analyze your repayment capacity before giving out a loan.
• You can access your credit score easily with your PAN number on secured sites like Stashfin and get an accurate score without any confusion or hustle.

A PAN number creates a safe space for lenders and borrowers to understand each other's needs, which in turn makes the process secure and easy.

Why Does My Credit Score Matter?

Your credit score determines your ability to get a loan. It ranges from 300 to 900. If your score is above 740, lenders will be extremely favorable to your credit history and capacity to repay your loans, whereas if it is below 670, chances are your credit applications might not get approved.

Here are a few ways through which your credit score can help you:

• By getting your PAN card, you will be able to analyze your credit score from time to time on your own and plan your investments and loans.
• You can track your missed EMIs and get professional tips on increasing your score.
• You can check the status of your new credit applications for instant cash loans and other loans and understand the reasons behind their acceptance or rejection.

Conclusion

Your credit score can make or break your application, which is why checking it before submitting any loan application is a must. Hope you learned the tips for checking your credit score with just your PAN Number. Easily apply for your PAN card today to start a healthy journey toward credit and growth.