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How to Check Active Loans Using Your PAN Card: A Step-By-Step Guide

January 17, 2024 • 10653 views

PAN card not only serves as identification proof but also helps in checking active loans. Besides, the tax department uses the PAN number to track taxpayers. With the PAN number and Aadhaar card, you can make seamless loan applications and check your active loan account. 

However, there are many cases in which cybercriminals can take advantage of the loan account and misuse the PAN card and mobile number to secure loans and credit cards under your name. In such cases, you will be left with the burden of clearing the debts. To prevent such scams, monitoring the active loans is important, and you can easily do so using a PAN card.

In this blog, we will discuss the importance of monitoring active loans, how to check active loans with a PAN card along with other online and offline methods, and more.

Importance of Monitoring Active Loans

Active loans refer to the loans that are actively serviced. The status of the loan is labelled for ease of tracking. The importance of monitoring your active loans is explained below:

  • Monitoring active loans helps in detecting early warning indications of financial distress. Further, it lowers portfolio risk, minimises losses, and promotes regulatory compliance.
  • Monitoring active loans can aid financial planning. You will be aware of the EMI due dates, outstanding balance, and loan tenure.

The Role of PAN Card in Loan Account Verification And Closure

The PAN allows the lenders to track your financial history related to an account which can include checking for bad debts, blacklist status, or bankruptcy.

A PAN card can help in expediting the loan approval process. It is an important document to open bank accounts- be it a current or savings account, comply with anti-money laundering regulations, etc.

What Are The Online vs. Offline Methods for Checking Active Loans?

You can check your active loans by both online and offline methods.

Online Methods to Check Active Loans with a PAN Card

Here are the two ways of checking your active loans online with your PAN card:

1. Using the Credit Bureau Website

Credit bureau services provide a trustworthy source of information that you can use for varied financial purposes. You can check active loan status from CIBIL, Experian, Equifax, and CRIF high marks official sites.

  • Step 1: Visit the credit bureau's official site per your needs and preferences. Then, you have to register on the website.
  • Step 2: You must enter details like PAN number, name, address proof, etc. You have to substantiate the details by entering the OTP sent on the registered mobile number.
  • Step 3: After confirmation, you can check the active loan status.

If you already have access to the website, you must log in using PAN details and your name. Post OTP confirmation, you can check the active loan.

2. Using Mobile Apps for Effortless Loan Account Monitoring

Fintech applications have made financial transactions seamless and provided a tool for tracking active loans.

  • Step 1: Go to the app and register using KYC details like PAN, bank account details, etc.
  • Step 2: Confirm all the entered details and get access to the account.
  • Step 3: Go to the loan section of the app and then click on 'view details' of the active loan and manage the account.

Offline Methods to Verify Active Loans

You can also check active loans directly through the lender offline. You can visit the branch personally and state your request to the lender.

Before allowing you to verify the active loans, lenders will ensure that you own the loan account. Hence, you will be asked to share your bank account number, PAN card number, ID proof, full name, loan account number, etc.

Additionally, you can connect with the lender by calling the customer care number. An executive will send your loan statement either digitally or via post.

Also Read - How to Check Free CIBIL Score by PAN Card: Step-by-Step Guide

Tips to Check Loan Accounts Accurately

Here are the tips that you can follow for accurate loan account checking:

  • You can track your credit report to know the status of the active loan. The credit report reflects the credit history summary and is linked to the PAN card.
  • Review the bank statements to know the status of the loan account.
  • You can also call the customer care number or through text messaging.
  • Stay away from entering incorrect personal or loan account details.
  • Ensure you have all the documents in order (in both printed format and images) when you visit the lender in person.

Security Measures for Protecting PAN Card Information

Here are the  security measures for protecting your PAN Card information:

  • Avoid filling in details on random online portals like your name, date of birth, etc. Make sure that the website is authentic. Fraudsters can use these details to track your PAN number.
  • Submit the PAN card photocopies and ensure it is signed with the date mentioned.
  • If you notice any suspicious activity, contact the concerned authorities.
  • The best way to ensure whether the PAN card is misused is by tracking the credit score. You can see all the loans you have availed of using the PAN.

Also Read - Tracking your Personal Loan Application Status

To Conclude

You should review your active loan account to secure yourself from fraud and maintain robust financial health. An active loan is a loan that is in its disbursement phase, and checking it periodically will help you avoid financial trouble. If you are looking for a reliable NFBC that offers flexible loans with attractive interest rates, contact Poonawalla Fincorp today!

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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