In India, it is necessary to keep certain documents for various official purposes. The most important of these is the PAN card, which means Permanent Account Number. It is required for almost all banking activities and tax-related work. PAN card also plays an important role in loan applications. Due to its importance, cases of fraud related to PAN card have become increasingly common. Here's how to get a loan using a PAN card and how fraudsters take advantage of this process.

Use of PAN card to get a loan

When someone needs a loan, a PAN card is usually required. The PAN card verifies both your identity and income, keeps a record of your financial transactions. Based on your PAN card, any bank can give you a personal loan, provided you meet certain terms and conditions. The loan you get depends on your credit score, the potential loan can be up to 40 lakhs.

Loan frauds

When using your PAN card, it is important to be cautious to avoid falling prey to fraud. Scammers often take advantage of the loan application process to dupe people. Cyber ​​fraudsters may send you a link via phone, which can be clicked to provide details for loan application processing. Once you enter your details, they may dupe you. Fraudsters also send links on the pretext of updating your PAN card or impersonating Income Tax Department officials to commit fraud.

Precautions to take

Never share PAN card details over the phone: If someone calls and asks you for PAN card details, do not share it. Legitimate bank employees will not ask for such information over the phone.

Be cautious of links: If you get a link asking you to provide details, verify its authenticity before proceeding. If it looks suspicious, do not proceed.

Avoid clicking on unwanted links: Do not click on links sent from unknown sources, especially those claiming to be for loan applications or PAN card updates.

Monitor your credit score: Check your credit score regularly to keep abreast of your financial position and any loans you have taken.

Reporting fraud

If you fall prey to a PAN card scam, follow these steps to lodge a complaint:

Visit the official portal https://www.protean-tinpan.com/.

Click on the “Customer Care” option on the home page.

Select “Complaint/Query” from the drop-down menu.

Fill in the complaint form with all the required details about your problem.

Complete the captcha and click on the “Submit” button.

By taking these precautions and knowing how to report fraud, you can prevent yourself from becoming a victim of PAN card-related scams.