PAN Card Loan: Big news for PAN Card holders. In today’s modern era of technology, the PAN card has evolved into a crucial financial document necessary for various purposes like opening a bank account or securing a loan. Unfortunately, there has been a surge in instances of PAN card misuse and fraudulent loans being taken out under individuals’ names.
It is essential to stay alert to safeguard your CIBIL score and shield yourself from financial scams in such a scenario. Let’s discuss how to identify potential misuse of your PAN card and the appropriate legal actions to take in case of fraud.
How to Monitor PAN Card Loan History?
To prevent PAN card misuse, it is advisable for every individual to regularly review their financial reports. You can easily check your CIBIL score by following the steps below: Visit the official websites of CIBIL, Experian, or Equifax every 2-3 months. Alternatively, you can use trusted apps like Google Pay or Paytm to access your free credit score. Once you obtain the report, navigate to the ‘Accounts’ or ‘Credit Facilities’ section to verify if there are any loans or credit cards listed that you did not authorize.
Monitor the ‘Inquiry’ section in your credit report
Thoroughly examine the ‘Inquiry’ section of your credit report. If a financial institution has made an inquiry about a loan using your PAN without your knowledge, it signals potential misuse of your PAN. To validate all financial transactions linked to your PAN card, log in to the Income Tax Department’s e-filing portal. Download your Form 26AS and AIS from the portal and scrutinize them for any unfamiliar or suspicious transactions.
Stay vigilant with text messages and emails
Do not disregard any unfamiliar messages related to loan approvals, EMI payments, or defaults that you receive on your registered mobile number or email. Financial institutions typically communicate transaction details via text messages and emails. Therefore, be cautious of any fraudulent loan notifications involving your PAN number. If you detect any fraudulent activity or unauthorized loans associated with your PAN card, take the following steps promptly:
Lodge a complaint with the credit bureau
Initiate a complaint on the relevant credit bureau’s official website (e.g., CIBIL). Identify the fraudulent loan account on your report and select the ‘Dispute’ option. Tag it as ‘Not Mine’ or ‘Fraud’ and submit the dispute.
Contact the lender institution immediately
Reach out to the customer service and nodal officer of the bank, NBFC, or fintech loan provider that issued the fraudulent loan. Notify them via email or written correspondence about the fraudulent loan and demand immediate closure of the unauthorized account. Additionally, request copies of the KYC documents used for the loan approval.
Report the incident on the cybercrime portal
In case of financial fraud, visit the Government of India’s National Cybercrime Reporting Portal at Cybercrime.gov.in without delay to file a complaint online. You can also dial the national helpline number ‘1930’ to register your complaint. Keep a record of the FIR/Complaint Number provided after submitting your complaint, as it will be crucial evidence for your legal protection in the future.
If you identify any erroneous transactions or PAN card misuse in your Income Tax Form 26AS or tax statement, promptly report it through the customer care or grievance section on the official Income Tax website.