Your PAN card is more than a document, it is the key to your financial identity. If your PAN card falls into the wrong hands, it could be used to apply for loans in your name, all without your knowledge. Such misuse of your PAN card can damage your credit score, bring legal issues and leave you liable for loans you never took. 

There are several ways to find out whether someone is using your PAN card to take a loan. Additionally, it is crucial to keep your PAN card safe and only share your personal information with official authorities. Regularly check your financial statements and credit report for transactions and report any misuse to the relevant authorities immediately.

You can check your credit report to see whether any loans have been taken out under your PAN. Credit bureaus such as CIBIL and others keep track of all the loans that have been taken out in your name. You can access their sites and request your free credit report to check whether any loans have been taken out under your PAN card. 

Fintech apps

You can use fintech apps to track your outstanding payments. To do this, you have to download a fintech app. Accessing the relevant section, you can view your active outstanding loans.

Warning signs indicating PAN misuse for taking loans

You may detect unauthorized transactions or loans from your bank statements which indicates that your PAN number might have been used fraudulently for taking a loan. If your credit score suddenly plunges without any action on your part, it could be a sign that loans were taken out under your PAN card. If you receive calls or letters regarding loans you didn’t take out, then it’s a glaring red flag.

Steps to take if you find a fake loan

If you come across a fraudulent loan, immediately file an FIR at your local police station or cybercrime cell. Contact the bank or lender that has issued the bogus loan. File disputes with credit bureaus, declaring that the loan doesn’t belong to you. Request an investigation and that it be removed from your credit report. 

Prevent future PAN misuse

If your PAN card is lost, seek a reprint and check your credit report in the next few months. Enable SMS/email notifications for loan or credit applications linked to your PAN card. Avoid clicking on links from unknown sources. Never share your PAN card on unsafe sites and apps. Do not share your PAN card unnecessarily