Personal loans are utilized for several reasons, such as paying unexpected medical expenses and keeping a family afloat during a financial crisis. The most crucial aspect of getting a personal Money loan is that you have to fill out a little paperwork, and the money is available very immediately. Did you know you can acquire a loan with your Aadhaar card? This article will show you how to secure a personal loan using your Aadhaar number.
For personal loan approval, most lending institutions and NBFCs need an Aadhaar card as one of the necessary documents. In an ideal world, an Aadhaar card personal loan would not exist. Applicants with credit cards or fixed deposits may apply for a rapid personal loan, but not with their Aadhaar card. Some people assume that by presenting their Aadhar card, they may get a personal loan. However, such a product does not yet exist in the lending institutions and financial sectors.
Loan for Aadhaar Card
Every lender has certain expectations. A borrower must submit Know-Your-Customer (KYC) documentation when applying for a loan. KYC is a government-mandated practice that all lenders and borrowers must follow. If you apply for a personal loan on aadhar card and provide your Aadhaar card as a critical document, lending institutions and financial institutions will find it simpler to complete the loan verification procedure using UIDAI Aadhaar biometrics. More information is available here about how to avail aadhar card loan.
Consider the following considerations:
- You may now apply for a Personal loan on aadhar card.
- These loans need E-KYC documents, which eliminates the need for paper documentation.
- Your Aadhaar card is your identity, residency, age, and citizenship proof.
- The Aadhaar Personal Loan is a no-collateral loan with a payback duration of one to five years.
- Maintain a good credit score to get a Personal Loan quickly.
How to Use Your Aadhaar Card to Apply for a Personal Loan
The following are the procedures for acquiring a Personal Loan utilizing your Aadhaar card and no other documentation.
- Before going to the lender’s website, check whether you are eligible for an Aadhaar Personal Loan.
- Fill out the online Personal Loans application.
- To complete the KYC procedure, provide a scanned copy of your Aadhaar card.
- When the lending institution approves your application, your loan on aadhar Card is supported.
- The loan on aadhar card money is subsequently credited to your account by the lending institution.
Requirements for Eligibility
The following are the standard requirements for obtaining a personal loan using just an Aadhaar card:
- Between the ages of 20 and 60, you must be an Indian citizen.
- A valid Aadhaar Card issued by the UIDAI is needed.
- You might be self-employed or hired as a professional with a monthly salary of at least INR 20,000.
- To qualify, you must have a credit score of at least 600 points.
Advantages and drawbacks
- You do not need to offer any security to be authorized for an Aadhaar Card Loan since it is unsecured.
- Depending on your financial ability, you may repay the principal and interest over 12 to 60 months.
- There are loans ranging from INR 20,000 to INR lakhs accessible, all with reasonable interest rates.
- You may do anything you want with the money you’ve borrowed.
- Existing lending institution clients who apply for Aadhaar Personal Loans will get approval in hours.
- Customers without lending institution accounts may apply for an aadhar card loan entirely online, and funds are often sent within 24 to 48 hours.
As you can see, obtaining a Personal Loan with an Aadhaar card and no income stubs or other supporting documentation is straightforward. The paperwork procedure for getting a personal loan has been simplified and streamlined by lending institutions and financial institutions. You may use the money for several things, including medical bills, company expenses, wedding or vacation plans, etc.