Loan on Aadhar card is a kind of instant loan that requires you to submit only your Aadhar card. This is a minimal documentation requirement loan that reduces the time taken on loan approval as well as disbursal. In simpler terms, you do not require waiting for days to accumulate and then finally submit a loan application for Rs 5 lakh loan or more. Just hit on the Aadhaar card loan application anytime to mitigate your immediate cash needs. Continue reading to know how you can place an application for a loan on an Aadhar card and to know about the eligibility, documents, benefits, and rates of the loan.
How can you apply for a loan on an Aadhaar card?
You can apply for a personal loan using an Aadhar card by following the below-listed measures –
∙ Approach the lender’s site or download the loan application.
∙ On the site, visit the personal loan option and then hit on apply now option.
∙ On the loan app, input your phone number to register.
∙ Input your personal as well as Aadhar details.
∙ Input loan proceeds and repayment tenure.
∙ Input bank information and then set up the auto deduction option. Get your loan disbursed instantly to your savings account if you qualify after KYC authentication.
What are the benefits of availing a personal loan on an Aadhaar card?
Aadhaar card loan comes with the below-mentioned benefits –
∙ Instant loan disbursal –
You can avail an Aadhar card loan immediately just by providing your Aadhar details. An instant KYC authentication will make it possible for you to get your loan amount disbursal.
∙ High-value loan –
You can avail a cash loan of as high as Rs 20 lakh to mitigate your immediate monetary needs.
∙ Security free –
A personal loan on an Aadhar card basically is an unsecured loan. You do not require pledging security or collateral for the same.
∙ Prudent for financial exigencies –
In the scenario of financial exigency, a personal loan with an Aadhar card may prove to be advantageous.
∙ Flexible loan repayment tenure –
You are permitted to opt for flexible repayment tenure. The repayment tenure generally may be as high as six years.
What are the important documents required for availing an Aadhar card loan?
The crucial document to avail a personal loan on an Aadhar card is only your Aadhaar card. This card consists of your basic information and your bank details. This makes it simple for lenders to avail instant KYC authentication. Just ensure that your mobile number as well as your savings bank account are linked with your Aadhaar.
Basic eligibility parameters of Aadhar card loan –
Mentioned here are the important eligibility parameter for availing an Aadhar loan –
| Age | Between 21 and 60 years |
| Nationality | Indian |
| Employment | Self-employed or salaried |
| Monthly income | Rs 3 lakh |
| Credit score | Must have a score of 750 |
Aadhar card loan interest rate –
The personal loan rate on Aadhar differs from one lender to another. Maintain a strong credit score to get the lowest rate of interest on your Aadhar loan.
| Rate of interest | 9.90 per cent per annum onwards |
| Processing charges | Nil |
| Foreclosure charges | Nil |
What are the crucial things you must note before you apply for an Aadhar card loan?
Mentioned here are some of the crucial things you must consider before availing a personal loan using an Aadhar card –
Compare among lenders –
Ensure you compare among lenders before you sign up for an instant personal loan. Check out your rate of interest, convenience (hassle-free and paperless application), processing charges and other parameters before selecting a lender. Also, opt for a lender who is reliable.
Review your credit score –
Lenders review your credit score to understand your credibility. There’s always a kind of risk involved in getting your credit application turned down if you hold a low score. So, review your score timely to avoid any type of hassles while checking out for loan eligibility. In the case your score is low, consider improving it.
Apply for the required amount –
Here’s another important tip. You must try and apply for an amount you require and not the amount, which is pre-approved. This can assist you to lower your debt burden considerably. Let’s suppose you received a pre-approved loan equaling Rs 5 lakh, but you require just Rs 1 lakh. Here, the suggestion would be to apply for a Rs 1 lakh loan. However, in the case you are confident with your repayment potential, you must go for the amount that is up as well as over your initial need.
Check for other fees –
Many lenders tend to levy a processing and foreclosure charge. These fees may differ from one lender to another lender.
Why should you avail an Aadhaar card loan?
An aadhaar loan is a loan type that requires minimal documents. You can avail it to get an instant loan during financial exigency. This loan type is not just quick but even convenient. However, you just require checking your eligibility with the lender before placing an application. Also, ensure to maintain a score of over 750 by avoiding loan defaults. You must ensure to follow specific steps to place an application for an Aadhar card loan and remain stress-free no matter what the exigency may be.
What are the advantages of Aadhar card loans?
∙ Aadhar card loan is genuine proof of your personal identity.
∙ Aadhar card makes instant loans online simpler with a paperless verification procedure.
∙ This single document can be used for numerous personal identifications like your photo, date of birth, citizenship, and address.
∙ Aadhar card KYC authentication is done in real-time for instant results.
∙ Aadhar card linked with your phone number makes it an easier process.
How can you apply for an instant loan through the online platform with an Aadhar card?
Applying for an instant personal loan is an effortless process. Even if you are not very internet savvy, you can still apply for a loan online simply. Mentioned here is an easy procedure for availing an instant loan with an Aadhar card.
∙ The initial step is to install the app from the Google play store.
∙ Next step is you must register on the app using your phone number and email ID.
∙ Third step will permit you to input your PAN card and Aadhaar card number for e-KYC verification.
∙ In the next step, fill out the application form and then mention your professional or personal information.
∙ Next, authenticate your information, which will unlock loan offers for you.
∙ Once you unlock, mention the loan purpose, and select the required loan proceeds.
∙ Your loan amount will be processed on the same day of submitting the application.
