Any individual can feel the need to avail a personal loan at some point of time or the other. The nature of this loan covers a variety of personal financial requirements. In the past times, the approval and verification process to avail any personal loan was too hectic and lengthy. Both the private and the public sectors demanded innumerable documents to process the loan request. But the advent of the Aadhaar card has brought a sea-change in the entire scenario. The processing period of any personal loan request has lessened significantly and the entire procedure has also been made simple and easy.
Features of Aadhar card loan
- Aadhar card can be utilized to avail personal loan facility
- The best personal loan offers begin at 8.95%
- The simple and rapid online verification process ensures instant loan approval
- As this is an unsecured loan, therefore, there is no need for collateral against the loan taken
Benefits of applying for an instant personal loan on Aadhaar Card
Possessing an Aadhaar card has considerably simplified the process for availing a personal loan. Some of the benefits of availing loan facilities with Aadhaar card are as follows:
- Aadhaar card provides easy access to several loans and various other types of financial services. The loan applicants must provide all the relevant KYC documents and the Aadhaar card is treated as a concrete proof of identity and citizenship.
- Aadhaar card alone serves the purpose of proving the truth of multiple facts of any individual including age, citizenship, photo, address proof and of course identity.
- Aadhaar card also helps in the online KYC verification procedure
- Any individual can avail an instant personal loan with the help of Aadhaar card and loan approval based on e-KYC.
Eligibility criteria for Aadhaar Card loan
The eligibility criteria for availing personal loan on Aadhaar card are as follows:
- The applicant must necessarily be a citizen of India to be eligible for availing this loan facility
- The age of the applicant must range between 18 and 60 years
- The applicant must be a salaried employee of a private company or public company or an MNC or have an ITR for the last 3 years
Documents required for applying for an Aadhaar card loan
The list of documents that are essential to avail a personal loan based on Aadhaar card are as follows:
- Passport size photograph
- KYC documents other than the Aadhaar card like PAN card, driver’s license, voter’s ID, passport
- Bank account statements of the past 3 months
How to apply for a personal loan through Aadhaar card online?
The steps to apply for a personal loan online with Aadhaar are as follows:
- Step 1: First visit the bank’s or the respective financial aggregator’s official website for checking and cross-checking the online personal loan offers
- Step 2: The applicant must fill in all the relevant details as per requirement—the personal details, the loan amount requirement, etc.
- Step 3: The applicant is then required to submit a scanned copy of his/her Aadhaar card
- Step 4: The loan application will then be reviewed and will undergo a verification process
- Step 5: Once all the formalities are completed, the loan application gets approved
- Step 6: Once the approval is done, the relevant loan amount automatically gets credited to the applicant’s bank account
The enforcement of the Aadhaar card and the digitization techniques have simplified the online application for a personal loan. The single KYC proof that is required is the Aadhaar card. This is the single document that is currently accepted by most of the banks and NBFCs as the proof of identity, citizenship, address proof as well as birth proof.
For immediate grant of loan, the applicant must maintain an excellent credit score of at least 700 backed by strong financial stability and supported by all the relevant documents. If all the necessary eligibility criteria get fulfilled, then the loan is granted within 2 to 3 days.
The advent of Aadhaar card has significantly simplified the loan approval procedures. With the help of the Aadhaar card, any individual who fulfils the eligibility criteria can avail the loan benefits with ease.