Business Loan On Aadhaar Card: How They are Connected or Linked?

The Aadhaar card has gradually become one of the most vital personal documents of any individual in India. Whether you’re applying for a mobile number, opening a bank account, applying for a Voter’s ID, or anything else requiring ID verification, your Aadhaar card becomes an important document that you can submit to get things done without any hassles. The Aadhaar ID is managed by the UIDAI, the Unique Identification Authority of India.Aadhar linking is now mandatory for the following processes:

• Opening of personal and business bank accounts.
• Applying for PAN.
• Applying for new mobile numbers.
• Applying for new LPG connection, Voter ID and Ration card.

The Aadhaar card has now been very deeply integrated with our financial and identification services. Your Aadhaar card contains your name, date of birth, place of residence and photo, all of which are attached to your mobile number as well as your biometric data, which is stored on UIDAI’s database.This makes Aadhaar an all-in-one type of document. When you link your Aadhaar with other documents, lenders find it easy to verify your financial and personal details when processing your loan application. All they have to do is verify your Aadhaar and they can verify your identity and other parameters. This leads to minimal paperwork and a faster turnaround time for your loan application.It is possible for you to get a business loan on Aadhaar by submitting only a few essential documents. While documents like your Business Registration Certificate, Business Account Statements and Tax Compliance Certificate provide information regarding your business to the lender, as far as KYC is concerned, only your Aadhaar card is sufficient for most lenders.

Thus, linking your Aadhaar card with your other documents is quite beneficial. It only makes it easy for other institutions to verify your credentials without the burden of unnecessary paperwork. So if you want your government issued documents and loan applications to be hassle-free, link your Aadhar card to your mobile number, your bank account, your EPF, NPS and others today.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.