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An Aadhar card can help you a long way in getting a personal loan as quickly as possible. However, terms like Aadhar Card Loan can be misleading and falsely imply that you can get a personal loan on your Aadhar Card just like a credit card loan. This is not true.A personal loan on Aadhar Card simply means that you can use your Aadhar Card as a valid Address Proof and ID Proof and since the Aadhar Database is online, your loan application could be processed faster because of lesser physical paperwork. You will still need the rest of your financial documents that the lender requires to approve your loan.
How to take a personal loan on an Aadhar Card?
An eligible applicant can now take a personal loan with just an Aadhar Card. They do not need to submit a variety of documents for their loan application. Select lenders provide personal loans based on an Aadhar Card, thereby reducing the inconvenience of lengthy paperwork.
Why to avail of an instant loan on Aadhar Card?
Whenever you apply for a loan, it is mandatory to submit your Know Your Customer (KYC) documents so that the lender can verify your authenticity. Since an Aadhar card is a valid ID and Address proof that is backed by UIDAI’s biometric record which is completely online, it makes it easier for lenders to verify your background quickly and easily.You, as the loan applicant need not submit physical KYC documents, you can complete your loan application simply by submitting your Aadhar. Of course, you would still need to submit your income proof documents as they are not related to your KYC.
Application Process for Personal Loan on Aadhar
Step 1: Head over to your selected lender’s website.Step 2: Look for an ‘Apply Online’ option under Personal Loans.Step 3: Fill out the loan application form with accurate details related to your income, profession and other personal particulars.Step 4: Once you complete the application, a representative form the the lender company will contact you for the further process.Step 5: You can then submit your Aadhaar and other documents to finish the loan application process.
Eligibility Criteria for Aadhar Card Loan
- Age must be between 23 and 55 years
- Credit Score of 750 and above
- Applicant must be a residing Indian citizen.
- The applicant must be employed with a public or private sector company or an MNC.
In addition to the above, the applicant must also have a minimum income of between Rs. 25,000 to Rs. 35, 000 depending on his city of residence.You can avail a personal loan on Aadhar for the following requirements:
- Emergency medical expenses.
- Marriage expenses.
- House renovation.
- Debt repayment.
- Children’s higher education.
- Expenses for overseas travel.
Features and Benefits of Personal Loan on Aadhar.
- You can avail a high loan value of upto Rs. 25 lakh.
- The repayment tenure is flexible and can be as long as 60 months.
- The loan is processed quickly and disbursed rapidly.
- The loan procedure is 100% transparent.
DISCLAIMER
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.
FAQS - FREQUENTLY ASKED QUESTIONS
What is an Aadhaar card loan
It is a type of Personal Loan where lenders use the Aadhaar card as a primary identification document for verification and loan processing purposes.
Can I get a Personal Loan on my Aadhaar card ?
You can secure a loan with an Aadhaar card if you do not have traditional identification documents. However, the loan amount, interest rates, and terms and conditions vary according to lenders. Hence, check with the lender before applying for a loan on your Aadhaar card.
Remember, there is no financial product where you can get a loan on your Aadhaar card. This loan simply lets you use your Aadhaar card as the main proof to secure a Personal Loan.
What is the maximum amount that can be obtained through a loan using an Aadhaar card ?
The maximum amount you can get through a loan on your Aadhar card depends on various elements, such as the type of loan you are applying for, your creditworthiness, income, and other eligibility criteria. Generally, you can raise between a few thousand rupees to several lakhs with an Aadhaar Card Loan.
What is the interest rate on an Aadhaar card loan of ₹50,000 ?
The interest rate on a ₹50,000 Aadhaar card loan can vary with the loan type, your credit score, the lender's policies, and the loan tenure. Interest rates are subject to market conditions and can change depending on the monetary policy.
Can I get a loan on my Aadhar card if I have a low credit score ?
Most lenders consider only individuals with excellent credit scores for Aadhaar card Personal Loans. However, a few financial institutions consider applicants with lower credit scores for Aadhaar loans, but such loans are subject to certain conditions. Therefore, before applying for a loan on your Aadhaar card, it is advisable to check with the lender to understand their policies regarding credit scores.
Do I need a co-applicant to take a loan on my Aadhaar card ?
Typically, you do not need a co-applicant to apply for a Personal Loan with your Aadhaar card.
Are there any processing fees or hidden charges for Aadhaar card loans ?
Like any other Personal Loan, processing fees and other charges are applicable for loans taken on Aadhaar cards. These charges vary from lender to lender. Therefore, read the loan terms carefully before signing on the dotted line.
