Get Personal Loan on Aadhar Card

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.

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.

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.

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.

• 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.

• 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.

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.