How to Get a Personal Loan Using Your Aadhar Card?

Last Updated: 14 Oct 2024

Getting a personal loan on Aadhar card has become increasingly popular in recent times. With more and more people looking for additional funds to cover their monthly expenses or to finance large projects, getting a loan on Aadhar card is definitely worth exploring.

Aadhar Card is a unique 12-digit identification number issued by the Government of India to every Indian citizen. It serves as an important document for various purposes such as identity proof, banking, and other activities. Aadhar card has opened new possibilities in terms of financial services as it provides quick and easy access to credit from banks and NBFCs (Non-Banking Financial Companies).

The process is simple and straightforward, allowing you to quickly get the money you need without having to undergo a complicated procedure. In this article, we’ll take you through the steps of how to get a loan on Aadhar card so that you can make an informed decision about taking out a loan.

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What is a Loan on Aadhar Card?

A loan on Aadhar card is a type of personal loan that can be availed against your Aadhar card. It allows you to easily access credit without having to provide any other form of identity proof or financial documents, as it is linked with your unique Aadhar number. This makes the process simpler and faster for borrowers since you do not need to submit any additional paperwork along with your application.

The amount of loan available will depend on the lender and also on your own personal loan eligibility criteria, such as income, credit score, etc. The amount of money you can borrow from this type of loan ranges from Rs 50,000 to Rs 5 lakhs depending on the lender’s policies and your situation.

How to Get Instant Personal Loan on Aadhar card?

Getting a personal loan on Aadhar card is relatively simple and quick. Here are the steps you need to follow:

• Step 1: Check your Eligibility

  The first step in applying for a loan on Aadhar card is to check your eligibility. You must be an Indian citizen aged 18 or above, with an active bank account in your name that’s linked to your Aadhaar Card. You must also meet other criteria such as having a steady income and good credit history. Banks and NBFCs may have their own criteria for eligibility, so make sure you understand what these are before applying.

• Step 2: Compare Loan Offers

  Once you know that you’re eligible for a personal loan on Aadhar card, the next step is to compare different loan offers from various banks and NBFCs. This will ensure that you get the best possible interest rate and terms of repayment. Consider factors such as repayment tenure, processing fees, pre-closure charges, etc.

• Step 3: Apply Online

  The third step is to fill in an online application form with details such as your personal information, income proof documents, bank statements, etc. Once this is done, submit the application and wait for approval from the lender. The whole process can take just a few minutes if all goes well.

• Step 4: Get Instant Approval

  Once your application has been approved by the lender, you will get an instant loan approval. This means that you can access the funds almost immediately and start using them for whatever purpose you need.

• Step 5: Repayment

  The last step is to make timely payments on your loan in order to avoid interest charges or late fees. Most banks and NBFCs offer various repayment options, so make sure you understand the terms of repayment before signing the agreement.

Documents Required for a Loan on Aadhaar Card

• Aadhaar Card
• PAN Card
• Income Proof – Income Tax Returns & Bank Statements, Salary slips
• Proof of address: Passport/Driving License/ Ration Card/Electricity Bill/Rent Agreement
• Cheques of your salary account
• Passport-sized photos
• Duly filled application form

Impact of Aadhaar Card on Personal Loan

Aadhaar card has revolutionized the process of getting a personal loan. With Aadhar, lenders can instantly verify your identity and check your creditworthiness in just a few minutes. This makes it easier and faster for people to get access to the money they require without having to wait for days or weeks.

Moreover, since Aadhar Card is linked to your bank account, you can easily make payments from your account with minimal paperwork. This helps you save time and money, as well as avoid the hassle of frequent paperwork that comes with other forms of loans.

In addition, banks and NBFCs may offer special discounts on personal loan interest rates if you use Aadhaar card as identification proof. This makes it an attractive option for those who are looking to get a loan with the best possible terms and conditions.

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Conclusion

Getting a loan on Aadhar card is an easy and hassle-free process that can help you access the funds you need quickly. However, it’s important to remember that these loans come with certain risks and responsibilities, so make sure you understand all the implications before taking out a loan. Also, compare different offers from banks and NBFCs to ensure that you get the best deal. With this information in hand, you can confidently apply for a personal loan on Aadhaar card and start reaping its benefits. Good luck!