Aadhar Card Loan: A Quick and Easy Way to Get Personal Finance:- Looking for a convenient method to get a personal loan with minimal paperwork? If so, you might be interested in exploring the option of applying for an Aadhar Card Loan. This particular loan type is classified as an unsecured loan, relying on your Aadhaar card as the primary document for verification and approval. Our blog post aims to provide you with comprehensive information regarding the Aadhar Card Loan, including its features, benefits, eligibility criteria, required documents, and application process.
Thank you for reading this post, don't forget to subscribe!What is an Aadhar Card Personal Loan?
Aadhaar Card Loan is a personal loan that uses Aadhaar Card as a paperless e-KYC document. Since an Aadhaar card fulfills your eligibility requirements for biometric verification, the overall process of getting personal loan approval becomes much simpler and faster
An Aadhar Card Loan is an unsecured loan, which means you do not have to provide any collateral or security to the lender. You can use the loan amount for any purpose, such as paying for medical expenses, home renovation, education, travel, wedding, etc.
What are the Features and Benefits of an Aadhar Card Loan?
Some of the features and benefits of an Aadhar Card Loan are-
Minimal documentation
You only need to submit a scanned copy of your Aadhar card along with your online application form. No other documents are required, such as salary slips, bank statements, etc.
Fast approval and disbursal
Since the verification process is done online using your Aadhar card biometrics, you can get instant approval and disbursal of the loan amount in your bank account within minutes or hours.
Flexible repayment tenure
You can choose a repayment tenure that suits your budget and convenience, ranging from 12 months to 60 months.
Competitive interest rates
You can enjoy attractive interest rates on your Personal Loan, depending on your credit score, income, and other factors.
No restriction on end-use
You can use the loan amount for any personal or professional need without any limitation or interference from the lender.
What is the Eligibility Criteria for an Aadhar Card Loan?
The general eligibility criteria for an Aadhar Card Loan are-
- You should be a resident Indian citizen in the 20 to 60 years age group
- You should own a valid UIDAI-provided Aadhar Card.
- You could be a self-employed individual or a salaried professional earning at least INR 20,000 per month
- You should hold a credit score of 600 points or more.
- However, different lenders may have other eligibility criteria for their Aadhar Card Loans. Therefore, it is advisable to check with your preferred lender before applying.
What are the Documents Required for an Aadhar Card Loan?
The only document required for an Aadhar Personal Loan is your Aadhar card. You need to upload a scanned copy of your Aadhar card along with your online application form. The lender will verify your details using your Aadhar card biometrics and approve your loan accordingly.
Some lenders may also ask for your PAN card as an additional document for identity proof. However, this is not mandatory for all lenders.
How to Apply for an Aadhar Card Loan?
The process of applying for an Aadhar Card Loan is very simple and convenient. Here are the steps you need to follow-
- Check if you are eligible for the Aadhar Personal loan and visit your preferred lender’s website or app.
- Go to the Personal Loans section and fill out an online application form with your personal and financial details.
- Complete your KYC process with a scanned copy of your Aadhar card (and PAN card if required).
- The lender will verify your application and approve the Loan if you meet the criteria.
- The lender will credit the loan amount into your bank account or savings account within minutes or hours.
Conclusion
An Aadhaar card alone is an excellent option for those who do not need immediate and easy access to any type of employment. It offers minimal documentation, faster notification and delivery, a uniform recharge period, competitive eligibility criteria, and no restrictions on end-use. All you need is a valid Aadhaar card to apply for this loan.
If you are seeking an Aadhaar card loan from a reliable and specialized lender, you can check out Digibank by DBS3, Kotak Mahindra Bank, PM MUDRA Yojana, or Money View. These are some of the lenders who provide Aadhaar card loans with housing facilities and facilities.
We hope this blog post has helped you understand the concept and process of an Aadhaar Card Loan. If you have any questions or feedback, please feel free to share them in the comments section.
