How to Get Instant Loan on Aadhaar Card: Apply for Personal Loan On Aadhar Card:
The Indian Government launched the Aadhaar Card in 2010 to help individuals to enjoy a few services in both the public and private sectors. The Aadhaar number is a distinctive 12-digit number that is provided by the government to all Indian citizens by collecting their iris scans and fingerprints.
How to Get Instant Loan on Aadhaar Card: Apply Personal Loan On Aadhar Card
An Aadhaar card not only acts as proof of citizenship but also helps individuals to avail of loans, open bank accounts, buy SIM cards, get a Permanent Account Number (PAN) card, apply for a passport, and file their Income Tax Returns.
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A personal loan can be applied to cover all kinds of financial needs. Earlier, the time taken for a personal loan process approval and verification was quite long and straining for the borrower. Both private and public sector banks demanded numerous documents to apply for a personal loan successfully. However, ever since the Aadhaar cards have been introduced, fewer documents are required, and the time for loan approval has gradually decreased.
It is much easier to avail of a personal loan on your Aadhaar card, as the loan process has become much simpler for bank employees to complete the verification process. With the Aadhaar details provided by the borrower, the documentation process can be done online, also known as e-KYC. In the case of e-KYC, no physical documents are required by the borrower making it an ideal option to save time. Various banks also provide instant loans if a scanned copy of the Aadhaar card is provided at submission.
Also, Read:- How to Link Pancard to Aadhar Card ?
How to Apply for a Personal Loan using Aadhaar Card
With the advent of the Aadhaar Card and digitalization, it has become easier to apply for a Personal Loan online. You are only required to show your Aadhaar Card as KYC proof, and this single document is accepted by most banks and NBFCs nowadays as proof of identity, birth, address proof, and citizenship. The following are the steps to apply for a personal loan with Aadhaar Card.
- Step 1: Visit bank or financial aggregator websites to check and compare personal loan offers online.
- Step 2: Fill in your details and the loan amount requirements.
- Step 3: Submit your scanned Aadhaar Card and other documents online.
- Step 4: Your application and the documents will go under a verification process.
- Step 5: Once approved, the sanctioned loan amount will be credited to your bank account.
Eligibility Criteria for Aadhaar Card loan:
- The following are the eligibility criteria for personal loans that need to be fulfilled to qualify:
- You need to be a resident of India to be eligible for a loan.
- The applicant must be between the ages of 23 and 58 years.
- The applicant must be working with a public/ private company or an MNC.
Documents Required for Aadhaar Card Loan:
- The following is a list of documents required to get a Personal Loan on an Aadhaar Card
- Passport-size photographs
- Submit other KYC documents like Passport, PAN, Driving license, Voter’s ID
- The bank account statements of the last 3 months
- To apply for an Aadhaar card, an individual needs valid identity proof as well as Address proof. The documents that could qualify as identity, as well as address proofs, are as follows:
- Identity Proof: Ration card, PAN card, passport, voter’s ID, driving license
- Address Proof: Voter’s ID, passport, driving license, utility bill, ration card, bank passbook
Benefits of Applying for an Aadhaar Card Loan:
Having an Aadhaar Card makes availing of a personal loan a lot easier. The following are the benefits of applying for a Personal Loan with Aadhaar Card:
- Aadhaar Card gives you easy access to numerous loans and other financial services. The loan applicants are asked to provide Know Your Customer (KYC) documents, and Aadhaar Card is solid proof of your citizenship and identity.
- This single document proves multiple things like an individual’s citizenship, age, photo, address, and identity.
- Aadhaar Card helps with e-KYC (online verification process).
- You can avail of Aadhaar Personal Loan at Bajaj Markets and get instant approval based on e-KYC.
You can apply for a personal loan on your Aadhaar card online at Bajaj Markets. The online personal loan application process is quite simple. Once the loan is approved, the loan amount is disbursed into your account. You can enjoy a higher loan amount with a personal loan and repay it over a flexible tenure. A personal loan helps you cover all kinds of financial obligations like paying for your higher education, wedding expenses, home renovation, medical emergency, and more.
How to Get a ₹50000 Loan on an Aadhar Card?
Here’s how you can get a Rs. 50,000 personal loan through your Aadhar Card:
- Navigate to the website of the loan provider or download an instant loan application.
- Register using your email address and mobile number that is linked to your Aadhar card for your address and ID verification process.
- Complete your KYC proof process by entering your 12-digit Aadhar card number and your PAN card details.
- You may also be required to submit a scanned copy of your Aadhar card and other documents related to your income.
- After the completion of your verification process, the sanctioned loan amount will be disbursed to your bank account.
The main objectives of an Aadhaar card are mentioned below:
Impact of Aadhaar Card on Personal Loan:
Individuals who wish to avail any financial services must submit their Know Your Customer (KYC) documentation. The government has made it mandatory for financial institutions and banks to collect KYC details of the customer in order to stop money laundering. Earlier, a lot of documentation was required for KYC, however, it is very simple nowadays for KYC to be completed. Banks have also started e-KYC, where the entire KYC process is digitized. Since Aadhaar contains biometric data of the individuals, verification is a simple and fast process.
- Fees and Charges Amount Chargeable
- Interest Rate Starts from 1.33% per month
- Loan Processing Charges Varies from 2% to 8% of the approved loan amount. The processing fee is deducted upfront from the approved loan.
- Interest on Overdue EMIs 2% per month on the overdue EMI/Principal loan amount.
- Cheque Bounce Rs.500/- each time.
- Loan Cancellation
- No additional/hidden charges levied.
Processing fees will also be retained.
Personal loans are availed by individuals mostly for emergency purposes. Therefore, they will need the verification process to be quick and the loan amount to hit their bank account at the earliest. The main aim of an Aadhaar card is to make the process faster.
KYC verification has been digitized and availing a personal loan has become very simple. Personal details of the individual are found in the Aadhaar database, therefore, the time taken to get the loan approved is less.
Method to use Aadhaar to Apply for Personal Loan Online:
Even though it is not mandatory for individuals to provide their Aadhaar card, it is much easier to get a personal loan using one. The process is simpler for bank employees to complete verification if Aadhaar details are provided by the borrower. There is also a paperless mode in which documents can be submitted online known as e-KYC. In the case of e-KYC, no physical documents need to be submitted by the individual. There are various banks that also provide instant loans if the borrower uploads a scanned copy of the Aadhaar card.
List of Non-Banking Financial Companies (NBFCs) and Banks that use Aadhaar Card as Main Proof of Identity
- HDFC Personal Loan
- SBI Personal Loan
- Indiabulls Personal Loan
- ICICI Personal Loan
- PNB Personal Loan
- Capital First Personal Loan
Frequently Asked Questions (FAQs) ? :
1. Can I get a personal loan on my Aadhaar Card?
- Yes, you can use your Aadhaar Card and apply for a personal loan with any bank or NBFC.
2. Can I apply for a personal loan on my Aadhaar Card online?
- Yes, you can apply for a personal loan on Aadhaar Card online.
3. Is it possible to apply for a personal loan on Aadhaar Card without having a PAN card?
- Yes, you can apply for a personal loan on Aadhaar Card without having a PAN card. However, in such cases, you will be required to provide a few other documents as well such as your Voter ID card, passport, driving licence, salary slips, and so on. The list of documents will be subject to the requirement of the loan provider.
4. How long does the loan application process take when you apply for a personal loan on Aadhaar card?
- It is usually a quick process as the Aadhaar card contains biometric data of the applicant. The biometrics allows a faster and simpler verification process and thus, allows quicker application process.
5. How long does it take for the loan amount to be disbursed?
- You will be required to fulfill the eligibility criteria for the loan application. The verification process does not take too long. If all the documents are submitted and verified on time, the loan amount is usually disbursed within 2 to 3 days.
6. Will I need a co-applicant for a personal loan on Aadhaar card?
- Generally, you will not be required to apply for the personal loan along with a co-applicant.
- A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.