*What is an
Aadhaar Card Loan?
An Aadhaar card loan is a type of unsecured financing option
provided by the banks to its customers. It requires minimum documentation as
compared to traditional bank loans. Aadhaar card is a paperless e-KYC document that fulfills your
eligibility criteria for biometric verification. It can be used for your ID
proof and address proof. You just need to submit your financial documents such
as salary statements, PAN Card, bank statements for approval of your personal
loan.
*Impact of Aadhaar
Card on Personal Loan
A personal loan can be used to
meet any unfortunate circumstances such as – medical expenses, renovation of a
house, child’s education or marriage expenditures, etc. If you are planning to
apply for a personal loan, it’s compulsory to submit your Know Your Customer
(KYC) documents. The government has made it mandatory for banks and financial
institutions to collect KYC details from the applicants in order to prevent
money laundering. Banks have started e-KYC which has made the process much easy
and simple. Since Aadhaar contains biometric data of the individuals,
verification process has become fast.
Earlier, both private and public sector banks demanded
several documents from the applicants in order to approve personal loan
application. Hence, the time taken for approval was also long. However, ever
since the Aadhaar cards have been introduced, lesser documents are required,
and the time taken for the loan approval has reduced.
Personal loans are generally taken for emergency purposes such as medical
expenses or for funding education, and Aadhaar makes the process quick. 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
The online process has made it easier and simpler to apply for a personal loan. There are several fintech lenders that allow you to apply for the loan in just a few simple steps. With the help of such platforms, you can analyze and compare various personal loan deals offered by top banks and NBFCs in India. They work closely with their partner banks to get the best loan offers, attractive discounts and lower interest rates for you. During the online process, no physical documents need to be submitted by the applicants. All you need to do is just upload a scanned copy of your Aadhaar Card.
· * Visit bank’s or financial aggregator’s website to check and compare loan offers.
· * Apply for personal loan on the website. Enter your personal details and loan requirements.
· * Post this, a representative will contact you to verify your details.
· * Submit your scanned Aadhaar Card and other documents online.
· * After verification of documents, the sanctioned amount will be credited to your bank account.
List of Top Banks and NBFCs Using Aadhar Card as Primary
Identity Proof
Most of
the banks and NBFCs give personal loan considering Aadhar a primary identity
proof. Some of the top banks are:
HDFC Personal Loan
The
bank offers personal loan starting at an interest rate of 10.50%. HDFC offers
multiple tenure options, quick processing and great customer service.
Applicants are not required to pledge collateral or security to avail the loan.
HDFC Personal Loan Application
Documents required:
· * Proof of identity: Aadhaar Card, Driving License, Passport, etc.
· * Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
· * Other documents: Bank statements for last 3 months, form 16, latest salary slip, passport size photographs
ICICI Personal loan
ICICI
Bank is one of the leading banks in the private sector. It provides hassle free
application process, flexible repayment tenure and minimal documentation.
Documents required for salaried
applicants:
· * Proof of identity: Aadhaar Card, Driving License, Passport, etc.
· * Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
· * Salary Slips for the last 3 months
· * Bank statements for the last 3 months
SBI Personal Loan
SBI
offers personal loans at attractive interest rates. Repayment tenure can go up
to 5 years with nominal one time processing fee.
Documents required:
· * Proof of identity: PAN Card, Aadhaar Card, Driving License, Passport, etc.
· * Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
· * Income proof: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs
· * Passport size photographs
SBI Personal Loan at Low Interest Rates
PNB Personal Loan
PNB
offers personal loans at lucrative interest rates and attractive repayment
tenures.
Documents required:
· * Proof of address: Voter ID Card, Aadhaar Card, Passport, PAN Card or Driving License
· * Proof of identity: Aadhaar Card, Driving License, Passport, etc.
· * Other documents: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs
✅Can I get a loan on an Aadhar
card?
Yes, if
you have an Aadhaar Card, you can apply for a personal loan with any bank and
apply for the loan.
✅How can I get an instant loan
from an Aadhar card?
Aadhaar
card contains biometric data of the individuals which makes the verification
process fast and simple. After verification of documents,the sanctioned amount
will be credited to your bank account.
✅How can I get Aadhar card
loan for Rs. 50,000 Online?
Apply
for the loan online by visiting the bank’s website or online aggregator's site.
Enter your loan requirements along with personal details. Post this, a
representative will call you and verify the details. You’ll be required to
submit documents such as Aadhaar card, PAN Card, etc. Once, your documents are
verified and you meet the eligibility criteria, the loan will be credited to
your account.
✅How can I get a loan without
a PAN card?
If you
don’t have a PAN card, you can submit other documents such
as Aadhaar Card, Voter ID Card, Driving License, Passport, salary slips, etc.
✅How can I get a loan
immediately?
To get
the loan, you should have an excellent credit score of 700 and above along with
financial stability and important documents. If you fulfill the eligibility
criteria, you can apply online and get the personal loan in 2-3 days.
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