Can I Apply For A Personal Loan Using An Aadhar Card?

 

Can I Apply For A Personal Loan Using An Aadhar Card?

The Aadhaar card was launched by the Indian Government in April 2010 that gives each citizen a unique 12 digit alphanumeric code along with his biometric data and verifies his identity, authenticity, and prevents fraud.

The Aadhaar card serves as valid proof to complete the KYC and e-KYC formalities. It is a huge advantage in getting an instant personal loan approved immediately.

Impact Of The Aadhaar Card On Your Personal Loan

Individuals must submit their Know Your Customer (KYC) documentation on their preferred personal loan app to avail a loan. Personal loans are mostly applied for in emergencies; therefore, the verification process is quick, and the loan amount is granted in a short period. The main aim of an Aadhaar card is to make the personal loan application and approval process faster. KYC verification has been digitized, all the individual's personal details are found in the Aadhaar database; therefore, the time taken to get the loan approved is less.

It helps your lender verify your identity with the details such as the Aadhaar card number, name, address, date of birth, gender, biometric information, and photographs, as maintained by UIDAI.

So, while applying for a personal loan using your Aadhar card, you don’t need to submit any hard copies of the documents. The entire process of applying for an instant personal loan using an Aadhaar card is convenient, secure, and easily online, making it one of the most popular loans across the nation.

How To Apply For A Personal Loan With An Aadhar Card: A Step-By-Step Procedure

An Aadhaar card is mandatory for any financial institution, bank, or lender to lend money. Therefore, a set protocol needs to be followed while applying for funds through a personal loan app using an Aadhar card. Here are the steps:

Step 1: You must visit the official site of the lender or log on to the mobile application of your bank.

Step 2: You must go through each tab carefully and click on Loans --> Personal Loans. You may have to punch in a few details confirming your eligibility, after which the webpage will take you to an application form.

Step 3: You will fill in the online application form and submit your employment personal and professional details on the website or app.

Step 4: You will soon hear from the representative of your lender or the customer support team, who will further verify all the details submitted by you. After thorough scrutiny, your loan will be approved.

Step 5: You may need to upload additional documents like a copy of the Aadhaar card, PAN Card, a photograph, or an e-signature for verification.

Step 6: After the approval, the personal loan amount will be credited to your savings account.

Eligibility Criteria To Bear In Mind:

  • You should be at least 23 years old, and your age should not exceed 60 years at the time of loan maturity.
  • You should be a citizen of India and must be working, whether in a public, private or multinational company. A minimum monthly income is a prerequisite to apply for an instant personal loan.
  • Your credit score should be decent enough for you to qualify for a loan.

Fees:

You can go through the amounts chargeable when applying for a loan through a personal loan app:

  • Interest Rate - Starts from 1.33% per month.
  • Loan Processing Charges - Varies from 2% to 8% of the approved loan amount.
  • Interest on Overdue EMIs - 2% per month on the overdue loan amount.
  • Cheque Bounce - Rs.500/- each time.
  • Loan Cancellation - No additional or hidden charges levied.

Documents Required For Aadhaar And Pan Card Loans

  • Proof of Identity – Aadhar Card
  • Proof of Address/Residence
  • Age Proof
  • Income Proof
  • Duly filled application forms
  • Passport-sized photos

In Conclusion

You can now apply for a personal loan online using KYC and important documents like Aadhaar Card or PAN card. 

Bear these pointers in mind, and take a personal loan quickly within 24 hours of your verification and subsequent approval. So, whatever the purpose, whether in an emergency or just a vacation, in any financial urgency: keep your Aadhar Card handy and apply for a personal loan instantly. 

 


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