How to Apply for a Personal Loan on Aadhaar Card?

Jan 23rd 2024
Loan
How to Apply for a Personal Loan on Aadhaar Card?

There are several scenarios in one’s life when availing of a personal loan becomes the most preferred way of arranging funds for ongoing needs and requirements. A few examples of these cases are medical emergencies, weddings, job loss, and other such things. As a personal loan is meant to provide you direct cash in your bank account, the money can be used in whatever way you like. In today’s fast-forward environment, it has become easier like never before. There are several loan apps available online that provide quick personal loans to people of all types.

Not only you can apply for a personal loan on these apps but you can also check the EMI of your loan right there along with several other features available to choose from. You just need to enter the required loan amount, check your eligibility, upload the required documents, and seek loan approval. Once this is done, the money will be in your bank account in no time. One wonderful feature of availing of this type of personal loan is that you can opt for a personal loan on an Aadhaar card. Yes, if you have an Aadhaar card, you can choose to apply for a personal loan in several ways. In this post, you will learn how to avail of a personal loan on an Aadhaar card.

What is an Aadhaar Card?

According to the UIDAI, “Aadhaar is a 12-digit unique identification number allotted by the Government of India and serves as a proof of identity and proof of address to Indian residents. This no. is used by the residents of India for various purposes in banks and other government authorities.

What is a Personal Loan?

A personal loan is a kind of unsecured credit facility that allows people to get the loan amount right in their bank account without the need to pledge any security. The interest rates for a personal loan might be higher due to the no involvement of any security or collateral. These days, getting a personal loan is very easy due to increased demand and increased competition.

How to get a personal loan on an Aadhaar card?

When you decide to get an instant personal loan on an Aadhaar card, one thing you must know is that there won’t be many documents needed for this type of loan. This is particularly true if you are eligible for a loan on an Aadhar card. However, you may need to provide a few more documents like your PAN Card if it is accepted by the money lender. One major purpose of submitting these documents is to prove your identity and address to the lender.

An Aadhaar card is a widely accepted and approved KYC document as it serves both as identity proof (due to photograph) and address details. A person can easily choose to apply for an instant loan on an Aadhaar card online by filling out the given loan application form and submitting the e-KYC procedure. This tends to help verify your identity with details such as your Aadhaar card number, biometric information, gender, name, address, date of birth, and a photograph, which is maintained by UIDAI.

It simply means that you don’t need to submit any hard copy of the said documents during the application for a personal loan on an Aadhar card.

Step-by-step Procedure for Availing Personal Loan on an Aadhaar Card

Here is a step-by-step procedure that you can adopt to apply for a personal loan using an Aadhaar Card.

Step 1: Start by logging into the bank’s website or the mobile application of the lender. 

Step 2: Now visit the options section, jump to the ‘Loans’ section, and opt for the ‘Personal loan’ to visit the respective page. The next thing to do is to check your eligibility for the loan, and then click on the ‘Apply now’ button.

Step 3: Now fill out the given online application form and feed in your individual, income and other such details on the website or app.

Step 4: An executive from the customer support department will give you a call to verify the details provided by you. If you match the eligibility criteria, your request for the personal loan is likely to get approved.

Step 5: Now, you will be asked to upload the documents such as a copy of your Aadhaar card for verification purposes.

Step 6: Once the verification is done by the lender, the approved loan amount will be credited to your bank account.

The overall procedure of applying for an instant loan on an Aadhaar card is quite easy, safe, and direct through a mobile app or website whatever is made available by the lender.

What are the eligibility criteria for instant Aadhaar Card Loan?

If you have decided to apply for an instant personal loan, don’t forget to check the eligibility criteria for such a personal loan. For example, you need to meet the following requirements to stay eligible for a personal loan from Investkraft.

  • Your age should be a minimum of 23 years.
  • The maximum age during the maturity of the loan should not go beyond 60 years or the age at the time of retirement, whichever arrives early.
  • The nationality should be Indian 
  • You should be employed in a public, private, or multinational firm.
  • Your credit score should qualify for a loan.
  • You should have a precise source of monthly income. 

Benefits of Taking A Personal Loan on an Aadhaar Card

There are several benefits of taking out a personal loan on an Aadhaar card from Inveskraft.

  • Easy Loan Application Procedure: We have a simple and faster personal loan application process. The Aadhaar card possessed by you serves as a government-backed, globally accepted identity proof, which eliminates the need for complex documentation. It also simplified the KYC (Know Your Customer) procedure. This overall results in great time savings.
  • Reasonable Borrowing Options: A personal loan on an Aadhaar card sometimes comes with competitive interest rates. A majority of banks and NBFCs perceive Aadhaar-linked loans as highly secure due to the faster identity verification, which enables borrowers to get the amount at lower interest rates and easy repayment terms.
  • Faster Identity Verification: Your Aadhaar card allows you to digitally apply for a personal loan from anywhere, including your home or office. This makes the entire procedure extremely appropriate and accessible. Aadhaar-based authentication also results in increased data security and mitigates the threat of identity theft.
  • Financial Presence: This type of personal loan activates wholesome financial inclusion by allowing people without conventional documents to get access to credit services. Even people without a credit history can choose to benefit from Aadhaar-based loans. This can help them build their credit scenarios for several other financial opportunities.


FAQs

Q. What should be my minimum CIBIL score to get a personal loan on an Aadhaar card?

- Most lenders provide personal loans on Aadhaar cards to people with a CIBIL score of 600 and more.

Q. How much amount can I take through a personal loan on an Aadhaar card?

- At Investkraft, we tend to make it very simple for people to obtain an instant personal loan on an Aadhaar card. We don’t ask for physical documents while receiving an application for a loan on an Aadhaar card.  All you have to do is meet our requirements for eligibility and submit the required paperwork, which includes your Aadhaar card. The loan amount can range between Rs. 10,000 and Rs. 5 lacs.

Q. How can I repay the loan amount taken this way?

- Borrowers can choose to repay the loan amount through E-Nach (National Automated Clearing House), which is considered the most secure and easier way to make payments at present.

 

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