How to Apply for a Personal Loan through an Aadhar Card?
The Aadhar card is used to access varied banking solutions. However, there is a vast lack of understanding relating to the use of an Aadhar card to obtain a personal loan. Many banks/NBFCs need an Aadhar card as part of the main papers for personal loan acceptance.
A personal loan is simple to apply for and get since the application procedure is simple and needs little paperwork. This makes it a great option for a salaried user in India seeking fast extra income for a range of uses. Clients may use a personal loan for medical crises, credit card payments, or even a vacation. After a personal loan has been moved to a bank account, there are no limits on how users may spend it. Since a personal loan is paid straight into the bank account, visitors may spend it as needed.
What Is the Aadhar Loan or Aadhar Card Personal Loan?
A personal loan on Aadhar Card is a growing way to offer personal loans. This implies that Aadhar Card serves mainly as a tool for verifying a person. The personal loan request is reviewed and approved based on the Aadhar Card. The Aadhar card is a reputable government-issued document of identity that lenders may use when analysing a personal loan request. A single card may serve as both identity & address verification, decreasing the time it requires for a financial or banking firm to execute a personal loan request. Users can use the UIDAI ID as well as other assisting papers as specified by their probable bank to get a loan.
When the Aadhar card is employed as a digital e-KYC proof to get a personal loan, the process is known as an Aadhar card loan. The Aadhar card meets the qualifying needs for biometric verification. Obtaining a personal loan approval gets much easier and quicker with Aadhar.
How to Get a Personal Loan with an Aadhar Card?
Before, users had to provide a slew of papers while applying for a personal loan. Yet, the Aadhar card and digitisation have made applying for a personal loan much easier. The Aadhar card is one paper that serves as KYC evidence. It acts as proof of identity, domicile, citizenship, & birth by the majority of banks & NBFCs.
To apply for a personal loan with an Aadhar card, complete a loan request and enter the Aadhar number. Users do not need to submit any further papers if their Aadhar card is tied to their PAN & bank account.
Users only need to offer their residence and income evidence. Users have to also grant the lender access to do background checks using their Aadhar card. Bank will grant the personal loan if clients pass the eligibility & verification tests. The bank will deposit the cash to their account in a few days, if not sooner after the test.
Step-by-step Orders for Filing for a Personal Loan with an Aadhar Card
Aadhar is the single-identification KYC document for any banking firm to lend cash. Users may use it to apply for a personal loan quickly, as explained in detail.
- Step 1: Begin the process by logging into the bank’s app or site.
- Step 2: As in choices, go to ‘Loans’ & select ‘Personal loan‘ to proceed to the specific page. Next, verify the loan eligibility & click the ‘Apply’ now button.
- Step 3: On the site or app, fill out the web request form with the personal, job, and professional info.
- Step 4: A person from the customer service team will contact clients to confirm the info the user gave. The loan request is granted based on their eligibility.
- Step 5: clients must submit the papers needed for verification, such as a copy of their Aadhar card.
- Step 6: A loan sum is paid to their savings account upon verification.
Criteria for Eligibility
- Applicants must be between the ages of 21 and 60.
- A credit score of 750 or above is required.
- Minimum of two years of work history, with at least one year with the present firm.
- Rs. 15,000 net monthly pay.
Documents Required for Loan Application
- Personal loan request form duly completed with passport-sized images.
- KYC paperwork.
- Identity papers include a voter ID card, a driver’s licence, a passport, and an Aadhar card.
- Utility bills, Aadhar cards, and passports are acceptable forms of address proof.
- Salary slips & ITR returns are examples of income proof.
- Any further papers that the lender may request.
Benefits of Using the Aadhar Card to Apply for a Personal Loan
Some vital benefits of seeking a personal loan with the Aadhar card include:
- As biometric info is linked to the Aadhar card, banks may easily verify the validity and identity.
- Aadhar cards act as a valid name and residence verification. It might assist users in getting a loan with lesser paperwork. Yet, bear in mind that to get a personal loan, users must show valid income proof. Remember to give other vital papers as asked by the potential lender.
- Also, it serves as valid KYC proof & aids in KYC processes, which helps in the reduction of fraud. Getting an Aadhar card may thus boost any odds of a personal loan getting approved.
- Aadhar card improves and enhances the loan request, verification, & approval procedure. Please keep in mind that an Aadhar cash loan or a small cash debt is not a sort of personal loan.
Conclusion
A personal loan is simple since it requires no security or collateral. clients may get personal loans of up to Rs.50 lakhs depending on their salary and credit score. The Aadhar card is ID proof for speedy online KYC confirmation and loan clearance.
Most NBFCs and banks need an Aadhar card to execute any loan. So, whether clients apply online or offline, they need their Aadhar for fast loan approvals. The Aadhar card is more than just identification. In an emergency, users may also receive an urgent personal loan. Follow the above actions to apply and have the personal loan sum sent into the account in minutes. Visit Piramal Finance to learn more about personal loans and explore their range of products and services.