Want To Get An Instant Loan With Aadhar Card? Here is What You Need to Know

The Supreme Court of India (SCI) has passed a ruling that makes your Aadhar mandatory for various monetary services such as savings or fixed accounts and mutual funds. The process of securing a loan has now become much more accessible through an Aadhar Card. Companies take less time to verify the clients’ documents ever since they started accepting Aadhar as a valid proof of identity.

An Aadhaar card loan is an unsecured personal loan provided by financial organizations to their customers. Unlike a traditional loan, an Aadhar loan needs less documentation. An Aadhaar card as an e-KYC document fulfills your eligibility requirements for biometric verification. It can be used as your ID, birth, and address proof. 

Aadhar Card Loans: Eligibility Criteria  

Lenders grant credit to borrowers who fulfill the eligibility requirements that the letter demands. Following these guidelines helps lenders reduce defaulting risks during repayment. Here are the requisites you must consider while applying for an Aadhaar Card Loan online:  

  • Your minimum age needs to be eighteen (18) years to be eligible for the loan. However, many lenders ask for a minimum age of between 21 and 25 years since loans can only be obtained by individuals who have reached a certain maturity. 
  • The maximum age limit for taking an Aadhaar Card loan online is between 65 years and 70 years.
  • You should have a steady monthly income. 
  • Your income should meet the income requirements stated by your credit company.
  • Borrowers may need a credit score of 700 or above to be eligible for the Aadhaar Card Loan online.

Aadhar Card Loan- Documents Required 

Besides meeting the eligibility criteria for a personal loan, you need to be careful with your documentation. The documents a borrower needs to submit are:

  • Recent color photograph
  • Identity proof
  • Address proof 
  • Age proof
  • Income proof
  • Bank statement for the previous six months
  • PAN Card

However, an Aadhar card itself serves as the supreme proof of your identity, age, and address and helps you take an instant loan online.

You may also need to pay a processing fee to your lender for processing and sanctioning your Aadhaar Card Loan online. 

How To Apply For An Aadhaar Card Loan Online?

The process of applying for an Aadhaar Card Loan online is straightforward. Multiple credit lenders enable you to ask for an instant loan in just a few easy steps within a short time. 

The advanced mobile apps of the various financial organizations help you apply for an Aadhaar Card Loan online without any hassle.  

  • Navigate the websites of several financial aggregators to check and compare various loan schemes.
  • Select a personal loan scheme that suits you the best. Apply for it on the lender’s website. Furnish your details on the website. 
  • A representative of the credit company will contact you to verify the accuracy of your details.
  • Upload a scanned copy of the Aadhaar Card along with other documents on the website
  • After completing the verification process, the amount sanctioned as your loan will be credited to your account.

Advantages of An Aadhar Card Loan

The benefits of applying for an aadhar card loan online are multiple. They are as follows: 

  • You can procure an instant personal loan with only your aadhar card. The entire application process is entirely paperless.
  • Since most Indian citizens have aadhar cards, applying for an Aadhaar Card Loan online becomes more effortless.
  • For urgent financial needs, applying for an aadhar card loan online is the best option.
  • The tenure of an Aadhaar Card Loan is flexible.

How To Calculate EMIs on Aadhar Card Loans

You can use a personal EMI calculator available online to estimate your EMIs when applying for an Aadhaar Card Loan online. A personal EMI calculator calculates the approximate monthly EMI on an Aadhaar Card Loan. All you need is to feed the loan amount you require, the loan repayment period, and the interest rate on the calculator to calculate the EMIs instantly. 

Conclusion

Since Aadhar was introduced into financial services, lenders consider your Aadhaar Card the primary document for KYC verification. As a result, you can now get a loan approved within minutes of applying for one.

Besides, applying for an Aadhaar Card Loan online does not entail risks of identity theft since the official Aadhaar website generates a 12-digit virtual ID that is unique to you. So, rest assured; your sensitive financial data stays secure alongside your Aadhaar Card.