We already know the importance of the Aadhaar card. Aadhaar card is important when filling income tax returns, to open a savings account in any bank, to apply for a new PAN card, etc. Since Aadhaar Card is also linked with your PAN card and bank accounts, it becomes immensely important when applying for a personal loan as well.
Several banks and NBFCs offer Aadhaar Card loans to ease the process of verification and documentation for the borrower.
With the help of your Aadhaar card, you may get a personal loan of up to ₹25 lakhs, depending on your eligibility. The loan amount can be repaid with easy instalments in 60 months at an 11.99% per annum interest rate. Let’s delve deeper to see how you can easily avail of this facility with minimum documentation.
What is an Aadhaar Card Loan?
In earlier times, traditional banks followed a tedious process to check and verify several documents before approving a personal loan of a person willing to get a personal loan. With the advancement of technology in the fintech space, individuals can now get a personal loan with verification of KYC documents, including an Aadhaar card and PAN card from the comfort of their homes. However, it is important that you meet the eligibility criteria. Moreover, depending on your profile and the lender’s policies, other documents will also be requested.
How Can You Get Instantly a Personal Loan on an Aadhaar Card?
If your Aadhaar card is already linked to your mobile number, PAN and bank account, your personal loan application becomes all the more hassle-free. To apply for a personal loan, you need to visit a lender’s website or mobile application. After submitting the minimum required documents, including your Aadhaar card, you can quickly get a personal loan.
Follow the below steps for a quick personal loan application online:
- Visit the website or mobile application of the chosen financial institution. Select appropriate options depending on whether you are salaried or self-employed.
- Fill out the application form by providing correct information. You may need to provide your personal, employment, and financial details
- Select your required loan amount and duration or period of repayment
- After completion, you must submit the application form and wait for a customer-care representative to contact you and further take care of the procedure
- Now, you need to wait for the approval of your loan application. Once the financial institution approves your application, the funds will get disbursed into your bank account.
Reputed financial institutions allow you to apply for a personal loan with your Aadhaar Card that is linked to your mobile number, PAN and bank account. Once you pass the eligibility checks and verification, you will get the funds disbursed in your bank account within a day or two, sometimes even sooner. Please do note however, that you will still need to submit income proof and the lender will still require to perform a credit check as well as perform their due diligence before sanctioning the loan.
What are the Documents Required to Avail Aadhaar Card Loan?
The basic required documents for a personal loan are listed under:
- KYC Proof – if your current address is the same as the one mentioned in your Aadhaar card, this document could serve as both ID & address proof.
- PAN is compulsory
- Income Proof: Salary slips/Income Tax Returns
- Bank statement of the past 6 months
What is the Eligibility Criteria Available to Get a Personal Loan?
To avail loan on an Aadhaar card, you need to fulfil some personal loan requirements; they are-
- Age: a person must be a resident Indian between 21- 65 years to avail of a personal loan on an Aadhaar card.
- Profession: to avail of this facility, you must be either a salaried employee or self-employed.
- Minimum income: if you are a salaried employee, your salary should be at least ₹25,000 (for citizens of Mumbai & Delhi), and ₹20,000 (for other cities). And if you are self-employed, your remuneration must be up to the minimum yearly profit after determining tax based on your industry or profession.
- Minimum CIBIL score required: 750 or above with good credit history.
A personal loan is a financial instrument that you can easily depend to facilitate your personal needs or meet your aspirations. Whether you need urgent funds for travel, consolidate debts, manage medical emergencies, or submit your child’s fee, a personal loan can be your aid.
Get a personal loan on your Aadhaar card only by submitting a few required documents at Fullerton India. Check your eligibility, gather your documents and apply for a personal loan at low personal loan interest rates quickly!