Aadhar Card Loan: The online process has made it easier to apply for a personal loan. A personal loan can be applied to meet all types of financial needs. Previously, the time taken to approve and verify the personal loan process was long and stressful for the individual. Both private and public sector banks successfully applied for personal loans and demanded some documents. However, ever since the Aadhar cards have been introduced, banks have required fewer documents, and the loan approval time has been gradually reduced. Now, this service has made it very easy to get a personal loan on your Aadhar card, now the loan process has become easier for the bank employees to complete the verification process. The documentation process can be done online with the borrower’s Aadhar details, also known as e-KYC. In the case of e-KYC, the borrower does not need any physical documents to make an ideal choice to save time. Apart from this, many banks provide loans immediately after providing a scanned copy of an Aadhar card at the time of submission.
What are the benefits of applying for an instant personal loan on an Aadhar Card?
Taking a personal loan with an Aadhar card becomes very easy. There are the following types of benefits of applying for a personal loan with an Aadhar card:
- Aadhar card gives you easy access to many types of loans and other financial services. Loan applicants are asked to provide their customer documents. Aadhar card is solid proof of your citizenship and identity.
- This single document serves alone as proof of many things such as a person’s citizenship, age, photo, address, and identity.
- Aadhar card helps in the online verification process (e-KYC)
- You can avail of an Aadhar personal loan in the finance market and get instant approval on the basis of e-KYC.
Interest Rates and Other Charges for Aadhar Card Loan
You can get instant loans at affordable interest rates without any charge from your Aadhar card or PAN card. The minimum loan amount is Rs 5,000 and the maximum loan amount can go up to Rs 5,00,000. Other applicable fees are given below
- Interest Rate starts at 1.33% per month
- Loan Processing fee varies from 2% to 8% of the approved loan amount. Processing fees are deducted in advance from the approved loan.
- Interest on Overdue EMI 2% per month on the overdue EMI/Principal loan amount.
- Check bounce charge Rs.500/- each time.
- Loan Cancellation No additional/hidden charges levied. Processing fees will also be retained.
Eligibility Criteria for Aadhar Card Personal Loan
The eligibility criteria for aadhar card personal loans are as follows:
- To avail this service, a person must be a resident of India.
- The age of the applicant should be between 23 and 58 years old.
- Must not have a credit score of less than 750.
- Must be an Indian citizen.
- Applicant should work with a public/private company or multinational company
What are the required documents for Aadhar card loan
The following is a list of documents to get a personal loan on Aadhar Card:
- Passport-size photographs
- Submit other documents like passport, PAN, driving license, voter ID card
- Provide bank account details of last 3 months
Personal loan on Aadhar card
To meet the diverse funding needs, avail a personal loan on the Aadhar card like-
- Medical Emergency
- Higher Education of Children
- Wedding expenses
- Home renovation
- Debt consolidation
- Features and benefits of instant loans on Aadhar card
How to apply personal loan on Aadhar Card
Apply for a personal loan with Aadhar card and PAN card in a few minutes with your chosen lender in the following steps:
Step 1 – Go to the official website of your lender.
Step 2 – Go to the Personal Loan page and select ‘Apply Online’ option.
Step 3 – Fill the online application form with your personal, professional and employment details.
Step 4 – Next, your lender The representative of you will contact you for verification of the background.
Step 5 – Submit your Aadhar card and other documents to complete the application process
After the verification is complete, the application will be approved soon for the personal loan on your Aadhar card.
Gone are the days when people had to wait for days to get their loan applications approved. Now with KYC and just a few important documents such as Aadhar Card or PAN card, customers can quickly enjoy the benefit of availing of a personal loan. Did you know that Money View loans are disbursed to your account within just 24 hours after the approval of your loan application? Visit the Money View website or download the app to apply now.