The advantages of the Aadhaar card outweigh the doubts, notwithstanding the fact that some people have questioned the legitimacy of the card. The use of an Aadhaar card significantly decreased the prevalence of false accounts, making it a safe method of confirming a borrower's identity.
Lenders have used this new identification database to their advantage by providing Aadhaar holders with fast personal loans. This is a fantastic option to make a payment for emergency costs and gain immediate access to money. In order to speed up the procedure and help you acquire the money you need faster, they also provide paperless e-KYC verification.
Feature and Benefit of Personal On Aadhar Card
Making a personal loan application with your Aadhaar card has several benefits, including:
Lenders may easily and rapidly confirm your identity and validity because biometric information is connected to your Aadhaar card.
You can obtain a loan with the least amount of paperwork by using your Aadhaar card as acceptable identification and residence verification. But keep in mind that in order to be approved for a personal loan, your prospective lender will need you to provide them with valid proof(s) of your income as well as other pertinent paperwork.
Additionally, it fulfils the requirements for completing the KYC process (in person or online using e-KYC) and serves as a genuine KYC document, both of which aid in combating fraud. Thus, having an Aadhaar card can boost your personal loan's likelihood of being approved.
The loan application, verification, and approval processes are thus made considerably simpler and quicker with the aid of Aadhaar cards.
Please be aware that Aadhaar cash loans and small cash loans do not fall within the personal loan category.
Eligibility Criteria of Personal Loan on Aadhar Card
Check the requirements set forth by your lender for personal loans before submitting an application. For instance, in order to qualify for a quick loan approval, you must fulfil the following prerequisites.
Age: The borrower must be at least 21 years old when applying for the loan and may not be
older than 60 (60 if they are self-employed) at the time the loan matures.
Credit score: A 750 credit score or more is required to be eligible for an Aadhar Card Personal
Salary: To be eligible to apply for a loan, you must have a net monthly salary of at least Rs.
Minimum work experience: You must have a minimum of two years of overall work
experience, including at least one year with the current organisation.
Years spent in present residence: You must have been a resident of your current home for
the past year or more.
Documents Required for Personal Loan on Aadhar Card
If you are eligible to apply for a personal loan and have a credit score of 630 or higher, you can use the following papers to prove your name, address, and income:
Filled out properly on the online loan application.
Recently taken passport-size photo.
Aadhaar cards, PAN cards, or government-issued identification are all examples of identity evidence.
Such documents as an Aadhaar card, a voter ID, a passport, a driver's licence, etc.
Proof of income, such as your Form 16 for the current year or pay stubs from the previous three months.
You do not need to send your documents anywhere if your KYC has already been updated with Aadhaar or PAN. You can quickly and easily verify your documents online after providing your KYC information.
How to apply for Personal Loan on Aadhar Card
The following steps will show you how to apply for a personal loan using your Aadhaar card:
Browse the many options on the website of a bank or loan aggregator. You can evaluate many offers side by side to see which one best suits you.
Click "Apply Now" after deciding which plan is best for you.
Give us your basic information, such as your name, phone number, age, and line of work.
Aadhaar and PAN information are needed for the following step. Please enter your Aadhaar information.
Let banks obtain your details from the UIDAI database and finish the KYC procedure.
The system will begin processing your application as soon as you select "Accept" from the menu.
The terms of your authorised loan, including the amount, interest rate, and length of payback, will be displayed on your screen.
The bank or loan aggregator will contact you to confirm your information.
You must provide a scanned copy of your Aadhaar and other pertinent papers online for verification before moving further with your loan request.
Your bank account will be credited with the sanctioned amount following the last round of document verification.