Priyanka
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That is why one can easily get into a problematic financial situation in the present day society. Whether it’s for hospital bills, tuition fees, travelling or home renovations a personal loan can provide the solution. By the use of Aadhaar-based loan procedures, accessing any personal loan has not only been made more quicker and easy but also made more accessible.
This is how you can free yourself financially and get a personal loan based on your Aadhaar card.
Why Choose Aadhaar-Based Personal Loans?
The Aadhaar card is a single identification document through which acquiring a loan becomes very easy. Here's why it’s beneficial:
1. Streamlined Documentation:
Aadhaar replaces the necessity of several proofs for identity, address and age proof.
2. Quick Verification:
The use of e-KYC means customers are verified using Aadhaar and is followed by instant verification making lending faster.
3. Accessibility:
Aadhaar based loans are easily available across different segments including semi-urban and rural areas.
4. Digital Integration:
Most of the banks and other NBFCs engage in 100% online loan applications where Aadhaar is used for identification.
Steps to Get a Personal Loan Using Aadhaar Card
Here’s a step-by-step guide to applying for a personal loan with your Aadhaar card:
1. Check Your Eligibility:
Age: 21–60 years.
Employment: A –Company employee, government or civil servant, permanent or fixed income earner, including freelance workers.
Credit Score: Things like employment approval are likely to be boosted with a high score (often A over 700).
2. Choose a Lender:
Check and compare the interest rate offered and the loan quantum and the duration of banks and NBFCs.
3. Apply Online or Offline:
Go to the website of the lender, or go to the physical location of the lender. Complete the loan application form where one has to mention their income and worries for the loan .
4. Submit Documents:
While going through the KYC process, send a scanned copy of your Aadhaar card or physically upload your Aadhaar card. of course additional documents such as salary slip bank statement and PAN card may be asked.
5. Verification and Approval:
The lender will disclose your details such as your Aadhaar through electronic Know Your Customer or e-KYC. This loan will in any case be approved within 24- 48hours from the time of qualification.
6. Disbursement:
The money will be sent straight into the applicants’ bank account after the approval of a loan.Employment Salary working for someone, working for themselves, or owning their own businessan arise at any time. Whether it’s for medical expenses, education, travel, or home renovations, a personal loan can be your go-to solution. With the advent of Aadhaar-based loan processes, securing a personal loan has become quicker, easier, and more accessible.
Here’s how you can unlock financial freedom using your Aadhaar card to get a personal loan.
Why Choose Aadhaar-Based Personal Loans?
The Aadhaar card is a unique identification document that simplifies the loan application process. Here's why it’s beneficial:
1. Streamlined Documentation:
Aadhaar serves as proof of identity, address, and age, reducing the need for multiple documents.
2. Quick Verification:
The e-KYC (Know Your Customer) process linked to Aadhaar ensures instant verification, speeding up loan approvals.
3. Accessibility:
Aadhaar-based loans are widely available, even in semi-urban and rural areas.
4. Digital Integration:
Many financial institutions offer 100% online loan applications, leveraging Aadhaar for seamless processing.
Steps to Get a Personal Loan Using Aadhaar Card
Here’s a step-by-step guide to applying for a personal loan with your Aadhaar card:
1. Check Your Eligibility:
Age: 21–60 years.
Employment: Salaried or self-employed with a stable income.
Credit Score: A good score (typically 700 and above) improves approval chances.
2. Choose a Lender:
Compare interest rates, loan amounts, and repayment terms offered by banks and NBFCs (Non-Banking Financial Companies).
3. Apply Online or Offline:
Visit the lender’s website or branch. Fill out the loan application form, providing details such as income and loan requirements.
4. Submit Documents:
Upload or submit your Aadhaar card as part of the KYC process. Additional documents like salary slips, bank statements, and PAN card may be required.
5. Verification and Approval:
The lender will verify your details, including your Aadhaar, through e-KYC. If eligible, the loan will be approved within 24-48 hours.
6. Disbursement:
Once approved, the loan amount will be credited directly to your bank account.
Eligibility Criteria for Aadhaar-Based Personal Loans
To qualify for a personal loan, you must meet the following criteria:
Criteria Requirements
Age 21–60 years
Income Minimum monthly income as per lender’s policy
Employment Salaried, self-employed, or business owner
Credit Score 700 and above (preferred)
Residency Indian citizen with a valid Aadhaar card
Benefits of Getting a Personal Loan with Aadhaar Card
Instant Approval:
e-KYC using Aadhaar reduces the verification duration and therefore clears the approvals much faster.
Minimal Documentation:
Less paper work to be enclosed; Aadhaar just acts as card that contains all the required details.
Flexible Usage:
The loan amount can be used for any purpose personal to the borrower without any regard for its designation.
Secure Process:
Biometric and OTP based authentication makes Aadhaar safe and secured from any tampering in a transaction.
Tips for a Smooth Loan Application Process
Maintain a Good Credit Score:
To have a good score, ensure that you pay your bills as well as your EMIs on time.
Compare Lenders:
To incorporate, one should search for the lenders with low interest, lenient requirements and fast approval.
Avoid Over-Borrowing:
To avoid stretching yourself too thin, only borrow amount of money that you are sure you’ll be able to repay without a lot of struggle.
Use EMI Calculators:
Test your affordability by computing your regular EMIs before applying for a loan.
