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Aadhar Card Loan, Loan Features, Eligibility Criteria, Documents and FAQs…

Aadhar Card Loan: An Aadhaar card loan is a type of unsecured financing option provided by banks to their customers. It requires minimum documentation as compared to traditional bank loans. An aadhaar card is a paperless e-KYC document that fulfils your eligibility criteria for biometric verification. It can be used for your ID proof and address proof. You just need to submit your financial documents such as salary statements, PAN Card, and bank statements for approval of your personal loan. 10000 loan on aadhar card.

In Hindi:

आधार कार्ड ऋण एक प्रकार का असुरक्षित वित्तपोषण विकल्प है जो बैंकों द्वारा अपने ग्राहकों को प्रदान किया जाता है। पारंपरिक बैंक ऋणों की तुलना में इसके लिए न्यूनतम दस्तावेज़ीकरण की आवश्यकता होती है। आधार कार्ड एक पेपरलेस ई-केवाईसी दस्तावेज है जो बायोमेट्रिक सत्यापन के लिए आपकी पात्रता मानदंड को पूरा करता है। इसका उपयोग आपके आईडी प्रूफ और एड्रेस प्रूफ के लिए किया जा सकता है। आपको अपने पर्सनल लोन के अप्रूवल के लिए बस अपने वित्तीय दस्तावेज जैसे सैलरी स्टेटमेंट, पैन कार्ड और बैंक स्टेटमेंट जमा करने होंगे। 50000 loan on aadhar card

Aadhar Card Loan Features

  • Aadhaar Card can be used to apply for personal loans. to use Aadhar to apply for a personal loan.
  • Check best personal loan offers starting at 10.49%.
  • Instant approval with easy and fast online verification.
  • Single document for age, photo, identity, address and citizenship proof.
  • Aadhar Card loan can be taken for a period of up to 5 years.
  • No collateral is required as it is an unsecured loan.

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Impact of Aadhaar Card on Personal Loan

A personal loan can be used to meet any unfortunate circumstances such as – medical expenses, renovation of a house, child’s education or marriage expenditures, etc. If you are planning to apply for a personal loan, it’s compulsory to submit your Know Your Customer (KYC) documents. The government has made it mandatory for banks and financial institutions to collect KYC details from applicants in order to prevent money laundering. Banks have started e-KYC which has made the process much easy and simple. Since Aadhaar contains biometric data of individuals, the verification process has become fast.

Earlier, both private and public sector banks demanded several documents from the applicants in order to approve the personal loan applications. Hence, the time taken for approval was also long. However, ever since the Aadhaar cards have been introduced, lesser documents are required, and the time taken for the loan approval has been reduced.
Personal loans are generally taken for emergency purposes such as medical expenses or for funding education, and Aadhaar makes the process quick. Personal details of the individual are found in the Aadhaar database; therefore, the time taken to get the loan approved is less.

Aadhar Card Loan
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Method to use Aadhaar to Apply for Personal Loan Online

The online process has made it easier and simpler to apply for a personal loan. There are several fintech lenders that allow you to apply for a loan in just a few simple steps. With the help of such platforms, you can analyze and compare various personal loan deals offered by top banks and NBFCs in India. They work closely with their partner banks to get the best loan offers, attractive discounts and lower interest rates for you. During the online process, no physical documents need to be submitted by the applicants. All you need to do is just upload a scanned copy of your Aadhaar Card.

  • Visit the bank’s or financial aggregator’s website to check and compare loan offers.
  • Apply for a personal loan on the website. Enter your personal details and loan requirements.
  • Post this, a representative will contact you to verify your details.
  • Submit your scanned Aadhaar Card and other documents online.
  • After the verification of documents, the sanctioned amount will be credited to your bank account.

List of Top Banks and NBFCs Using Aadhar Card as Primary Identity Proof

Most of the banks and NBFCs give personal loans considering Aadhar primary identity proof. Some of the top banks are:

HDFC Personal Loan

The bank offers personal loans starting at an interest rate of 11.00%. HDFC offers multiple tenure options, quick processing and great customer service. Applicants are not required to pledge collateral or security to avail of the loan.

Documents required:

  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Other documents: Bank statements for last 3 months, form 16, latest salary slip, passport size photographs
Aadhar Card Loan

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ICICI Personal loan

ICICI Bank is one of the leading banks in the private sector. It provides a hassle-free application process, flexible repayment tenure and minimal documentation.

Documents required for salaried applicants:

  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Salary Slips for the last 3 months
  • Bank statements for the last 3 months

SBI Personal Loan

SBI offers personal loans at attractive interest rates. Repayment tenure can go up to 5 years with a nominal one-time processing fee.

Documents required:

  • Proof of identity: PAN Card, Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Income proof: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs
  • Passport size photographs

PNB Personal Loan

PNB offers personal loans at lucrative interest rates and attractive repayment tenures.

Documents required:

  • Proof of address: Voter ID Card, Aadhaar Card, Passport, PAN Card or Driving License
  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Other documents: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs
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Eligibility Criteria

  • Applicants between 21 and 60 years of age
  • The credit score should be 750 or above
  • Minimum work experience of 2 years and a minimum of 1 year with the current company
  • Net monthly salary of Rs. 15,000

Document Required for Loan Application

  • Duly filled personal loan application form with passport-sized photographs
  • KYC documents
  • Identity proof: Passport, Driving License, Voter’s ID card, Aadhar card
  • Address Proof: Utility Bills, passport, Aadhar card
  • Income Proof: Salary slips and ITR returns
  • Any other document required by the lender

Banks/NBFCs using Aadhar Card as Primary Identity Proof

Very few to nil lenders might consider an Aadhar card as a primary source to offer personal loans. Rest, most of them consider your income, credit score, and repayment capability as the basic eligibility criteria for offering personal loans.

Aadhar Card Loan

Benefits of Applying for a Personal Loan using your Aadhaar Card

Some key advantages of applying for a personal loan using your Aadhaar card are:

  • Since biometric data is linked to your Aadhaar card, lenders can verify your authenticity and identity much more quickly and easily.
  • An Aadhaar card also serves as a valid identity and address proof and can help you secure a loan with minimum paperwork. However, do remember that you need to submit valid income proof(s) along with other relevant documents as required by your prospective lender to get a personal loan.
  • It also serves as a valid KYC document and helps complete the KYC formalities (in person or online/ e-KYC) which in turn helps in preventing fraud. Having an Aadhaar card can thus help increase the chances of approval of your personal loan.

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FAQs on Aadhar Card Loan

Can I get a loan on an Aadhar card?

Yes, if you have an Aadhaar Card, you can apply for a personal loan with any bank and apply for the loan.

How can I get an instant loan from an Aadhar card?

The Aadhaar card contains biometric data of the individuals which makes the verification process fast and simple. After the verification of documents, the sanctioned amount will be credited to your bank account.

If I am unemployed so can I get a loan without a salary slip?

Few lenders do consider offering loans to unemployed people, so you will have to check for the particular lender offering this type of loan. However, the interest rates offered shall be high as compared to other types of personal loans.

What is the process for an Aadhar card loan?

  • Visit banks or financial aggregator websites to check and compare personal loan offers online.
  • Fill in your details and the loan amount requirements.
  • Submit your scanned Aadhaar Card and other documents online.
  • Your application and the documents will go through a verification process.

What is a loan against Aadhar?

The Aadhaar Card Loan is an unsecured loan which means you do not have to provide any collateral to be eligible. Based on your repayment abilities, you can repay the principal and interest amount in flexible tenures ranging from 12 months up to 60 months

आधार कार्ड ऋण एक असुरक्षित ऋण है जिसका अर्थ है कि पात्र होने के लिए आपको कोई संपार्श्विक प्रदान करने की आवश्यकता नहीं है। अपनी चुकौती क्षमताओं के आधार पर, आप मूलधन और ब्याज की राशि को 12 महीने से लेकर 60 महीने तक की लचीली अवधि में चुका सकते हैं 5000 loan on aadhar card

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