How To Get A Personal Loan On Aadhaar Card?

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Remember How Applying For A  Personal Loan Earlier Used To Be A Strenuous And Exhausting Process? 

Most loan seekers would dread the process. Here’s what it would look like: 

• Visit the respective bank in person, 
• Stand in queues,
• Apply for the loan by filling out a form, 
• Submit innumerable documents for verification, and 
• Wait for weeks to get approved (or even rejected)! 

Let’s not forget that several roundabout trips to the banks would also be involved: until the loan officials had all the documents needed.  But things have changed now  (thankfully). 

Anyone can apply for personal loans like Aadhaar card loans online and easily lend money from credible lenders from the comfort of their home.  Whether it’s your marriage, the next solo trip, or a medical emergency, receive the required amount of money in your bank account without any hassle using your Aadhaar card – that too from the comfort of your home. Don’t trust what we say? Here’s how you can do so.  

Here, we discuss what’s a personal loan on an Aadhaar card, its benefits, and how to apply to help you get it quickly and easily. 

What Is An Aadhaar Card Loan? 

An Aadhaar card loan or personal loan on an Aadhaar card is availing a personal loan by using your Aadhar card as the primary document, from filling in your details to getting sanctioned. For this, you only need your Aadhar card and PAN card linked to your mobile number to apply for the loan. But do you know what makes this loan a hassle-free one? The convenience for lenders and borrowers to complete the loan process smoothly with just one document (Aadhaar card) and no nightmares of multiple bank visits. 

Benefits Of Applying For A  Personal Loan On An Aadhar Card 

Quick Approval 

With only your Aadhaar Card (or UID card), lenders can complete the entire KYC process (a process mandated by the Reserve Bank of India to verify the authenticity of borrowers) as it provides proof of address, proof of identity, and biometric credentials. So, it becomes easy for lenders to verify all the necessary details, confirm you are eligible, and approve your loan application in just a few hours. 

Less Documentation 

Avoid doubting if you have carried all the necessary documents to apply for a personal loan. Submit only your Aadhaar card to complete the loan process from application to approval. While some lenders might also demand a PAN card document, you must also submit income statements to check your credit and CIBIL scores. 

For example, for your debt consolidation loan, opt for: 

• Seamless loan approval in a few hours
• Collateral-free credit facility so you do not have to keep your assets as collateral. Instead, you get the required sum with your CIBIL score  

Paperless Application

What if we told you there is a way to process your personal loan in a paperless way? Yes, by using the lender’s website or loan app, submit the scanned copy of the documents required and complete the entire loan process online.  This online way of applying for an Aadhaar loan eliminates the traditional paperwork and demands your signature only in digital form.  When is applying for a personal loan using an Aadhar card the best option? For example, when you find the best deals from online travel portals for your next trip but are not ready financially. The best part, apply for a personal loan for travel and jet set and travel in the next 2-3 days. 

Competitive Interest Rates 

If you have a decent credit score, you can expect competitive interest rates starting from as low as 10.73%. Even when your credit score is low, if your monthly income is higher, lenders offer low interest rates. 

Check out the interest rates on personal loans.

Worried about whether you can manage your regular bills and loan repayment without compromising the necessary monthly expenses? 

Don’t fret; you can adjust and choose the repayment tenure flexibly. Here’s how: 

• Pay smaller amounts for a longer period or
• Pay larger amounts monthly and complete the repayment soon

Choose what suits your financial condition to avoid getting stressed about repayments. 

For instance, if you’re looking for 10000 loan on Aadhaar card for a two-wheeler, you can pay it in 3,6,9, or 12 months, depending on how much you can repay monthly.

Calculate Your Personal Loan EMI

Eligibility Criteria For Aadhar Card Loan 

Depending upon the lender, eligibility criteria might vary slightly, but the following are the common things lenders look for in a loan applicant. 

Age

Your age should be between 21 and 60 years to qualify. 

Citizenship

Indian citizens are the only ones allowed to apply for this loan. 

Work experience

People working in public or private sectors or self-employed people applying for this loan should have at least 1 year of work experience in their relevant field. 

Net income

A minimum monthly salary of INR 15,000/- is required to get sanctioned. 

Credit score

A credit score of 750 or above is mandatory, but lenders now issue loans even when your credit score is low, considering other factors like your monthly income. 

Documents Required To Avail a loan on Aadhaar Card 

Be ready with these documents to let the lender know you’re eligible and process your loan instantly. 

• ID proof: Aadhar card is more than enough
• Address proof: Aadhar card/ utility bills like water or gas bill 
• Income proof: Salary slips and the bank statement for the past six months

Who Provides The Aadhaar Card Loan? 

All banks and Non-Banking Financial Companies (NBFCs) in India fund this Aadhar card personal loan to eligible citizens.

Step-by-Step Process To Apply For A Personal Loan On An Aadhaar Card

Considering its benefits, let’s say you’ve decided to take a personal loan using your Aadhaar card. Here is the step-by-step process that you need to follow. 

1. Choose And Finalize The Lender

• You cannot borrow money from a random lender without checking certain details. Before finalizing that you will take an Aadhaar loan from that lender, here are five things you should confirm. 

2. Quick Disbursal

• Check if the lender offers a quick disbursal so that you can manage the unplanned financial need efficiently. An Aadhar loan is the quickest loan, as lenders will easily verify using your Aadhar card and process e-KYC.
• It shouldn’t take you more than two days to complete the process. For instance, Credmudra offers same-day disbursal to people seeking instant financial assistance.

3. Option To Customize Your Loan

• When it comes to personal loans, the one-size-fits-all approach doesn’t work. If you need INR 75,000/- and the lender offers only a fixed amount like INR 50000/- or 1 Lakh, then it would not be easy to manage the situation or repay the loan. 
• The best option? Look for lenders who allow you to tailor your loan, from choosing the loan amount to repayment tenure. 

4. Easy Online Application

• Don’t compromise important office meetings or spending time with your loved ones to visit lending institutions during their office hours to apply for this loan. Ensure that the lender provides an option to complete the application process through their website or mobile application. 

5. Safe and Secure Process

• With many institutions offering different financial services online, scammers are also increasing. Before availing the personal loan, check the lender’s credibility.  Choose a lender that follows standard and necessary security protocols to avoid fraudulent activities with your highly sensitive bank details and financial data.

6. Transparency 

• The lender should carry out a transparent process throughout. Which means you shouldn’t be charged unnecessarily without your knowledge. Don’t get scammed, and check the additional charges the platform takes to process the Aadhaar card loan.  Still confused in choosing between the different types of lenders?
• Use Credmudra’s loan matchmaker to analyze your profile and match you with the suitable lender with the highest chances of approving your loan.

Also, Read: How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?

Choose From Different Types Of Loans

Depending upon the reason, whatever it may be, choose from different types of personal loans that the lender offers.  For example, Credmudra offers personal loans for various reasons, including travel, debt consolidation, home renovation, and medical emergencies. 

Online Application

Apply for this personal loan effortlessly just by relaxing on the couch at your home. Just fill in the details you’re asked for, and Credmudra will match you with the lender and fund you the loan amount.

1. Log in to the official website of Credmudra and choose the type of personal loan from the options. 

2. Submit your phone number, and you will receive a 6-digit OTP. Enter the password to go to the next step.

3. Enter the amount you’re expecting, tenure, email address, and your PAN number.

4. Select the box according to your profession.   

5. Fill in all the details from your Company’s name and address to your salary details.   

6. Give every single detail about your residence.   

 7. Select the monthly EMI that you can pay.   

 8. You’ll be asked to submit the application. Click submit. 

Verification process

Your application will be accepted once you submit all the relevant details, and Credmudra will analyze your needs. After verifying your eligibility, you’ll be connected with the lender and asked to submit your Aadhaar card and other income documents. After sanctioning the loan, you’ll receive the amount to spend according to your needs. 

Easily Tackle Your Financial Challenges With Credmudra

With so many lenders providing personal loans with an Aadhaar card, choosing a reliable lender is challenging. That’s why we’ve done the groundwork for you. Credmudra emerges as a clearer winner.  With Credmudra, we understand your needs to match you with a suitable lender with a 90%+ disbursal rate, maximizing your chances of getting approved.  A match made in heaven doesn’t apply only to relationships. It applies to your personal loan as well.  Manage all your financial needs with the best match (lender) that Credmudra finds for you.  Sign up on Credmudra to get your first reliable and fuss-free personal loan. 

FAQs

1. What is an Aadhaar card loan? 

An Aadhaar card loan is getting a personal loan by using your Aadhaar card as the primary document for your verification process.

2. Can I get a personal loan with just my Aadhaar card? 

Yes, you can get a personal loan just by using an Aadhaar card. In some cases, you may also require your PAN card. Apart from this, you need to submit income statements. 

3. How do you calculate the EMI for an Aadhaar Card loan? 

 Monthly EMI varies depending on the amount and tenure you choose. To get an overview, use Credmudra’s EMI calculator.

4. How long does it take to process my loan? 

Credmudra mostly offers ‘same day disbursal’ or disburses the loan within 48 hours of application. 

5. How do you apply for a personal loan using an Aadhar card? 

Use Credmudra’s website and submit all the relevant details related to your profession and PAN card details. Credmudra will match you with the right lender to get sanctioned.

Also, Read: Apply for a Rs. 50,000 loan on an Aadhaar Card