Last Updated on March 11, 2021 by Arina
How To Get Personal Loan on Aadhaar Card
Hello friends how are you all? Today we are going to talk about How To Get a Personal Loan on Aadhaar Card? It may happen that you need money for your wedding expenses or maybe you want renovation in your house. Some people may also face difficulty in a child’s higher education. These are day to day struggles of many people around us. The solution to such problems is “Personal Loan”.
Why worry when you can opt for a Personal loan when in difficulty? Personal loans are very flexible and useful. It is also known as an unsecured loan. It is helpful for a variety of needs including emergency medical expenses, for child higher education, consolidation of debt, home renovation, wedding or marriage expenditures, and many more. People also lend loans for traveling purposes.
Personal loan as the name itself indicates for a particular purpose and not for business purposes. Usually, banks and NBFCs (Non-banking financial companies) lend this loan to both salaried and self-assigned professionals. It is taken in the average amount.
The type of applicant is accountable for the eligibility criteria for personal loans.
Some genetic nature’s factor included are-
- It’s necessary to be aged from 21 to 60 years
- Minimum income should be Rs15000 per month
- You must be residing Indian with Indian citizenship
But real eligibility factors differ from one lender to another. This loan typically has a repayment tenure of 1 year to 5 years. A personal loan does not provide any security to the user.
Desired applicants have to submit a set of documents to get a personal loan. You can apply for a personal loan on the Aadhaar card by selecting a lender and then forgo the required detailed submission.
Aadhaar card was launched in the year 2009 by the Government of India to maintain uniformity in identity among all Indian citizens. Almost 90% of the Indian population has enrolled with an Aadhaar number. Mainly Aadhaar contains a 12 digit unique identity number that is issued based on the demographic and biometric database. Further, all the data is combined by UIDAI (Unique Identification Authority of India). It is the card that is a proof document of residence, not citizenship proof.
According to the Supreme Court’s ruling on Aadhaar, all Indians must link their Aadhaar number to desired financial services like bank account and mutual funding accounts. Also, it is necessary to attach this card to various government welfare schemes like LPG subsidy, PMAY (Pradhan Mantri Awas Yojana), etc.
As a result, the applicant does not have to submit all the required documents when linking Aadhaar based loans. You have to offer only income proof details.
Process for a Personal Loan on Aadhaar Card
Easily apply for a personal loan on Aadhaar Card in just following few steps-
Step 1- Open the official site of your lender
Step 2- Navigate the personal loan page and select the option ‘Apply Online’
Step 3- Fill up the application form online by providing your personal, professional, and employment information
Step 4- Then your lender representative will contact you for cross verification
Step 5- Now submit your Aadhaar card number and other details to complete the application form.
Once the whole process is verified your application for a loan on Aadhaar will be confirmed shortly.
You can also improve your chances of getting an instant loan by fulfilling the eligibility criteria before applying. Details required for the personal loan on Aadhaar are the same as a traditional personal loan.
What are the Benefits of a Personal loan on the Aadhaar card?
There are several features and benefits of a personal loan on the Aadhaar card number. Primarily the critical element is it provides high loan status up to 25 lakh. Instant personal loan on Aadhaar is with quick approval and disbursal. It is with tenure from 12 months to 60months along with 100% transparency without any fraud.
Was it that easy to get your personal loan application approved easily? Is it not that earlier people had to face lots of difficulties and also had to waste lots of time?
Yes! Undoubtedly personal loan on the Aadhaar had made queues line short. It has made our life more accessible than it was before.
Although it is not that the Aadhaar Card link makes the loan process more comfortable, with the help of this card, the time to get loan approval from the lender becomes smoother. The whole loan on the Aadhaar process includes KYC verification by the lender. It had made the instant loan on Aadhaar identity.
So, why waste time when you have the option to get the benefits of a personal loan on the Aadhaar card; get your personal loan request approved, and receive the desired amount within less time.