How to Apply for a Personal Loan Using an Aadhaar Card: Check this Step-by-Step Guide
The most frequently taken of all loans is the personal loan. A personal loan can be taken for virtually any purpose, from funding a marriage to any medical emergency. Furthermore, you can avail a personal loan easily online in a simple process without a great deal of paperwork involved. Lenders grant personal loans on the basis of the loan amount you desire and your credit profile. In order for you to get personal loan sanction, you need to know about certain aspects that pertain to personal loans.
Applying for a Personal Loan
Nowadays, the process of applying for personal loans has become simpler than it was previously. Firstly, you can find lenders online and apply for a personal loan in a seamless online process, getting loan approval quickly and funds disbursed in your bank account within a matter of a day. Secondly, with the advent of the Aadhaar Card, you can get an Aadhaar Card loan quite easily, just by submitting your Aadhaar Card and a few other documents for verification (if needed). With financial details linked to the borrower’s Aadhaar Card, lenders can get all the information pertaining to a loan applicant, and this is known as e-KYC. Once the borrower uploads their Aadhaar Card online, lenders can verify details easily without the requirement for more documentation.
Eligibility Criteria and Documents Required for an Aadhaar Loan
To get personal loan approval on the basis of information linked to your Aadhaar Card, you need to fulfil some eligibility criteria and submit documentation. This is the first step in the application for a personal loan via an Aadhaar Card and eligibility criteria and documentation are listed below:
- Eligibility Criteria - Eligibility criteria includes the applicant being between the ages of 23 and 58 years, an Indian citizen and having work experience.
- Documentation - Documentation required includes other e-KYC documents such as a PAN Card, voter’s ID or passport, income source proof/bank account statements and passport photographs.
A Step-by-Step Guide to Apply for an Aadhaar Card Loan
Submitting your Aadhaar Card as proof of identity, address and residence is enough to validate your eligibility for approval of a personal loan. Once you know that you fulfil eligibility criteria and have the documentation necessary to apply for an Aadhaar Card loan, the next steps consist of the following:
- Go to a lender’s website (bank or NBFC) and compare loan products, interest rates, loan amounts and tenures.
- Fill out an application form in the ‘Personal Loan’ tab. Make sure you enter your relevant personal details with care.
- Upload your Aadhaar Card and submit it on the portal.
- Submit your application which will go through a verification process.
- Once your submission is done and your documents are found to be in order, your loan will be approved.
- Funds will be disbursed in your bank account within 24 hours.
Easy Personal Loans
As you can tell, personal loans are easy to get sanctioned with your Aadhaar Card handy. Moreover, through simple online processes, you get funds that you need urgently in a prompt manner. With an Aadhaar Card, your loan woes are all but over and you can apply online anytime.