How to Get Instant Loan on Aadhaar Card?
Aadhaar is a 12 digit unique identification code for Indian residents, issued by the Unique Identification Authority of India (UIAI). The number is backed by demographic and biometric information of the person and thus serves as a single-point identity proof across the country.
With your Aadhar Number you enjoy instant verification benefit at various places, such as:
- Details over the Aadhar are accepted as residence proof, age proof and identity proof.
- It serves as your unique identity document across the country.
- You no longer need a mediator to avail government subsidies.
- You can sign legal documents online.
- You can get your passport in 10 days with the help of Aadhaar enabled verification.
- You can Apply for Instant Loans & Credit Cards using the Adhaar.
Now, let’s find how this 12 digit UIAI code has revolutionised Personal Loan disbursals in India and how do you apply for instant loan on Aadhaar Card.
|Personal Loan on Aadhar Card||Calculate Personal Loan EMI|
How to apply for Aadhaar based Personal Loan?
To avail a bank loan you require to provide your Identity Proof, Address Proof, and Income Proof. With your Aadhaar Card you can incidentally establish the preliminary verification requirement of lenders.
Thus presenting Aadhaar number, minimises the documentation processing time. Furthermore owing to improved digital lending capabilities of the lenders, Personal Loan application & processes have further been simplified.
You can apply for Personal Loan online with minimum documents.
Here are the steps to follow for applying an Aadhaar Card Loan.
- Visit the lender’s website or a loan marketplace like MyMoneyMantra.
- Fill a form to apply for Personal Loan.
- Share your loan requirements and identity details as mentioned on Aadhaar & PAN Card.
- Now submit the request.
- A loan representative will contact you and may ask further questions to establish the authenticity of the application.
- They will then require you to upload your Aadhaar Card and PAN Card.
- The loan application will be processed and completed in the shortest possible time.
With eKYC and online lending capabilities Personal Loan approvals are faster than ever these days. On the backdrop of pandemic, each leading bank’s lending offer including SBI Personal Loan is available through website or app.
Another USP of such applications AI backed API support that help in offering instant in-principal approval as you fill the application.
✅Why Aadhar Card is important to apply for a Personal Loan?
Aadhaar Card is not a mandatory document to apply for a Personal Loan. However, including it can make loan processing easier and faster. For, your 12 digit number is backed by your biometric & demographic details and this makes verification quicker and error free. Almost all banks, NBFCs and FinTech lenders accept Aadhaar as a primary document for KYC.
✅Can I avail of a loan with Aadhar card?
Yes, all types of Personal Loans can be applied with the help of an Aadhaar Card.
✅Does owning an Aadhaar Card helps me get better rate of interest?
Your Aadhaar Card is accepted as legitimate document to prove your Identity and Address proof. When you meet the eligibility criteria and have legal documents to prove the same, you get the best rate of interest. So, with all documents in place, you can certainly get the best Personal Loan Interest Rates.
✅How long it takes to process Personal Loan on Aadhaar card?
Using Aadhaar Card for identity & address verification is faster as it involves biometric data of the applicant. Thus the whole process does not take more than 2-4 days. If you are an existing customer of the bank you may get the amount disbursed in less than 2 days.
✅Is it possible to apply for a Personal Loan on Aadhaar Card without PAN card?
Owning a PAN is mandatory for every Indian earning income. However, if for any reasons you do not have a PAN Card to present, you can apply for a Personal Loan with the help of Aadhaar Card, preferably, from the bank you have a salary account with. The bank may however ask for some additional documents too.
✅Address on my Aadhaar & PAN do not match, Can I apply for Personal Loan?
To apply for Personal Loan you need both Aadhaar & PAN, however if the information does not match, you may require to submit another document for latest address proof or salary proof. You can certainly apply though.
✅How to apply for Aadhaar Loan Online?
In order to apply for instant loan with the help of your Aadhaar Card, all you need to do is choose the bank product that offers online loan fulfilling eKYC. Some of the popular banks that offer online loans on eKYC are: SBI Personal Loan, HDFC, Kotak Bank, IDFC First Bank, ICICI Bank etc. You can apply either online through bank website or bank’s mobile app.
✅Can I apply for more than one Aadhaar Loan?
You can apply for multiple Personal Loans whereby you fulfil complete KYC. However, when you apply online by completing partial KYC online, i.e eKYC you are allowed to make only one bank account and thus you can apply for single loan through that Savings Account. However you can use several types of loan products for meeting urgent needs, if required. Some of the instant loan options are: Personal Loans, Credit Card Loans, Top Up & Balance Transfer.
✅Is it safe to apply online with the help of my Aadhaar Card?
When you use bank’s website or app for any communication, it is safe to upload your documents. All you need to ensure is that you do not share any passwords or PINs in any of your communications with anyone, including the bank officials.
Also Read: Instant Loan on Aadhar Card and PAN Card?
To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.