Gone are the days when getting a personal loan was tension-filled with endless queues, piles of paperwork, and weeks of waiting, only to face possible rejection.
No more repeated treks to the bank, no more gathering a mountain of documents. Thankfully, the process has evolved.
Now, with just an Aadhaar card, you can secure a personal loan from reputable lenders online, from anywhere. Whether for a wedding, a spontaneous adventure, or an urgent medical need, the funds you require can be swiftly deposited into your account.
What is an Aadhar card loan?
An Aadhaar card loan simplifies the personal loan process, using your Aadhaar as the key document for everything from application to approval. Ensure your Aadhaar and PAN are linked to your mobile number, and you’re set to apply.
If you are looking for a loan for up to 2 lakh loan, you can easily get it, to inquire more about this, you can go through this blog by Credmudra.
Why Choose an Aadhaar Card Loan?
- Speedy Approval: Your Aadhaar card accelerates the KYC process, facilitating quick lender verification and fast loan approval, sometimes within hours.
- Minimal Paperwork: Say goodbye to document dilemmas. Your Aadhaar alone can advance you from application to approval, with some lenders requesting a PAN and income statement to assess credit scores.
- Collateral-Free: No assets on the line—your creditworthiness can unlock the funds you need.
- Paperless Process: Digitally submit your documents via the lender’s platform and go through the entire loan procedure online.
Qualifying for an Aadhaar Card Personal Loan: The Basics
Each lender may have specific eligibility requirements, but here are the essentials most will check:
- Age Range: Be between 21 to 60 years old.
- Nationality: Must be an Indian citizen.
- Employment: At least a year’s experience, whether you’re salaried or self-employed.
- Income: Earn at least INR 15,000 a month.
- Credit Health: Aim for a 750+ credit score, though some flexibility exists if your income is strong.
- Needed Documents for Application
Keep these documents handy to verify your eligibility and fast-track your loan:
Identity Verification: Your Aadhaar card will do.
Address Confirmation: Aadhaar card again, or utility bills.
Income Evidence: Recent salary slips and a six-month bank statement.
Who Offers Aadhaar Card Loans?
Aadhaar card personal loans are available from all Indian banks and NBFCs for those who meet the criteria.
How exactly to get a personal loan on Aadhar card?
- Choose Your Lender
Select a lender that offers competitive interest rates and terms that suit your financial situation.
The abundance of lenders offering Aadhaar card personal loans can make finding a trustworthy one tough. But Credmudra has simplified the search for you.
At Credmudra, they check into your requirements, connecting you with a lender that aligns with your needs and boasts a 90% or higher rate of loan disbursement, boosting your approval prospects.
- Apply Online
Most lenders provide an online application process:
- Visit the Lender’s Website or App: Enter your Aadhaar number.
- Fill in the Application Form: Provide personal and financial details.
- Submit Documents: Upload scanned copies of your Aadhaar card and income proof.
- Loan Approval: If eligible, the lender will process your application. Verification and approval can take anywhere from a few hours to a few days, depending on the lender.
- Await Disbursal
Upon approval, the loan amount will be disbursed to your account. The speed of disbursement has improved over the years, with some lenders offering same-day disbursement, subject to certain conditions.
- Repay as per the Schedule
Repay your loan according to the agreed schedule. Timely repayment will help improve your credit score, which can be beneficial for future financial requirements.
Applying for a personal loan with an Aadhaar card has become a streamlined process. With digitization, borrowers can expect efficient service delivery, competitive interest rates, and transparent lending practices. Always read the terms carefully and choose a lender with a good reputation to ensure a smooth borrowing experience.