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Home Discover Journals How Can Aadhar Card Help in Taking a Business Loan

How Can Aadhar Card Help in Taking a Business Loan

By Finserv MARKETS - Feb 22,2019
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How Can Aadhar Card Help in Taking a Business Loan

The Aadhar-Card, in recent times has turned into one of the most important identification document possessed by any Indian citizen. This unique ID issued by the government is regulated by the Aadhar Act and managed by the Unique Identification Authority of India (UIDAI). Additionally, the government has also taken steps to ensure that the Aadhar Card becomes the most crucial part of the financial system prevailing in India. Some of the prerequisite steps are as follows.

  • Compulsory linking of the Aadhar number with your personal as well as business bank account, especially while seeking a business loan
  • Compulsory linking of the card with your Permanent Account Number (PAN)
  • Compulsory linking of the card with your mobile phone number
  • Advised linking of the card with your LPG connection, Voter ID as well as Ration Card

In recent times, the Aadhar-Card is a deeply integrated document across all financial spheres and serves as a one for all KYC documentation. This ID contains your credentials such as name, date of birth, residential address registered with the government and so on. Additionally, it is linked with your phone number and other financial documents that are needed at the time of loan verification by various banks and Non-Banking Financial Companies. In lieu of this, it must be comprehended by you as an entrepreneur that having correct information documented in your Aadhar-Card is imperative if you are considering taking a business loan to start or expand your existing business.

Makes process of approval faster

Having all your documents linked to your Aadhar-Card will prove to be rather beneficial for you at the time of taking a business loan. This business loan and Aadhar-Card connection is unique for it makes you eligible for a faster loan approval procedure. NBFCs will scan all of your personal as well as financial details by means of simply having your Aadhar number verified, thereby, considerably shortening the process.

Additional documents needed

One of the things to comprehend about the business loan and Aadhar Card connection is that it requires lesser number of documents for the process of verification and loan approval. Finserv MARKETS seeks minimal documentation from customers seeking business loans. Once all your financial and personal information is linked to your Aadhar number, you only need to submit certain business-related documents to Finserv MARKETS at the time of loan application. These documents include Business Registration Certificate, Tax Compliance Certificate and Business Account Statements.

Why NBFCs are beneficial

You must link your Aadhar number with all your financial and personal accounts. This is because it opens doors for you to avail loans in the long run from leading NBFCs like Finserv MARKETS as opposed to commercial banks. This is particularly advantageous for you as a consumer because Finserv MARKETS allows you to go for flexible rates of interest which would otherwise have been unimaginable in case of regular commercial banks. Finserv MARKETS also guarantees loan approval and amount disbursal within the shortest span of time – just two to three days post verification of documents that you have provided!

How to sign up

Procedures to apply for a Bajaj Finserv Business Loan at Finserv MARKETS have also been kept simple to ensure that everyone can easily navigate through our website. You can also calculate the details of the loan you are about to take by means of an EMI calculator available on the website.

Taking a Bajaj Finserv Business Loan at Finserv MARKETS can help you transform your vision into a vivid reality. But, to set the ball rolling, linking your Aadhar-Card with all your financial and personal accounts is a must! At Finserv MARKETS, you can upload digital copies of the necessary business-related documents and apply for an online business loan in minutes.

Also read what are the benefits of taking a business loan?

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522