Aadhaar Card Loan

A personal loan can be applied to cover all kinds of financial needs. Earlier, the time taken for a personal loan process approval and verification was quite long and straining for the borrower. Both private and public sector banks demanded numerous documents to apply for a personal loan successfully. However, ever since the Aadhaar cards have been introduced, fewer documents are required, and the time for loan approval has gradually decreased.

It is much easier to avail of a personal loan on your Aadhaar card, as the loan process has become much simpler for bank employees to complete the verification process. With Aadhaar details provided by the borrower, the documentation process can be done online, also known as e-KYC. In the case of e-KYC, no physical documents are required by the borrower making it an ideal option to save time. Various banks also provide instant loans if a scanned copy of the Aadhaar card is provided at submission.

How to Apply for Personal Loan using Aadhaar Card

With the advent of the Aadhaar Card and digitalization, it has become easier to apply for a Personal Loan online. You are only required to show your Aadhaar Card as KYC proof, and this single document is accepted by most banks and NBFCs nowadays as proof of identity, birth, address proof and citizenship. The following are the steps to apply for a personal loan with Aadhaar Card.

• Step 1: Visit bank’s or financial aggregator websites to check and compare personal loan offers online.

• Step 2: Fill in your details and the loan amount requirements.

• Step 3: Submit your scanned Aadhaar Card and other documents online.

• Step 4: Your application and the documents will go under a verification process.

• Step 5: Once approved, the sanctioned loan amount will be credited to your bank account.

Eligibility Criteria for Aadhaar Card loan

The following are the eligibility criteria for personal loans that need to be fulfilled to qualify:

• You need to be a resident of India to be eligible for a loan.

• The applicant must be between the ages of 23 and 58 years.

• The applicant must be working with a public/ private company or an MNC.

Documents Required for Aadhaar Card Loan

The following are a list of documents required to get a Personal Loan on Aadhaar Card

• Passport-size photographs

• Submit other KYC documents like Passport, PAN, Driving license, Voter’s ID

• The bank account statements of the last 3 months

Benefits of Applying for Aadhaar Card Loan

Having an Aadhaar Card makes availing of a personal loan a lot easier. The following are the benefits of applying for a Personal Loan with Aadhaar Card:

• Aadhaar Card gives you easy access to numerous loans and other financial services. The loan applicants are asked to provide Know Your Customer (KYC) documents, and Aadhaar Card is solid proof of your citizenship and identity.

• This single document proves multiple things like an individual’s citizenship, age, photo, address, and identity.

• Aadhaar Card helps with e-KYC (online verification process).

• You can avail of Aadhaar Personal Loan at Finserv MARKETS and get instant approval based on e-KYC.

You can apply for a personal loan on your Aadhaar card online at Finserv MARKETS. The online personal loan application process is quite simple. Once the loan is approved, the loan amount is disbursed into your account. You can enjoy a higher loan amount with a personal loan and repay it over the flexible tenure. A personal loan helps you cover all kinds of financial obligations like paying for your higher education, wedding expenses, home renovation, medical emergency, and more.