How To Get Loan Through Aadhar Card
Emergency loans can come in handy during a financial crisis. Actually, banks and NBFCs now offer instant loans on Aadhaar card. It is like a small personal loan that can be used for home maintenance, planning holidays or even paying monthly house rent, paying for some loan or as a bridge loan for salary.
Aadhaar card loans are primarily unsecured, which means there is no need for collateral. The biometric information on the Aadhaar card is used by banks and NBFCs to file the loan application process. The borrower will also have to submit some other secondary documents. However, it should be noted that one must have a valid Aadhaar card, PAN card, and a bank account to apply for an Aadhaar card loan.
If one does not have a PAN card for registration, he/she may need some other document like Voter ID card, Passport, Driving License, Salary slip, etc. There is no fixed set of documents and the list generally varies from bank to bank.
To get an instant loan, one must meet the eligibility criteria and have a good credit score to get an instant loan for the lender 2 to 3 days before the application. Most borrowers are required to maintain a credit score of at least 750 to get a loan under customized certified and grader. However some financial institutions approve the loan application of a person with a credit score of 600. But mostly high-ranking shoppers are compromised in this type of attack.
Zaroorat aapki. Personal Loan Humara
Apply NowHow to apply for Aadhar card loan?
No matter what the loan amount is, Aadhaar card loan can be applied for by paying in advance or applying online. To apply online for loan on Aadhaar card, the customer needs to visit the bank's website or download the mobile loan app. The next step is to fill the online personal loan application, providing the Aadhaar number and other personal or business details to complete the KYC.
If the customer has a card Aadhaar PAN and an account open with the bank, then there is no need to upload any additional documents. After submitting the loan application, the eligibility and verification of the bank is checked. After verification, the loan amount is credited to the individual account.
Before applying for a loan, it is a good idea to check the eligible loan waivers in any case. Also, do a cross analysis of the loans offered across banks to get the best offer.
Benefits of applying for an Aadhar card loan
Here are some of the benefits of applying for a personal loan using Aadhaar card:
• Aadhaar card loans have instant disbursal. The offline application process (e-KYC) is simplified by the use of Aadhaar card, hence the loan disbursal time is reduced. This ultimately means faster disbursal of loans.
• Aadhaar as a single study facilitates the documentation process for investors and financial investors as the 12-digit US number serves as a proof of authenticity of the document, address, photograph, age and identity.
• Like personal loans, these other loans are repaid to the bank through monthly installments. Not making online payments can lead to a lower credit score and have other negative effects. Therefore, it is mandatory to assess your financial position before applying for a loan.
Estimate
Earlier, applying for a personal loan involved submitting a large number of documents. But now, Aadhaar card is recognized by most banks and NBFCs for loan disbursement.
But it must be remembered that apart from the Aadhaar card, a set of Aadhaar cards is required for the loan takers. As per a recent circular issued by the RBI, Aadhaar cards can no longer be used in address proof. Therefore, a person must submit proof of a valid passport at the time of applying for a personal loan such as electricity bill, passport, driving license, tenant agreement, etc.
Need funds to meet your personal expenses? Consider taking a loan from IIFL Finance again for easy application and instant disbursal of funds. Download the IIFL Finance app and apply. If you are concerned about personal loan, choose your preferred loan amount and tenure and apply for personal loan first by using the offline trial .
Zaroorat aapki. Personal Loan Humara
Apply NowDisclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
