How to Apply for Personal Loan Using an Aadhaar Card in 2021

How to Apply for Personal Loan Using an Aadhaar Card in 2021

Summary: Knowing ways to get a hold of funds in an emergency is essential in such uncertain times. This article explores one such means, Aadhaar card loans.

Applying for loans can be a tedious process. Availing of it with the help of one document that almost every Indian adult has sounds like the perfect solution, does it not? Well, we have some good news! You can now get a personal loan using your Aadhaar Card. 

A personal loan can be borrowed using a copy of your Aadhaar card or by running through its details with your lender. Aside from the sheer convenience of an Aadhaar Card loan, its other benefits include:

  • A great solution for emergency needs for funds
  • Flexible tenures of repayment are available
  • Instant sanction once details are verified
  • No lengthy paperwork
  • Nominal interest rates
  • Since it is a widely withheld document, taking out loans is easier for a more significant number of people

All of these are the perfect portrayal of the ease with which one can take personal loans. Personal loan requirements are straightforward, but with an Aadhaar card, the process is simplified further. This article will explore various layers of this process.

Application for an Aadhaar Card Personal Loan

Today, you can apply for a personal loan with your Aadhaar card easily online. Most lenders offer online application processes with entire walk-throughs so borrowers can get the loan through a straightforward path. They also include the eligibility criteria and necessary documents on their website to make the application easier. Borrowers can gauge themselves and determine their loan amount using EMI and eligibility calculators before applying for this loan through the mobile apps of their respective financial institutions. Upon approval, many lenders offer instant disbursal facilities for faster loan access. 

Eligibility for an Aadhaar Loan 

Every lender has fixed parameters that the borrowers need to meet to avail of a loan. While Aadhaar card loans follow a simplistic procedure, they do, however, have criteria in place that assures lenders repayment. You must adhere to the specific requirements laid out by your lender to get the loan sanction as soon as possible. The general criterion for a personal loan’s requirements includes:

  • Many lenders even hike it up to 21-25 years old as they do not deem individuals under that age mature enough
  • Must be a salaried or self-employed person with a steady income
  • Requires a 650 and over credit score to qualify for the loan
  • Senior citizens above age the age of 65-70 are not eligible
  • The individual’s earnings should meet the minimum income requirement prescribed by the lender
  • These loans also have an upper age limit of 65 to 70 years old.
  • You should be at least 18 years old to acquire a loan

By meeting all these eligibility criteria, a speedy disbursement and verification of your personal loan application are assured.  

Documentation for an Aadhaar Card Personal Loan

Aside from meeting the eligibility criteria for a personal loan, applicants must submit a few documents to verify income, profession, marital status, lifestyle, etc. Providing these documents is essential as it aids the lenders in determining your repayment capacity and creditworthiness. Therefore, the criteria impact the approval or rejection of your loan application to a large extent. The required documents to meet eligibility include:

  • Recent, coloured passport size photograph
  • Address proof
  • Age proof
  • Bank statement of the last six months
  • Identity proof
  • An Income proof
  • PAN card

For Aadhaar card loans, identity proof, address proof and age proof are not always prerequisite. The Aadhaar card acts as proof of them itself. However, some lenders may ask for them as it acts as extra verification. 

Advantages of Availing an Aadhaar Card Personal Loan

An Aadhaar card loan has multiple benefits attached to it. Personal loans nowadays are a highly convenient pathway for acquiring funding. The Aadhaar card adds to this convenience, enhancing an already seamless process by facilitating instant approval.

One of the unique benefits of an Aadhaar card personal loan is being allowed to avail one without the restrictions of being employed for a certain period. For example, many personal loans require applicants to be working for an organisation or be self-employed for 2-3 years minimum. Such conditions can decrease the chances of many people availing of personal loans, therefore reducing accessibility. With an Aadhaar card, individuals can apply for a personal loan even if they newly started working for an organisation. 

When you avail of any personal loan, step one is to check your eligibility. Followed by this, get an estimate of the amount you can loan using the EMI and eligibility calculator. Finally, learn about the documents required and turn in your application. Ensure thorough research to ensure you make sound financial decisions and sustain your financial health!

Conclusion

Availing of a personal online loan was never more straightforward than it is today. We want you to see exactly what documents you need and the eligibility criteria so you can determine which loan is best for you. Our EMI calculator also helps you determine your financial capabilities, so you get the most benefits from choosing this loan!