In today’s article, we will learn how to get an instant personal loan on an Aadhar card. We all need money to meet our financial needs, which we cannot meet with our regular income source. In this situation, an Aadhar Card loan comes in handy.
Do you know that you can get an instant personal loan of Rs 10,000 to Rs 2 lakhs with your Aadhar card? Here we will walk you through the features, benefits, and charges of a personal loan on an Aadhar card.
Personal Loan on Aadhar Card Detail
|Article Topic||Instant Personal Loan on Aadhar Card|
|Interest Rate||Interest rates range from 13.49% to 29.99% per annum|
|Loan Amount||10,000 to 2 lakhs|
|Processing Fee||1% to 3% of the loan amount + GST|
|Loan Tenure||3 to 60 months|
|Process||100% paperless process, Instant approval, and quick disbursal|
Features of Personal Loan on Aadhar Card
Before taking any personal loan, you should keep certain things in mind. Companies providing personal loans on Aadhar card deliver some features to their customers. All you need to know about them before applying for the Loan on Aadhar Card.
- Here the entire process of applying for a personal loan is 100% digital. You do not need to submit any documents manually.
- You can avail of an instant personal loan with an Aadhar card from Rs 10,000 to Rs 2 lakh here.
- You are charged 1% to 3% of the approved loan amount as a processing fee.
- The loan tenure is between 3 to 60 months based on your loan amount. The loan team will decide the final term per your eligible loan amount, interest rate, and credit profile.
- Your interest rate depends on your profile, credit history, and multiple aspects. Interest usually varies between 13.49% – 29.99% p.a.
- You can apply for an instant personal loan with very few documents here. An Aadhar card and PAN are mandatory to apply for a loan.
- You can check your loan eligibility in just 5 minutes.
- After approval, the loan amount is transferred to your bank account within approximately 24 hours.
- Your personal information is kept secure as this is an RBI-registered loan app and follows RBI guidelines.
- Before availing of the loan, you can calculate your monthly installment using the EMI calculator, which you can access for free on the company’s website.
Benefits of Aadhar Card Loan
Quick and convenient: Aadhar card loans are a quick and convenient way of getting funds, as they can often be processed and disbursed within a few hours or even days.
No Collateral Required: Unlike conventional loans, Aadhar card loans do not require any collateral, making them an attractive option for those who do not have assets to secure the loan.
Flexible repayment options: Many lenders offer flexible repayment options for Aadhar card loans, allowing borrowers to choose a tenure that suits their needs and financial status.
Minimal Documentation: Aadhar card loan generally requires minimal documentation, making the application process simple and hassle-free. Borrowers are required to provide only a few basic documents, such as a copy of their Aadhar card and bank details, to apply for the loan.
These benefits make the Aadhar card loan an attractive option for those who need funds quickly and without the hassle of lengthy loan application procedures or collateral requirements.
Eligibility Criteria of Aadhar Card Loan
To be eligible for an Aadhar card loan, you generally need to fulfill the following criteria:
- Your age should be between 21 to 57 years.
- You must have a stable source of income and be employed or have a steady income stream.
- A good credit score is usually required to qualify for a loan. Minimum CIBIL Score 680+
- Must be an Indian citizen.
Documents Required for Aadhar Card Loan
The following documents are typically required to apply for an Aadhar card loan:
- Aadhar Card: A copy of your Aadhar Card to confirm your identity and address.
- PAN Card: A copy of your PAN card is mandatory to apply for Aadhar Card Loan.
- Proof of Identity: Aadhar Card, PAN Card, Voter ID Card, Driver’s License, Passport, etc.
- Address Proof: Aadhar Card, Driving License, Ration Card, Passport, Electricity Bill, Maintenance Bill
- Proof of income: This can include your pay slip, bank statement, or Form 16 for salaried individuals, or proof of business income for self-employed individuals.
- Bank Statements: You will need to provide bank statements for the last three to six months to show your financial transactions and stability.
How to Get a 50,000 Loan on an Aadhar Card?
If you want to get a Rs 50,000 Loan on an Aadhar card, you can follow these steps:
- Click on the link below, and they will be taken to Google Play Store to download the App.
- Login with your mobile number and click Continue.
- Enter personal details such as full name (as per PAN card), date of birth, PAN number, etc., and click on Continue.
- Enter employment details such as employment type, company name, etc., and continue.
- Enter the Aadhar number for KYC verification and click on Submit.
- Add bank details such as account number, IFSC code, etc., and click on Continue.
- Once the customer’s Loan on an Aadhar Card is approved, the cash will be transferred to their bank account within 24 hours.
How can I get a Rs 10,000 Loan on Aadhar Card with PaySense?
Here is a step-by-step guide to avail of a personal loan of 10,000 rupees on your Aadhar card with PaySense:
- Check eligibility criteria: Before applying for a personal loan with PaySense, ensure you meet the eligibility criteria set by the lender. This may include age, residency, income, and bank account requirements.
- Download the PaySense app: Download the PaySense app on your smartphone from the App Store or Google Play Store. Register for an account and provide your details, including your Aadhar card number.
- Submit loan application: Once you have registered for an account, you can submit your loan application through the PaySense app. Enter the loan amount, repayment tenure, and other required details to start the application process.
- Upload required documents: You will need to upload some important documents along with your loan application, including a copy of your Aadhar card, bank statements, proof of income, and address proof.
- Loan approval: PaySense will evaluate your loan application and approve it if you meet the eligibility criteria and provide all the required documents. The loan approval process may take a few hours to a day.
- Loan disbursal: PaySense will disburse the loan amount directly to your bank account once your loan is approved. You can track the status of your loan disbursal through the PaySense app.
Personal Loan on an Aadhar Card Related FAQ:
Can I get a Loan on Aadhar Card?
Yes, you can get a loan on an Aadhar card in India. Some financial institutions and digital lending platforms offer instant loans using the Aadhar card as the primary form of identification and proof of address. The amount of loan you can get on an Aadhar card can vary depending on factors such as your credit history, income, and repayment capacity.
How can I get a loan without a PAN Card?
It is possible to get a loan without a PAN card, but the options may be limited the terms and conditions may not be as favorable as with a PAN card.
How can I get a Rs 10,000 loan on Aadhar Card?
To get a Rs 10,000 loan on an Aadhar card, you can approach digital lending platforms or NBFCs (Non-Banking Financial Companies) that offer small personal loans. These platforms generally offer quick and easy loan approval processes, with the loan amount disbursed to your bank account within a few hours.
How can I get a personal loan without a salary slip?
Getting a personal loan without a salary slip can be challenging, as lenders generally require income documents to assess repayment capacity. However, there are some alternative income proof options such as bank statements, tax returns, and other financial documents that can be submitted in place of salary slips.
How much loan can I get from an Aadhar card?
The amount of loan you can get from an Aadhar card depends on various factors such as your credit score, income, repayment capacity, and the lender’s criteria. Generally, the loan amount offered by lenders ranges from a few thousand to several lakhs of rupees. The exact loan amount you can get may vary depending on the lender and your financial situation.
In conclusion, getting a loan on an Aadhar card is possible in India and can be a convenient option for individuals’ financial assistance. The loan process can be completed digitally by completing the KYC process with an Aadhar card. Aadhar card is the primary proof of identity and address, making the loan application process quick and easy.
Additionally, it is recommended to consider your financial position and repayment capacity before applying for the loan and borrow only the amount you need and can comfortably repay. Overall, the Aadhar Card Loan Program provides an accessible way for individuals to avail of financial assistance. But it is necessary to exercise caution and make a well-informed decision to avail of the loan.