A 12-digit unique identification number allows financial institutions to process loan applications quickly and ensures quick disbursals. Learn more about how to get an Aadhar card loan for India.
The Aadhar Card, a 12-digit unique identification number issued by the Unique Identification Authority of India, provides an Indian citizen with a unique identity. It serves two purposes: it is an address proof and also serves as identification. To help an individual establish his unique identity, biometric data (iris scan, fingerprints, and photograph) is also recorded. Aadhar cards make it easier for loan applicants to obtain loans.
Impact of Aadhar card on personal loan
To get your loan application approved by banks or financial institutions, you had to provide several documents in the past. Aadhar cards now contain biometric data about an individual. This makes it possible to get a loan on Aadhar alone. It also simplifies the verification process. A simple KYC process is required to get a personal loan. To eliminate money laundering, the Government of India made it mandatory that money lenders in India collect KYC information from applicants.
Banks have now implemented e-KYC, which allows them to approve loan applications on a live basis. Aadhar card loans are easy to obtain because applicants don’t need to go to the bank to apply. Instead, they can submit an online application and upload their Aadhar card.
How to use Aadhar Card to apply for a personal loan online?
Although applying for a personal loan using an Aadhar Card is not required, the lender can process your application quicker if you provide the card as an identity document or address. Online lenders, NBFCs, and banks offer instant loans based on Aadhar cards through the eKYC process.
You can get Aadhar card loans up to Rs. 2 lakhs with Upwards. You can borrow up to Rs. 2 lakhs with no collateral. The Upwards website or app allows you to apply for an Aadhar-based personal loan. The online e-KYC process is also possible. You will receive an update immediately after submitting your loan application. After approval, disbursal can be made within 24-48 hours.
Other documents required for an Aadhar Card loan
You can apply for an Aadhar personal loan if you are a salaried worker by providing the following documents. Aadhar Card PAN card Address Proof such as driving license, passport or voter ID. Salary slip and bank statement Photograph Additional documents, if necessary
Conclusion
An Aadhar Card loan cannot be granted based on your Aadhar Card. When processing your loan application, lenders will also examine your credit score, income, and any other criteria. A minimum monthly income of Rs. 15000 is required in order to be eligible for a personal loan. 15000 and work for a government, private or public company. An Aadhar Card is designed to speed up the verification process so that you can get the money immediately.
