What is a Personal Loan Using an Aadhaar Card?

Nowadays, you can avail a personal loan with simplest paperwork. However, if you have completed your e-KYC, you can simply obtain a personal loan with the best personal loan interest rate based on the verification of your Aadhaar card. E-KYC speeds up and simplifies the verification procedure. An Aadhaar card can be utilized to secure a personal loan because it can be used as both an ID and an address proof, which are both frequent requirements for personal loans.

How can you get a Personal Loan with an Aadhaar Card

In the preceding times, the applicant needed to provide a lot of paperwork to the lender while seeking a loan. However, the Aadhaar card and digitization have made applying for a personal loan considerably easier. Your Aadhaar card is a classified statement that serves as proof of identity, domicile, citizenship, and birth to most banks and NBFCs.

Because it has both identification (with photograph) and address evidence, an Aadhaar card is deemed a legitimate KYC document. Fill out an application form and submit an e-KYC document to apply for a fast loan using your Aadhaar card. This allows the bank to authenticate your identity using information held by UIDAI, such as your biometric data, name, address, Aadhaar card number, DOB, gender and photograph.

Steps to Get An Aadhaar Card Loan

• The very first step is you log in into the bank’s website or the lender’s mobile application. 
• Visit the ‘Loans’ in the options section and select ‘Personal loan’. Initially, check your personal loan eligibility, do the test and then press the option of ‘apply for loan’.
• On the website or app, you must complete out an online application form with your personal, work, and professional information.
• A representative from the customer care team will contact you to verify the information provided. Your loan application is authorized based on your eligibility.
• You must upload papers for verification, such as a copy of your Aadhaar card.
• When the lender successfully verified your loan application, the next and last step will be the loan disbursement. You will receive the loan amount in your bank account after the lender completes the process. 

Advantages of An Aadhaar Card Loan 

The following are some of the features and advantages of Aadhaar card loans:

• Loan Disbursement at a fast rate: The loan is now available just with the presence of your aadhaar card. The application and approval of an Aadhaar card personal loan do not require any extensive paperwork.
• Easy to Apply: As the aadhaar is an important document that is owned by most of the individuals, aadhaar card loan is much easier to obtain. 
• Ideal for Emergencies: If you have an emergency and need money right once, a personal loan with an Aadhaar card may be advantageous.
• Flexible Repayment Tenure: You have a choice of repayment terms. The repayment period is typically 6 years.

The Bottom Line

Although it is not required, possessing an Aadhaar card simplifies the loan application procedure. Lenders’ time to review applicants’ paperwork has fallen considerably when they began accepting the Aadhaar Card as proof, compared to a few decades ago.

Lenders use Aadhaar as the primary document for KYC verification, enabling rapid Aadhaar card loans. You can now get an instant personal loan approved instantly and receive money within minutes.