How to get Aadhar Card Loan? - Complete information - Loan Application

How to get Aadhar Card Loan? – Complete information

How to get Aadhar Card Loan? – Complete information

Aadhar card is an important identity card in India which every Indian citizen must have. It is not just an identity document, but it is also used to access government schemes, banking services, and other financial services. The specialty of Aadhar card is that many services can be availed through it, one of which is Aadhar card loan. If you suddenly need money and you do not have banking documents available, then you can easily get a loan through Aadhar card.

Let us provide all the important information related to Aadhar card loan in this article and also tell how you can get this loan.

What is Aadhar card loan?

Aadhar card loan is known as “instant loan” or “personal loan”, which can be easily availed through Aadhar card without much documentation process. In this, banks or finance companies evaluate your eligibility using your Aadhar card and bank account information and promptly provide you a loan.

Benefits of Aadhar Card Loan: Less documentation process: You do not need many documents to get an Aadhar card loan. Aadhar card and PAN card are the main documents that help in the loan process.

Fast approval: Many banks and financial institutions offer instant loan facility through Aadhar card. This gives you a quick solution when you need money.

Safe and easy: Aadhar card is used to evaluate your eligibility by linking it to your identity and bank account. The entire process is safe and simple.

Online application: Most Aadhar card loan processes are online, allowing you to apply and avail the loan from the comfort of your home.

Eligibility for Aadhar Card Loan

There are some common eligibility criteria to get an Aadhar card loan, which are as follows:

  1. Minimum age: The minimum age of the applicant should be 18 years to get the loan. In some cases, the age limit can be 21 years.
  2. Stable income source: The applicant must have a stable income source. Salaried individuals, self-employed, or businessmen can apply for this loan.
  3. Credit score: You must have a good credit score to get a loan. Although some financial institutions do not check the credit score so strictly, a good credit score helps in loan approval.

Documents required for Aadhaar card loan

Aadhaar card: Your Aadhaar card is the most important document to get a loan, which is a proof of your identity and address.

  • PAN card: Along with Aadhaar card, you also need a PAN card, which is necessary to track your financial transactions.
  • Bank statement: Some financial institutions may also ask for your bank statement to check whether you have a stable source of income or not.
  • Salary slip (if applicable): If you are salaried, your salary slip may also be required.

How to get Aadhaar card loan?

  • Select a bank or financial institution: To get an Aadhaar card loan, first you have to decide which bank or financial institution you want to take a loan from. The interest rates and terms of different banks and finance companies may vary, so you have to choose the best option for you.
  • Online application: Nowadays most banks and finance companies provide the facility of online loan application. You have to apply by visiting their website or mobile app. During the application, you have to provide your Aadhaar card and PAN card information.
  • E-KYC process: After accepting your application, the bank or financial institution adopts the e-KYC process to evaluate your identity and eligibility. In this process, your Aadhaar card is linked to your bank account and other personal information.
  • Loan approval and disbursement: After the e-KYC process is completed, the bank or financial institution reviews your application and if you are eligible, the loan is approved. After approval, the loan amount is transferred to your bank account within a few hours.

Aadhar card loan interest rate

The interest rate of Aadhar card loan may vary from bank to bank and finance companies. Usually, this interest rate can be between 10% to 24%. Interest rates are determined based on the loan period and your eligibility. Therefore, it is important to get complete information about the interest rates before taking a loan.

Types of Aadhar Card Loan

You can get different types of loans through Aadhar card, which mainly have the following types:

Personal Loan: This loan can be taken for personal needs, such as marriage, education, medical emergency, or any other personal expenses.

Gold Loan: If you have gold, then you can also apply for a gold loan. In this, you can get a loan through Aadhar card in exchange for gold.

Home Loan: If you are planning to buy a house, then Aadhar card can also be used for home loan. This loan is for a long time and the interest rates are also relatively low.

Business Loan: If you want to start a business or expand your current business, then you can also apply for a business loan.

How to get Aadhaar card loan?

1. Select a bank or financial institution: To get an Aadhaar card loan, first you have to decide which bank or financial institution you want to take a loan from. The interest rates and terms of different banks and finance companies may vary, so you have to choose the best option for you.

2. Online application: Nowadays most banks and finance companies provide the facility of online loan application. You have to apply by visiting their website or mobile app. During the application, you have to provide your Aadhaar card and PAN card information.

3. E-KYC process: After accepting your application, the bank or financial institution adopts the e-KYC process to evaluate your identity and eligibility. In this process, your Aadhaar card is linked to your bank account and other personal information.

4. Loan approval and disbursement: After the e-KYC process is completed, the bank or financial institution reviews your application and if you are eligible, the loan is approved. After approval, the loan amount is transferred to your bank account within a few hours.

Aadhar card loan interest rate

The interest rate of Aadhar card loan may vary from bank to bank and finance companies. Usually, this interest rate can be between 10% to 24%. Interest rates are determined based on the loan period and your eligibility. Therefore, it is important to get complete information about the interest rates before taking a loan.

Types of Aadhar Card Loan

You can get different types of loans through Aadhar card, which mainly have the following types:

  • Personal Loan: This loan can be taken for personal needs, such as marriage, education, medical emergency, or any other personal expenses.
  • Gold Loan: If you have gold, then you can also apply for a gold loan. In this, you can get a loan through Aadhar card in exchange for gold.
  • Home Loan: If you are planning to buy a house, then Aadhar card can also be used for home loan. This loan is for a long time and the interest rates are also relatively low.
  • Business Loan: If you want to start a business or expand your current business, then you can also apply for a business loan.

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