How To Get Loan On Aadhar Card?

Wondering how to get loan from Aadhar card? Don’t worry. I have shared a few tips that can help you avail the loan from your Aadhar Card easily:

Choose the Right Lender

Traditional banks like SBI, HDFC, ICICI, etc., offer personal loans that can be availed using Aadhaar for KYC.

Non-Banking Financial Companies like Bajaj Finserv, Tata Capital, etc., also provide loans with minimal documentation. Digital lending platforms such as Paytm, MoneyTap, EarlySalary, etc., offer quick loans through their mobile apps.

Check Eligibility Criteria

Each lender will have specific eligibility criteria, which typically include:

Usually between 21 and 60 years. Minimum income requirements vary by lender. A good credit score improves your chances of approval.

Gather Necessary Documents

While Aadhaar simplifies the process, you may still need a few additional documents:

As proof of identity and address. As an additional identity proof and for financial verification. Salary slips, bank statements, or ITR for salaried or self-employed individuals. A recent passport-sized photograph.

Apply for the Loan Online Application

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Go to the lender's official website or download their mobile app. Enter personal, financial, and employment details. Upload scanned copies of Aadhaar, PAN, income proof, and other required documents.

Complete e-KYC using your Aadhaar number. You may receive an OTP on your registered mobile number for verification.

Offline Application

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Go to the nearest branch of the bank or NBFC. Fill out the loan application form and submit it along with photocopies of your Aadhaar card and other documents. The lender will verify your documents manually.

Approval and Disbursement

The lender will verify your application and documents. Upon successful verification, you will receive a loan approval notification. The loan amount will be disbursed to your bank account, often within a few hours for digital loans.

Key Points to Remember

Compare interest rates offered by different lenders to get the best deal. Understand the repayment terms, including EMI amounts, tenure, and any prepayment charges. Be aware of any processing fees or hidden charges.

This is how to get loan from Aadhar card.

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What are the Different Types of Personal Loans?

When my uncle applied for a loan, he had to furnish a variety of documents to prove his identity, address, income sources, assets, etc. This was years ago, today an Aadhar Card is enough to complete the KYC or Know Your Customer process. A few financial institutions help people in need of a personal loan to avail it using Aadhar Card.However, explaining how to get loan on Aadhar Card only, you should know if you are eligible for it or not. Let me help you out with the details. Looking for Home Loans at a low interest rate? Avail NoBroker Home Loans and take a step closer to your dream house 

What is the criteria required for an Aadhar card loan?

• The applicant must be minimum 21years old and maximum 60 years old
• He/she  must possess a credit score of 750 or above
• The salary must be Rs 25,000 or above
• The applicant must have a work experience of 2 years and 1 year of experience with the current company
• He/she  must be living in the area mentioned on his Aadhar Card at least for a year

How to take loan on Aadhar card?

• After checking your eligibility visit your lender’s website
• Select the option “ Personal Loans”
• Fill up the form with details like name, age, occupation,address and more
• Complete the KYC process and upload the scanned copy of your Aadhar Card
• Let the bank verify all the details and approve your loan application
• The bank will then credit the amount to your account

If you want to do it offline, simply visit the bank with your Aadhar card and let the officials guide you through the process.   This is how you avail loan on Aadhar Card only.   Read More: How to get loan on Credit Card? How much home loan can I get?