How To Apply Personal Loan On Aadhaar Instantly

Although the validity of the Aadhaar card has been questioned by some people, the benefits of the Aadhaar card outweigh the doubts. Aadhaar card did reduce the number of fake accounts greatly, making it a secure way to verify the identity of a borrower.

Lenders have leveraged this new identity database to offer instant personal loans to people with Aadhaar. This is a great way to get quick access to funds and make a payment towards emergency expenses. They also offer paperless e-KYC verification to make the process easier & quicker so that you can get the money you need in no time. 

Some of the lenders offering personal loan based on just your Aadhaar number are: 

• ICICI Bank
• SBI
• HDFC 
• Axis Bank
• IndusInd Bank
• Kotak Mahindra Bank
• Bajaj Finserv
• DBS Bank
• Tata Capital

The interest rates on these loans are very competitive - range between 10.5% - 13%. They also offer a repayment period of up to 60 months for a comfortable repayment.

Here Is A Snapshot Of Aadhaar Based Personal Loans –

 

How Do I Apply For A Personal Loan With Aadhaar Number?

These loans are offered by lenders through their website or through the mobile app. The process is simple and takes just a few minutes to complete. You are shown your eligible loan amount immediately and you can choose how much you want to borrow out of it. Once approved and due verification is done, the funds will be disbursed within 2-4 hours.

Here is a step by step guide on how to apply for a personal loan with Aadhaar - 

1. Login to the lender's website or app

2. Select the loan you want to apply for 

3. Enter your basic details like name, mobile number and Aadhaar number

4. The lender will send an OTP to the mobile number linked to your Aadhaar

5. Once verified, the lender will show you the loan amount you have been approved for

6. Choose the amount you want to borrow and click on the 'Apply' button 

7. The lender may ask you for some documents like PAN card, salary slip, etc.;

8. They may also arrange a video call to verify your identity

9. Post verification, your loan is sanctioned and the amount will be disbursed within 24 hours. 

It is as simple as that. 

What Are The Benefits Of Applying For A Personal Loan Using Aadhaar?

If you are looking for a short-term loan to cover emergency expenses, or a longer-term loan to invest in a new business or take that long planned vacation, Aadhaar can be a great way to get access to the funds you need quickly. With competitive interest rates and a repayment period of up to 60 months, these loans make great options for those in need.

• High loan amounts of up to Rs.15 lakhs
• Interest rates as low as 10.5% p.a
• Repayment periods of up to 60 months 
• Processing fees as low as 2% of loan amount
• No need for any security or guarantor 
• Quick processing and instant disbursals
• Completely digital process offering enhanced transparency
• Also available for applicants with a low credit score
• No restriction on the end use of the funds (except for investment in speculative instruments) 
• Can be availed by non-customers of the bank too. They may need a few additional documents to complete the process. 

Who Is Eligible To Apply For A Personal Loan Using Aadhaar?

This loan is available to all individuals who possess a valid Aadhaar number. 

1. Applicant age should be between 18 and 70 years

2. Applicant should be a resident of India

3. Should have an active bank account 

4. Should have an active phone number linked to the Aadhaar number

5. Should either be salaried or self-employed, meeting minimum income criteria

6. Credit score of 600 and above

What Are The Documents I Need To Submit To Get A Personal Loan Using Aadhaar?

While Aadhaar is the primary document you need to submit, based on your eligibility and other factors, the lender may require you to submit documents for proof of income. 

For salaried employees - pay slip or bank account statement where the salary is deposited

For self-employed - Income tax returns for the past 3 years and bank statements for the past 6 months

Conclusion

The fact that personal loans can now be accessed using Aadhaar has many benefits. With competitive interest rates and a repayment period of up to 60 months, these loans make great options for those in need. Not only are they available to those who possess Aadhaar, but also to those who don't have good credit scores. The process is simple and takes just a few minutes to complete, making it an ideal solution for anyone in a hurry.

FAQs of How to Apply Personal Loan on Aadhaar Instantly:

1. How does Aadhaar help increase the speed of personal loan approvals?

By using Aadhaar, the personal loan process can now be completed in just a few minutes. Lenders are allowed to access your information from the UIDAI database to instantly verify your identity and address to process the loan. This reduces the overall loan processing time and the need for a ton of paperwork. 

2. What are the benefits of applying for a personal loan using Aadhaar?

The benefits of applying for a personal loan using Aadhaar include competitive interest rates and a repayment period of up to 60 months. With a credit score of 600 or above and an active bank account, these loans make great options for those in need.

3. What are the eligibility criteria for a personal loan using Aadhaar?

These loans are available to all citizens of India. They have to be either salaried or self-employed with a good credit score. 

4. How much loan amount is offered under a personal loan using Aadhaar? 

Eligible applicants can get up to Rs.15 lakhs personal loan. 

5. How long does it take for the loan to be processed? 

With Aadhaar based e-KYC, your personal loan is approved and processed within 24 hours.