An Aadhaar card is not only the most important identity proof but it also serves the purpose of availing a loan. Yes, when it comes to availing a quick loan on aadhaar card, your 12-digit numeric summary helps in every possible manner. With this KYC document, you would be able to get an instant personal loan and that too with fewer formalities. Yes, the approval will be given instantly, ensuring you have a hassle-free loan journey. Though there is no such provision where a quick loan is given only on Aadhaar card but the process would be much smoother and quicker if you have the same KYC document.
How to Get Quick Loan on Aadhar Card Online?
Aadhaar makes authentication and verification process very easy hence leads to instant cash loan disbursals. Talking about quick or instant personal loans, they will be disbursed within a few hours, soon after the successful verification of the borrower via-eKYC. Yes, just from the comfort of home or office, you can avail a personal loan by sharing a scanned copy of your aadhaar card as the only document to prove your identity.
How Aadhar Card Impacts Personal Loan?
When it comes to quick loan, it is usually applied in urgent need of funds but the lengthy verification process is the biggest roadblock. Thus, to overcome this hurdle, aadhaar card and digitization of the KYC process have made the process of availing personal loan easy and quick. Talking about aadhaar card, this document contains every information related to an applicant’s age, name and address. And, this thing helps in the quick cross verification of the credentials, by the lender and eases the process for borrowers in availing a loan. Also, no more lengthy verification process.
What is the Criteria Required for Quick Loan on Aadhar Card?
- A borrower needs to be an Indian citizen.
- The minimum age of an applicant should be 21 Years
- The maximum age of an applicant should be 60 Years
- Both Salaried and Self-employed individuals are eligible
- The applicant needs to have an aadhaar card
What are the Benefits of Using Aadhar Card for Quick Loan?
Unified Document: The single document can be used for age, photo, identity, address, and citizenship proof. Thus, eliminates the need of carrying multiple documents.
Easy & Quick Process: With only a single document, the online verification process of availing a personal loan has become speedy and simple.
Multi-purpose: With availing a personal loan on aadhaar, you can also have easy access to loans and other financial services in the future. Yes, you can go for any financial services if you have already availed an instant loan on aadhaar, just make sure you have timely repayments.
Impact of Aadhaar on Financial Sector
As per new Government laws, it has now been made mandatory for all citizens to have Aadhaar Card to avail Government services. Aadhaar card is also an important document, on which the financial sector is also relying on, in providing various services. Almost all the online lenders ask you to provide an Aadhaar Card to avail hassle free instant funds.
Yes, your 12-digit numeric summary is enough even if you don’t have complete documents as far as availing a personal loan is concerned. Thus, an aadhaar card is your new ticket to avail quick cash in a hassle-free manner.
Frequently Asked Questions (FAQs)
Q. What Is An Aadhaar Card Loan?
A. An Aadhaar card loan is an unsecured financing option. It involves much less documentation than traditional bank loans. You will need a copy of your aadhaar card, a copy of your pan card, your salary statements, and bank receipts to qualify for this loan.
Q. Why Do You Need Your Aadhaar Card to Get This Loan?
A. Your aadhaar card is used as primary address proof when you apply for this loan. Additionally, it also helps in the online verification via the e-KYC process.
Q.How much cibil score is required to get a quick loan on aadhar card?
A.A minimum score of 750 or above is required to get a quick personal loan. However, being an unsecured credit, the first thing that lenders do is to check the score and then give approval.
Q. Who can avail a quick loan on aadhar card?
A.Both salaried, as well as self-employed individuals, are eligible to apply for the same.
Q. What should be the minimum age requirement to get an instant personal loan?
A.The minimum age of an applicant should be 21 Years while the maximum age should be 60 Years.
Q. What is the maximum loan amount I can get?
A.Well, the actual loan amount depends on your eligibility. But in general, a maximum loan amount of up to Rs.15 lakh can be given.
Q. How can I repay my loan?
A.This loan can easily be repaid in equated monthly installments. With the help of EMIs, the amount will automatically be deducted every month from your bank accounts.