How To Get Instant Personal Loan with Aadhaar Card?

The Government of India 2010 launched the Aadhar card to assist individuals in enjoying certain services in both the private and public verticals. The aadhaar card number is a distinctive 12-digit that is offered by the Indian Government to their citizens by collecting their fingerprints and iris scans. An Aadhaar card number not just acts as citizenship proof but even assists you in getting a loan, opening bank accounts with ease, purchasing SIM cards, availing a PAN (permanent account number) card, placing an application for a passport, filing ITR and avail Aadhar card loan.

What are the major objectives of having an Aadhaar card?

∙  Acts as a single identity for Indian citizens

∙  Single cards can get used for ID proof, address proof, and age proof. Individuals require carrying different documents. 

∙  Different government services can be taken up by individuals without the assistance of brokers or any middlemen. 

What’s the impact of an Aadhaar card on an instant personal loan?

Individuals who are looking to take up any financial services must hand over their KYC documents. The Indian Government has made it compulsory for the banks and financial institutions to collect the KYC info of the customers to stop money laundering. Previously, a lot of documentation was needed for KYC. However, it is extremely simple nowadays to complete the KYC. Banks also have begun the eKYC, where the whole KYC procedure is digitized. As the Aadhaar card contains the biometric details of individuals, verification is a fast and simple process. 

Public and private sector banks conduct an extremely strict validation and verification process when it comes to offering personal loans at lower personal loan interest rates. Initially, many documents were supposed to be submitted by the individual to get personal loan approval and the time that it took for loan approval was even longer. However, with the launch of the Aadhaar card, lesser documents are needed, and the time consumed for approval of the loan has even lowered. 

A personal loan is availed by those mostly seeking funds to meet financial emergencies, financial mismatches, monetary shortfalls etc. Thus, individuals require the verification procedure to be instant and the loan amount to hit the bank as early as possible. The major goal of an Aadhaar card is to make the processing of any work faster. As the KYC verification has digitized, availing of a personal loan has become extremely easy and simple. Personal loan details of an individual are found in the database of the Aadhaar card; thus, the time taken up to avail of the loan is considerably lower. 

What is the Aadhaar card method to apply for an instant personal loan online?

Even while it is not compulsory for you as an individual to provide your Aadhaar card, it is way simpler to avail a personal loan through it. The process involved is simpler for the bank employees to complete the authentication if the details of the Aadhaar card are provided by you. Also, there is an involvement of paperless mode wherein documents can be submitted through the online mode called e KYC. In the situation of e KYC, zero physical documents need to be provided by you. There are different banks that even provide an instant loan if the borrower uploads the scanned Aadhaar card document. 

Go through the list of banks and NBFCs that use the Aadhaar card details as the major identity proof and, based on this, approve or reject your personal loan application. 

∙  Capital First Personal Loan

∙  Punjab National Bank Personal Loan

∙  ICICI Personal Loan

∙  Indiabulls Personal Loan

∙  State Bank of India Personal Loan

∙  HDFC Personal Loan

Conclusion

It has become extremely simple to apply for a personal loan with the introduction of the Aadhaar card. NBFC and bank verification are also conducted swiftly as the Aadhaar card database contains info like name, date of birth, and permanent address. This, in turn, assists you in receiving the loan proceed quickly. 

FAQs (Frequently Asked Questions)

∙  Can you get the personal loan on your Aadhaar card?

Yes, you can use the Aadhaar card and place the application for a personal loan with any NBFC or bank. 

∙  Can you apply for the personal loan through my Aadhaar card online site?

Yes, you can place the application for a personal loan through the Aadhaar card online site.

∙  Is it possible for you to apply for a personal loan on your Aadhaar card without a PAN card?

Yes, you can place the application for a personal loan using just your Aadhaar card details without a PAN card. However, in such situations, you will need to provide certain other important documents even, like the passport, voter ID card, salary slips, driving license, and others. The document list will be subject to the loan provider’s requirements. 

∙ How long does the personal loan application process takes when you place the application through an Aadhaar card?

It is generally an instant process as the Aadhaar card consists of your biometric details. Biometrics permits a simpler and faster authentication procedure and thus, permits a faster application procedure. 

∙ How long does it take for the disbursal of the loan amount?

You will need to meet the loan application’s eligibility parameter. The authentication process does not take a lot of time. If all documents are provided and verified on time, the loan amount is generally processed in two to three days. 

∙  Will you need a co-applicant for the personal loan on applying for it through an Aadhaar card?

Usually, you will not require applying for a personal loan along with the co-applicant. However, applying for a personal loan with a co-applicant enhances your chances of availing of the personal loan approval. As lenders do not just consider your income and credit score for approving the personal loan, but also your co-applicants income and credit profile are considered. Adding a co-applicant with a higher credit profile and income also enhances your chances of availing yourself a higher amount of personal loan at a lower personal loan interest rate. However, the co-applicant must note that repayment of the loan is the responsibility of the primary loan borrower; in case of non-repayment or failure to repay the EMI on time, the credit score of both the primary borrower and co-applicant will be impacted. 

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