Loans on Aadhaar card are unsecured and do not require any collateral. You do not need to pledge any assets as security. Loans on Aadhaar card are unsecured and do not require any collateral. You do not need to pledge any assets as security. Loans on Aadhaar card are unsecured and do not require any collateral. You do not need to pledge any assets as security. Personal loans provide the convenience of flexible repayment terms and speedy loan disbursement, making them a viable solution for those in need of immediate funds to cover unforeseen expenses.
The Aadhaar card is now a critical document for all Indian citizens, as it is required for opening a bank account, obtaining a PAN card, and securing employment in both government and private sectors. Serving as a verified form of identification and address proof, the Aadhaar card simplifies the process of applying for personal loans.
You can choose to submit applications for a variety of personal loans, including travel, wedding, medical, education, and debt consolidation loans, by utilising your Aadhaar card. The Aadhaar card acts as a vital form of verification for both your identity and address details.
Obtaining a loan of up to Rs 2 lakh using an Aadhaar card is a hassle-free financial option for individuals in need of quick access to funds, with minimal paperwork involved."
Why loan on Aadhaar card
No collateral needed: Loans on Aadhaar card are unsecured and do not require any collateral. You do not need to pledge any assets as security.
Streamlined Documentation: Aadhaar Card based loans streamline the documentation process by eliminating the need for multiple documents such as income proof, address proof, and identity proof. Lenders use Aadhaar as a single document to verify both identity and address, reducing paperwork requirements.
Efficient Digital Process: These loans are conveniently offered online, providing a seamless digital process. This not only speeds up approvals but also eliminates manual intervention in disbursals.
Enhanced Accessibility: Individuals with limited financial documentation can easily access loans using Aad card. This means even if you do not have a regular income source, you can still apply for a loan to fulfill your financial needs.
Swift Processing: Aadhaar-based loans ensure faster approvals and disbursals due to the digital application process. This enables you to effectively save time and manage your financial requirements efficiently.
Requirements for Aadhaar Card Validation: In order to verify your identity, it is essential that your Aadhaar card is active and connected to your registered mobile number.
Eligibility
Necessary Documents: The documents needed may vary depending on the bank's guidelines and your individual profile. However, most lenders typically request the following documentation to assess your eligibility:
PAN card
Last 3-6 months of bank account statements
Proof of income for salaried individuals
Income Tax Return (ITR) for self-employed individuals.
Application process
Online Application: Access the lender's website or download their mobile app to begin the application process.
Eligibility Check: Review the eligibility criteria for the loan and utilize the lender's eligibility calculator to assess your eligibility.
Document Upload: Provide your Aadhaar card, PAN card, and income proofs for verification. Ensure that your Aadhaar is linked to your mobile number for OTP authentication.
Approval and Disbursal: Once your documents are submitted, the loan will be approved. Disbursal typically occurs within 24 to 48 hours, depending on the lender.
Things to note