When it comes to the application of the personal loan, lenders check the creditworthiness of the borrowers.
They approve the application of only such borrowers who have the required eligibility. And having an Aadhar Card is one of the key KYC documents needed by lenders.
But along with an Aadhar Card, you also need to furnish other documents to prove your eligibility. Nonetheless, it is possible to apply for a personal loan on Aadhar Card only.
Read on to know how you can avail the personal loan on Aadhar Card!
How to avail the personal Aadhar Card loan?
Applying for the personal loan on an Aadhar Card is now possible within a few minutes. But you can do that only with some select lenders in India. The standard procedure includes the following steps:
- Browse and land on the Official website of the lender.
- Navigate to the personal loan page and choose the ’Apply Online’ alternative.
- Feed your personal, employment and professional details in the online application form.
- Now, the representative of the creditor will get in touch with you shortly for the purpose of background verification.
- You can submit your Aadhar Card and other documents to complete the application procedure.
- After the verification is complete and found to be correct, the application for the personal loan on Aadhar Card will be approved in a while.
What are the eligibility criteria for a personal loan using an Aadhar Card?
- You need to be aged between 23-55 years.
- You must be a resident citizen of India.
- You should be employed with an MNC, Public and a Private Limited Company.
- You should have a credit score of 750 and more.
What are the usages of the personal loan on an Aadhar Card?
You are free to use the Aadhar Card loan for meeting various needs in your life, such as:
- Medical emergencies.
- Marriage costs.
- Debt consolidations.
- Home renovations.
- Higher education.
- Travel needs, and much more.
What are the benefits of applying for the Aadhar Card loan?
You can apply for the personal loan using an Aadhar Card and avail many benefits. Take a look:
A higher loan amount
Based on your loan eligibility, leading lenders in India can approve your application for as high as up to Rs.25 lakhs.
Applying for the Aadhar Card loan does not mean waiting for an indefinite time for the loan approval. If you are loan eligible, then nothing can stop you from getting the loan approval in a flash.
Money in your bank account within 24 hours
After your personal loan on an Aadhar Card application has been approved, you can access the sanctioned money fast. Renowned lenders take only up to 24 hours to disburse the loan amount into your bank account.
Flexible repayment tenure of up to 5 years
Availing the loan facility via the personal loan app or the website does not mean straining your wallets. You can relax by not paying a higher loan EMI per month. You can easily spread the amount over flexible repayment tenure of up to 60 months. It means managing smaller loan EMIs and your outlays smartly. You may have to deal with paying higher interest costs. But with prepayments within the tenure, you can reduce that as well.
You are now aware of the steps you can follow to apply for the personal loan on Aadhar Card.
If you are ready, then you can start doing that online on a lender’s website today only.