Emergency situations do not arrive with prior information and most times these situations arrive when we are least expecting them and underprepared. Most of these situations will require us to use our financial resources to get through them. Oftentimes we might not have the required funds or have a little less than the total funds we will need. Borrowing money from a bank or moneylender is a good option but you might or might not have the time to arrange all the required documents and meet the eligibility criteria. A personal loan borrowed from a trusted online loan-providing platform is a better option in these situations. You can easily get a loan with menial paperwork and you can also get a loan on Aadhar Card using the same.
An Aadhar Card is a document that almost every citizen of our country owns. This is one of the most easily available and accessible documents that can also help you avail of a personal loan online from the comfort of your home. Want to know more about an Aadhar Card loan? You must read ahead. In this article, we will be discussing personal loans of this type in detail and talk about all the aspects related to borrowing a loan on an Aadhar Card.
Getting a loan by Aadhar Card is very simple if you choose the right platform and have all the details and information related to this type of personal loan. To help you apply for an Aadhar Card loan, we have talked in detail about the following topics in this article:
- What is an Aadhar Card loan?
- Eligibility to apply for an Aadhar Card loan
- What are the documents required for an Aadhar Card loan?
- What are the benefits you get on an Aadhar Card loan?
- Where can you apply for an Aadhar Card loan?
- How to apply for a loan with Loaney using your Aadhar Card?
- Final Thought
- Frequently Asked Questions
By the end of this article, you will have all the information related to a loan on an Aadhar Card only and you will know the platform that offers you the best loan borrowing experience to help you apply for your loan.
Table of Contents
What Is An Aadhar Card Loan?
The online space makes loan borrowing very simple and convenient compared to the older traditional methods of borrowing a loan from a bank or loan provider or moneylender in the offline space. Even though the procedure is simple and you can avail of loan facilities and services from home, you will still need to produce a variety of documents and the complete paperwork. As per the current KYC laws laid by the Indian Government, you can easily get a personal loan on Aadhar Card. That is right, one single document can help you avail of a personal loan. Let us understand how.
An Aadhar Card loan is a type of personal loan which is an unsecured debt. This type of loan does not require the loan applicant to present a lot of paperwork or documentation, there is no collateral involved, the eligibility criteria are simplistic to meet and the interest rate is also comparatively low. The Aadhar Card personal loan approval procedure is fast and you can arrange the funds you need for any purpose very easily and quickly without having to specify the reason for borrowing. Let us understand how your Aadhar Card works to help you avail of an instant cash loan.
An Aadhar Card is a personal document that is issued by the Government Of India to Indian citizens. This is a document that has information related to your personal identity, your picture and your address. As per the rules and regulations in India, banks and loan providers have to ask the loan applicant for Know Your Customer (KYC )documents and the Aadhar Card is a paperless KYC document. To apply for an instant cash loan on an Aadhar Card, you need to fill out the application form of the loan provider you are choosing and upload the e-KYC document which is your Aadhar Card. This document will help your bank or loan provider get all the details like your Aadhaar card number, biometric details, name, gender, address, date of birth and photograph making the loan procedure faster. Along with the Aadhar Card, you will have to submit only a financial document and you are all set for loan approval.
In the upcoming sections, we will discuss with you all the other details to help you apply for and avail of an Aadhar Card loan.
Eligibility To Apply For An Aadhar Card Loan
Applying for any kind of loan should be the third step. The first two steps are knowing the eligibility criteria and ensuring that you can fulfil the same and arranging all the documents that you need to apply for the loan. Not meeting the eligibility criteria might lead to your loan application being rejected in turn leading to a drop in CIBIL score. The eligibility criteria will vary from one loan provider to the other but some basic points are the same. The following are the eligibility criteria to fulfil if you wish to get your instant loan on Aadhar Card application approved:
- The loan applicant should be an Indian citizen.
- The age of the loan applicant must be above 18 years and below 60 years.
- The applicant must be an Aadhar Card holder.
- The applicant must be a salaried employee or a self-employed individual who can produce the documents required.
- Some loan providers will also need the loan applicant to have a higher CIBIL score of 750 or above.
- The monthly income of the applicant must be at least Rs. 25,000 and the source of their income must be approved by a verified organisation in India
What Are The Documents Required For An Aadhar Card Loan?
The second step before the Aadhar Card personal loan online application procedure is to list down and arrange all the documents that you will have to submit for loan application approval. Identity proof, address proof, salary slips or bank statements are some of the common documents that you might need. The following are the documents you will need for an online loan application for an Aadhar Card loan:
- Aadhar Card which is linked to your mobile number
- PAN Card
- Bank account with net banking services
- A picture of yourself
What Are The Benefits You Get On An Aadhar Card Loan?
Until now we have looked at that when you need a personal loan Aadhar Card can be one of the documents based on which you can avail of the same. Let us now take a look at why you should choose a loan on an Aadhar Card. the following are the benefits you get on an Aadhar Card loan:
- The loan application and approval procedure are faster for an Aadhar Card loan.
- An Aadhar Card loan can be availed online or offline depending on your requirement.
- The interest rate at which this loan is offered is low and the repayment tenure is short.
- Less paperwork requirement, no collateral and simple eligibility criteria are all features of this loan.
- The repayment plan for this loan is flexible.
Where Can You Apply For Aadhar Card Loan?
Banking and financial services have moved to the online space due to the advancements in technology and the easy availability of the internet. There are also multiple loan-providing portals and platforms online that help you avail of loan facilities. Choosing the right loan provider is important so that you can safely and securely borrow funds as per your requirement. One of the most trusted platforms online for a loan on Aadhar Card is Loaney.
Loaney offers you the most convenient personal loan borrowing experience online. Loaney is a platform that ensures secure transactions and 100% client data confidentiality. You can avail of Aadhar Card loans at low interest rates and for shorter repayment periods. The paperwork requirement is low and the eligibility criteria are simplistic to fulfil. With just a few clicks, you can get your Aadhar Card loan approval within a few minutes.
How To Apply For A Loan With Loaney Using Your Aadhar Card?
We have now looked at how when you need to apply for a loan, an Aadhar Card can be used by you as a document for the same. Let us now take a look at the steps for the Aadhar Card loan application on Loaney.
- Visit the official website of Loaney: https://loaney.in/
- Register yourself using your mobile number.
- Fill out the application form for a personal loan. Upload all the documents as mentioned.
- Submit the completed form along with the documents.
- The platform will then review your loan application and verify the details provided by you. Make sure you provide genuine details for a faster review process.
- The loan amount will be then approved by Loaney and the amount will be transferred to your bank account.
The procedure of online loan apply Aadhar Card based can be done on Loaney following these easy steps.
As we conclude this guide on how you can avail of an Aadhar Card loan online from the comfort of your home, we hope that you will now be able to use this document in the right way for your loan application. An Aadhar Card is one of the most easy-to-access documents and you can make use of the same for availing of funds when you need them the most.
Frequently Asked Questions
In this section, we will be answering some of the common questions related to an instant cash loan on Aadhar Card to help you solve any queries or doubts that you have.
How can I get an instant loan from an Aadhar Card?
You can apply on Loaney with your Aadhar Card following the steps given in this article to get an instant loan on Aadhar Card.
Can I get a loan on Aadhar Card only?
If you are looking for options of getting a loan on Aadhar Card only then you can choose a personal loan of this type where your Aadhar Card will be used and only a financial document will be required with the same.
How much CIBIL score is required to avail Aadhar Card personal Loan?
To avail of an Aadhar Card personal loan, you will need a CIBIL score above 750.
How much loan can I get on Aadhar Card?
If your Aadhar Card personal loan apply procedure is done with Loaney, you can get up to Rs. 20,000 instantly as Aadhar Card loan.
How to apply for a personal loan on Aadhar Card without a salary slip?
If you wish to apply for an Aadhar Card personal loan without a salary slip, then you can apply for the same on Loaney.
Can I get a personal loan on Aadhar Card?
Yes, you can get a personal loan on Aadhar Card using Loaney and the features offered by this loan borrowing platform online.
Will I need a co-applicant for applying for Aadhar Card loan?
No, there is no need for a co-applicant for applying for an Aadhar Card loan.