How can I get a loan from Aadhar card
Last updated: Oct 20, 2020, 05:59 AM ISTAadhar card loan is an unsecured personal loan option that requires e-KYC documents to fulfil the eligibility criteria. The online paperless documentation process has made loan availability easy and hassle-free. Loan verification online requires an applicant’s Aadhar card number to verify the ID proof and address proof submitted during registration. You also need to submit income proofs such as salary slips, Pan Card, bank statement and ITRs of the last few years.
How to use Aadhar card for a personal loan
When a financial crisis occurs, the need for money becomes urgent, whether it is for medical expenses or any other emergency. The shortage of funds forces a person to apply for a personal loan. Because the monetary need is urgent,opting for an instant loan application via Aadhar card is a feasible way today.
Steps to use Aadhar card to avail a personal loan online:
- Install an instant loan app on your phone or visit the loan provider’s website
- Register with your mobile number and email id
- Enter the mobile number that is linked to your Aadhar card for ID and address verification
- Enter the 12-digit Aadhar card Number as KYC proof. Some may accept other documents such as pan card also as proofs.
- Some websites may require a scanned copy of Aadhar card with other income-related documents.
- After verification of the submitted documents, thesanctioned loan amount will be credited directly into your bank account.
Paperless documentation is made mandatory by the government of India to prevent loan related frauds. Aadhar card contains personal details of an individual; this has decreased the number of fraudulent banking activities online.
Aadhar card forms the base for first-hand verification and speeds up the loan approval process. Several financial organizations have made Aadhar card mandatory for borrowers. Even though your credit score is good, Aadhar card becomes essential when a loan application is initiated.
The SimplyCash instant loan app powered by HEROFINCORP is one such personal loan app that requires anAadhar card number linked with the applicant’s mobile number. Simply Cash is a user-friendly instant loan app that follows paperless documentation and gives a relief to the borrower by instant loan sanction.
1. Can we take a loan on Aadhar?
Yes, you can easily take a loan using theAadharcard. Your mobile number should be linked to the Aadhar card. It is a single document for your ID proof and address proof.
2. How can I get a loan from Aadhar card?
You need to scan and enter the Aadhar card number, which should be linked to your mobile number. This quick verification via Aadhar card saves a lot of time, helps in faster loan approval and keeps you stress-free from collecting a bunch of documents in hand.
3. How much loan can I get on Aadhar card?
The loan amount is decided by the lender based on your credit score. Lenders may offer a loan ranging from 50,000 to 1,50,000 or more, depending on the authenticity of documents submitted.
4. Can I get a loan without an Aadhar card?
Yes, you can get the loan without Aadhar card. In case of Aadhar card does not exist, you need to submit other documents like Pan card, ID proof and address proof to the lender. It is used to verify your credibility and income history.
5. Can I get a personal loan on Aadhar card?
Yes, you are eligible for a personal loan using an Aadhar card as a document. Though Aadhar card is not mandatory when applying for a personal loan, it can make the personal loan process easy and quick. You can also use other documents like Passport, driving license or other documents for verifying KYC details.
6. How can I get an instant loan from Aadhar card?
First, check your loan eligibility through the loan EMI calculator. For an instant loan, it is mandatory to link your mobile number to your Aadhar card. Instant loan online is a paperless process, where you need to give your Aadhar card number that facilitates instant loan approval.