How to get a Small Cash Loan with the Help of my Aadhar card?
Last updated: Jul 05, 2021, 05:40 AM ISTNow, it is much simpler and easier to get a small cash loan with the help of an Aadhar card. What is a small cash loan? - A small cash loan is also known as an instant personal loan. A small loan amount starting from Rs.5,000 or above is known as a small cash loan. These are unsecured loans that require no guarantor or assets against the loan. Hence, instant approval is given for small loans, with minimal documents like Aadhar cards and PAN cards.
There are many financial institutions and NBFCs in India approving instant small cash loans online with minimum income criteria. Borrowers with a minimum monthly salary of Rs.15,000 or more can avail of personal loans online in support of their Aadhar card.
Though a limited loan amount, small cash loans prove to be useful in times of urgent cash needs such as for immediate travel, wedding expenses, loan for home appliances, debt consolidation, and many other reasons. The minimal documentation procedure that mainly involves KYC verification with Aadhar and PAN card reduces the loan processing time.
Why Aadhar card is considered a mandatory document for availing small cash loan?Your Aadhar card is a 12-digit UID number issued by the government of India. The number serves as proof of your identification and address.
Aadhar card is considered a mandatory document in most financial institutions because the entire loan process becomes more accessible and faster for the lender. As a result, you can expect an instant small cash approval within a day.
The lender secures himself by authenticating borrower details through an Aadhar card to avoid fraudulent cases or bad debts.
How can I get a small cash loan from my Aadhar card?With online small cash loan apps, the eligibility criteria and documentation process have become simpler and do not delay the approval process. Here are some steps to avail small cash loans with the help of an Aadhar card:
- Check your eligibility criteria for online small cash loans by visiting the lender's official website or installing the loan app on your smartphone.
- Use the personal loan EMI calculator to check your eligibility criteria for a small cash loan, available on the loan apps or the official website of the lender,
- The Loan EMI calculator gives clarity on the interest rate, EMI, and repayment tenure. When you know these figures in advance, it helps in faster decision making, whether to proceed with the loan or not based on the affordability factor.
- Upload the mandatory documents such as Aadhar and PAN as set by the lender
SimplyCash, an instant personal loan app powered by HeroFinCorp, favors small cash loans ranging from Rs.50,000 - 1,50,000, supporting all your financial needs at an affordable interest rate and low processing fees. SimplyCash is a complete digitized personal loan app suitable for small cash loans approved and disbursed within 24 hours.
SImplyCash Documents for Small Cash LoansSimplyCash documentation process is simple and hassle-free for a small cash loan. It enables paperless and minimal documentation for the loan amount you choose between Rs.50,000 to 1,50,000. The documents include:
Identity proof such as - Aadhar card/ Smartcard driving license/ PAN card
SimplyCash Eligibility Criteria to get Small Cash Loans
- Borrower’s age limit should be 21 - 58 years
- A minimum income of Rs.15,000 per month
- Six months bank statement as proof of income
- Borrower should be a resident of India