How to get Personal loan using an Aadhar Card?
Last updated: Jul 15, 2021, 06:45 AM ISTAadhar card, a 12-digit identification number issued by the UID of India on behalf of the government of India, serves as a proof of identity and address, anywhere in India. And now it is also an essential document for availing online instant personal loans.
A personal loan is a multipurpose loan and can be used for a plethora of reasons. In the digital age, availing of a personal loan is no more tiresome and a complicated service as all the processing is done online. Earlier applying for a loan was a tedious task with loads of documents to be submitted for verification.
SimplyCash, an instant personal loan app powered by HeroFinCorp has developed a hassle-free and user-friendly digitized personal loan app for ease of borrowing a sum ranging between 50,000 - 1,50,000 at an affordable interest rate.
To get a personal loan from SimplyCash, you just need your Aadhar card and PAN card as mandatory documents for E-KYC verification. It is an electronic procedure, totally paperless that saves a lot of time, helping with the quick loan approval.
Benefits of Personal loan using Aadhar card
Aadhar Card is a mandatory document when you apply for an instant personal loan through the SimplyCash loan app.
Here are some beneficial features connected to SimplyCash instant loan when availed by using an Aadhar card:
Quick approvalAadhar card gives a clear picture of the borrower’s identity, inclusive of age, name, address, and photo. This confirms the eligibility and helps in quick loan approval.
Swift loan disbursementVerification of Aadhar card is done in real-time through the digital technology. Same-day documents verification is possible now, resulting in swift loan disbursal.
Paperless documentationThose applying for instant loans online have to go through a paperless documentation procedure. This gives convenience and increases the speed of loan approval.
Unique codeAadhar card carries a unique number that is assigned differently to each cardholder. This doesn’t create any discrepancy with multiple loan accounts.
Although with documents like Aadhar card and PAN card, it is also mandatory to meet the lender's eligibility criteria
- Your age limit should be between 21 - 58 years
- Your minimum income of Rs.15,000 monthly is mandatory
- Your last 6 months of bank statement
- You should be an Indian resident
If you abide by the basic eligibility criteria, getting a personal loan using an Aadhar card would be easy. You just need to keep your Aadhar card handy to get the personal loan sanctioned. For safety reasons and future reference of the borrowers, Aadhar card records are maintained digitally to get all the borrower data at one source.