Finance

All you need to know about Aadhar Card loans

Personal loans are the most helpful financial instruments available with minimum documentation that requires no security or collateral. The most easily accessible form of personal loan is the aadhar card loan. It is an immensely beneficial financial product that you should know about. That is why we will share everything you need to know to acquire an aadhar loan.

What is an Aadhar card?

The aadhar is a Unique Identification card sanctioned by the government of India. It verifies the biometrics of the card-holder along with their identity, address, and age. Each citizen of India gets a unique UID number. These identity cards were made mandatory by the government to help the citizens prove their Indian citizenship and avail of various amenities.

What is an Aadhar card loan?

An aadhar card loan is a form of personal loan that is acquired on the basis of the aadhar UID. 

Much like most other personal loans, aadhar loans do not require any security or collateral. Since the aadhar card is unique to each card-holder, the biometrics on it is used for verification and approval of the aadhar loan. The process is simple and quick and the approval rate for aadhar card loans is very high.

How to apply for an Aadhar Card loan online?

The process of applying for an aadhar loan is pretty simple. As the UID is available as an e-KYC document, you can easily scan and share it for your loan application. Follow the steps below to apply for your aadhar card loan:

  1. Visit the website of the bank or financial institution from whom you want to acquire the loan.
  2. Choose the option for a personal loan.
  3. Fill the online application form correctly with your personal details.
  4. Submit the application with your detailed loan requirements such as amount, tenure, etc.
  5. Personnel from the bank or non-banking financial institution will be assigned to contact you in order to verify your details.
  6. Once you have verified your personal information and requirements upload a valid scanned copy of your aadhar UID.
  7. Upon submission, the bank or non-banking financial institution will verify your documents and approve the loan.
  8. The aadhar card loan amount will be transferred to your bank account directly.

Click here to know more about applying for aadhar card loan.

What are the eligibility criteria for an Aadhar Card loan?

Although the application and approval process of an aadhar card loan is pretty simple, there are a few eligibility criteria that you must fulfil in order to apply for it:

  1. You must use a valid government-approved aadhar Card that holds your verifiable identification details.
  2. You must be a citizen and resident of India.
  3. You must be employed at any of the following:
  • A Multi-National Corporation,
  • An organization in the public sector,
  • A company in the private sector
  1. You must be above the age of 23 but below the age of 58 years to apply for an aadhar loan.
  2. You must not use another individual’s aadhar UID.

Benefits of an Aadhar Card loan

The advantages of an aadhar card loan are multi-fold:

  1. It requires minimum documentation. The aadhar Card fulfils most of the requirements in the processing of the aadhar card loan. You can use it for the following
  • Identity proof
  • Proof of citizenship
  • Proof of age
  • Address proof
  • Photo Identity
  1. The entire application can be processed online due to the use of e-KYC features.
  2. The aadhar card loan is processed quickly and with minimum requirements.
  3. Aadhar loan can be acquired for a tenure of 5 years.
  4. With a valid aadhar card, you can access a number of loans and compare them as per your requirement.
  5. An aadhar card loan does not require securities or collateral.
  6. An aadhar loan can be acquired during a time of crisis.
  7. Since an aadhar loan is a personal loan, you don’t need to share the purpose of the loan with the bank or non-banking financial institution.

What other documents are required to process an Aadhar Card loan?

Besides the all-inclusive aadhar card, you must provide the following documents to process your aadhar card loan:

  1. A KYC document such as PAN card, Voter ID, Passport, or Driver’s license.
  2. A number of passport-sized photographs as per the requirement of the bank or non-banking financial institution. You can check their website for the exact number of photographs required for your aadhar loan application. 
  3. Updated statements of your bank account for the past 3 months.

An aadhar card loan is easy to acquire and highly beneficial during a time of critical financial needs. Since the process is fast and requires minimum documentation, it is a highly desirable financial product. You can speak to your desired banking and non-banking services to acquire an aadhar card loan today.