Are you thinking of taking a quick vacation over the weekend, buying a present for your younger sister, enrolling in a new training programme for yourself, or upgrading your mobile devices and electronic gadgets? You can take care of these with the help of a modest personal loan of Rs. 10,000 instead of paying a high-interest rate on a considerable principle over many years.
Numerous activities, such as applying for school admissions and creating bank accounts, require using an Aadhar card as proof of identity. However, very few individuals know that the Aadhar card can help get a loan. A personal loan on Aadhar Card is available to individuals following the current KYC requirements established by the government.
What is an Aadhar Card Personal Loan?
In the past, individuals had to provide many papers as evidence of residence and identification to get an instant loan of Rs. 10,000. This process sometimes leads to misunderstanding and a prolonged application process. The Know Your Customer (KYC) procedure can now get completed with a single piece of identification in the form of an Aadhar card. Now banks and financial institutions may perform e-KYC using an Aadhar card. As a consequence of this, you will not only have access to a variety of personal loan options but also to other forms of financial assistance.
Aadhar Card Loan has the following key features:
1) The Cost of Borrowing:
Rates for private lenders and public sector banks range from 10.50 per cent to 24 per cent p.a. for aadhar card loans.
2) Amount of Loan:
Get an Rs. 10,000 loan on Aadhar Card accepted in 4 minutes with an online application and the bare minimum of paperwork.
3) Tenure:
Small instant personal loans typically have a 3 to 36 months payback period. On the other hand, some financial institutions may provide loans with terms as long as 72 months.
4) Processing Charges:
Aadhar Card Loans might be as much as 2% of the approved amount.
5) Turnaround Time:
The turnaround time for an Aadhar Card Personal Loan might range from a few hours to a few days, depending on the lender’s methodology. The loan amount may be disbursed in as little as a few minutes using mobile applications.
Advantages of Applying for a Personal Loan with an Aadhar Card
Using your Aadhar card to apply for an Rs. 10,000 instant loan has several advantages:
- Using your Aadhar card, lenders may verify your identity and validity faster and more readily.
- With an Aadhar card, you may get a loan with little documentation by proving your identity and residence. However, remember that you’ll need to provide your potential lender with evidence of income and other essential paperwork to get a personal loan.
- In addition, it acts as a legitimate KYC document and helps fulfil KYC processes (in person or online/ e-KYC), which in turn helps avoid fraud. Personal loans are more likely to be approved if the borrower has an Aadhar card.
Does My Aadhar Card Affect My Eligibility For A Personal Loan?
The only purpose of the Aadhar card is to act as a supporting document when applying for an Aadhar Card loan of Rs. 10,000. Therefore, your eligibility for an instant personal loan will not be affected in any way by this fact.
Aadhar Card Loan Eligibility Requirements
Aadhar Card holders must meet the following personal loan qualifying requirements:
- When applying for a loan, the applicant must be at least 21 years old, and the maximum age limit is 65 years at the end of the loan term.
- Your credit score must be at least 650 to be eligible for an Aadhar Card Personal Loan.
- You must have at least two years of overall work experience and at least one year of experience with the present employer to apply for this instant loan of Rs. 10,000.
- The minimum monthly salary to apply for the loan is Rs. 10,000.
- To qualify, you must have been living at your present location for at least one year.
Required Documents for Loan Application
- Personal loan application form duly completed with passport-sized images
- Proof of identity: Passport, Driver’s License, Voter ID, Aadhar card
- Proof of Address: Utility Bills, Passport, Aadhar Card
- Proof of Income: Pay slips and ITR returns
- Any further paperwork requested by the lender
How to Use Your Aadhar Card to Apply for a Personal Loan?
To apply for a personal loan of Rs. 10,000 through the internet, you will need to go to the website or use the mobile application of the lender, select the “Personal Loan” option on the homepage, and then follow the procedures that are listed below:
Step 1:
After entering your personal information, including the kind of work you hold, your monthly income, the city you now live in, and your mobile phone number, click the “Proceed” button.
Step 2:
Enter your business name, job experience, Permanent Account Number (PAN), and current loan EMI amount to determine the most suitable personal loan offer.
Step 3:
According to the likelihood of your approval for an Rs. 10,000 instant loan from the participating lender, you will have to choose from several potential loan offers. First, select the loan option that caters to your needs the most, then fill out any extra information that may be necessary.
Step 4:
Your Aadhar card and other necessary documents must be scanned and uploaded online.
Step 5:
You will get contacted by someone who will verify the information you supplied.
Step 6:
The loan sum will get credited to your bank account once the necessary paperwork is verified and the loan approval has happened.
Conclusion
The days of waiting for a loan application to be approved are long gone. Instead, with every financial institution going online, customers may get an Rs. 10,000 loan on Aadhar Card in minutes with only a few simple documents and KYC information.
