How to Get Personal Loans on Aadhaar Card

Getting a personal loan on Aadhaar card is a sort of loan that you can receive by using your Aadhaar card as your primary form of identity. It enables you to obtain a loan for personal costs such as medical emergencies, education, vacation, or debt consolidation without the need for rigorous documentation or physical verification. You can apply for a personal loan with Airtel Flexi Credit on the Airtel Thanks App instantly. Let’s dig into this blog to read more about Aadhar card personal loans.

Also Read: What is a personal loan?

Benefits of Personal Loan on Aadhar Card

Here are some of the features and benefits of getting a personal loan Aadhaar Card–

• Personal loan fund- Obtain personal loan funding for personal requirements using your Aadhaar card and other essential documents.
• Easy application process- The application process is easy and convenient as you need minimum documents for the loan application.
• Reduced documentation- Getting a personal loan on an Aadhaar card reduces the need to submit many documents apart from the basic ones.
• Quicker disbursal- After document verification, you will get the loan amount in your bank account.
• No security- You will get the loan amount without giving in any asset as security.
• Flexible repayment option- To change your EMI payment, you may pick from various repayment options of up to 8 years.
• Transparency- There are no hidden charges while you apply for a loan on Aadhaar card.

Also Read: Personal loan prepayment

How to Apply for a Personal Loan on an Aadhar Card?

Applying for a personal loan on Aadhaar card is a simple and quick process. See the following steps:

• Lender Research- Compare lenders who offer immediate personal loans and check their interest rates, and loan terms & conditions.
• Documentation- To support your loan application, submit your Aadhaar card, PAN card, bank statements, and income proof.
• Online Submission- Fill out the loan application form on the lender’s website or via their mobile app. Give complete personal and financial details.
• Verification of Aadhaar- Enter your Aadhaar number and undergo biometric authentication to complete the Aadhaar verification procedure.
• Loan Approval & Disbursement- Once your application has been verified and accepted, the loan amount will be sent directly into your bank account within a few hours or days.

Eligibility to apply for a Personal Loan on an Aadhar Card

Certain conditions must be met to be eligible to apply for a personal loan on Aadhaar card. Here are some of the eligibility factors-

• You must be at least 18 years old and a citizen of India.
• Your Aadhaar card must be current and connected to your mobile phone number.
• Lenders may also look at your credit history that includes your credit score, previous loan repayments, and financial history. 
• Employment and income stability are important factors in lenders determining your capacity to repay the loan. 

While certain eligibility factors may differ, completing these qualifying criteria will boost your chances of getting an Aadhaar loan.

Also Read: Top 7 Benefits of Personal Loan You Must Know

Documents required for Personal Loan on Aadhar Card

It is important to have the relevant documents while applying for an Aadhaar card loan to speed up the application process. As proof of identity and address, these documents often contain your Aadhaar card.

Documents Required for Salaried Employees

When applying for an Aadhaar card loan as a salaried employee, having the required documents on hand is important to speed up your loan application process. These documents prove your identification, address, income, and job status. You must provide your Aadhaar card, salary slips, employment proof, bank statements, and PAN card.

• Identity Verification- Government-issued identification cards, such as an Aadhaar Card, Passport, Driver’s License, or Voter ID card, are required for Aadhaar loan clearance.
• Utility bills (electricity, water, and gas), rental agreements, and other documents can be used as legitimate address verification.
• Address Verification- Utility bills, rental agreements, bank records, passports, Aadhaar cards, Voter ID cards, and government-issued letters or certifications mentioning your address are all acceptable forms of address evidence.
• Income Proof- Salary slips, bank statements indicating regular income deposits, income tax returns, Form 16, or a letter from your employer confirming your income and job details can be used to give income evidence for Aadhaar card loan application.

Documents Required for Self-Employed Individuals

• Identity Proof- For both salaried and self-employed candidates, the identity document for loan approval of Aadhaar Card loan is the same.
• Address Proof- Self-employed individuals can submit address proof in the form of utility bills, rental agreements, bank statements, passports, Aadhaar cards, Voter ID cards, and driving licenses.
• Income Proof- This is the most important difference for self-employed individuals. Although the needed papers vary by vendor, typically acceptable income-proof documents include audited financial statements, profit and loss statements, bank statements, income tax returns, business registration documents, invoices, and tax returns.

So if you’re planning to secure a loan using your Aadhar Card, just go for it!