Personal loans are one of the most popular credit options to meet various requirements. With the advancements in the fintech vertical, getting a loan from the convenience of your home has become faster and more accessible. To top it all, lenders have streamlined their application process, enabling you to get the required funds effortlessly.
As such loans are an unsecured form of credit, you do not have to pledge any valuable assets as collateral. From managing your kid’s educational expenses to planning a dream vacation with your loved ones, you can use the funds from a personal loan in many ways.
Read on to know the process of getting an instant loan with your Aadhaar card and its benefits.
What is the Importance of an Aadhaar Card in the Loan Approval Process?
With the issuance of the Aadhaar card in 2010[EW1] , lenders have simplified KYC process for all applicants. Submitting your Aadhaar card serves as a single point of reference as your ID and address proof.
With banks and NBFCs offering the facility of e-KYC, getting a personal loan is no more a herculean task. The Aadhaar card is an identity proof approved by the Government of India and linked to your biometric data.
This card helps fulfil lenders’ loan verification requirements, as it contains the following essential details:
- Your name
- Your address
- Your date of birth
This helps lending institutions verify your details quickly with minimal paperwork. So, opting for a personal loan using your Aadhaar card enables quick access to funds during financial emergencies. All you have to do is submit your Aadhaar card details after obtaining loan approval from the lender.
How to Get a Personal Loan With an Aadhaar Card?
Availing a loan with your Aadhaar card involves a simple process. Here are the general steps you can follow to get an instant personal loan online:
- Visit the lender’s website or download the mobile application
- Navigate to the ‘Personal Loan’ section and click on the ‘Apply Now’ tab
- Provide details like your name, Aadhaar card number, mobile number, and other required information
- Enter the loan amount you plan to borrow and the repayment tenure
- Click on the ‘Submit’ option
Following this, a representative from the concerned financial institution will either contact you to process your loan application further or you will get online approval if you meet the required eligibility terms.
After this, the lender verifies your credentials and offers a loan amount based on various factors, such as your credit score, age, employment type, monthly income, etc. After you accept the offer, the loan disbursement happens within a few hours.
Remember that the eligibility criteria vary from one lender to another. Check the terms set by your lender before applying for a personal loan. This helps avoid unnecessary delays in the loan approval process.
What are the Benefits of Opting for a Personal Loan with Your Aadhaar Card?
One of the main perks of availing loans on an Aadhaar card is that you can access funds quickly during times of needs. Such instant loans help you address a cash crunch stress-free thanks to immediate approval and disbursal.
This is because the card makes it easier for lenders to complete the verification process, aiding in quick loan disbursement. What’s more, these instant loans have no end-use restrictions, and you can use funds as you wish.
Another benefit of these loans is financial inclusion, as they offer credit to borrowers who do not have traditional identification documents. All you need to submit is your Aadhaar card, which is the primary document for address and ID proof. Whether you are a salaried, self-employed or senior citizen applicant, you can apply for loans using your Aadhaar card.
Now that you know the perks of getting a personal loan with your Aadhaar card, check out the all-in-one Bajaj Markets App on Google Play or the App Store and gain access to a plethora of financial products. Download the app today to get an affordable personal loan in no time!