Till a few years ago, the process of taking personal loans was very long, in which the bank had to go round and also had to submit a lot of documents. But now everything has changed. In the current digital era, instant personal loan can be taken only on the basis of Aadhaar and PAN card. If you have already prepared the necessary documents, then you can apply for a loan in minutes and you can also get approval immediately.
You can complete the documentation process for personal loan by uploading the digital copy of the documents. Both Aadhaar and PAN are the most important documents to get personal loans. But nowadays some lenders provide personal loans only on Aadhaar card. However, during this time it is necessary to keep some factors in mind, which we are going to tell you in this article.
What is an instant loan?
The instant loan is actually a personal loan, which becomes approved and dysber very quickly. Its biggest feature is that it is completely digital and the system of documentation is very rare. With the help of digital KYC, this process is completed, which requires only basic documents like Aadhaar and PAN.
How to get a loan from Aadhaar card?
Nowadays there are many lenders who are giving instant personal loans only on the base of Aadhaar card. Especially for those people who do not have the rest of the ID or address proof available immediately. However, in some cases, lender can also ask you PAN card and income proof.
Moneycontrol has partnered with 8 lenders, so that you can apply an instant digital loan of up to Rs 50 lakh from the same platform. The process is also quite easy –
- Fill your basic details
- Complete KYC process
- Select EMI plan
This loan is completely found online without any paperwork. Interest rates begin at 10.5%, depending on your income and profile.
Benefits of instant loan
Early approval: During the Emergency, the biggest need for the loan is to meet it on time. You do not have to go to the bank in an instant loan and the process can be completed in a few minutes.
Easy Process: Through the mobile app or website, you can apply a loan in some click.
Low documentation: Here you do not need to give thick files or long document list. In many cases, work is done with Aadhaar and PAN itself.
Do not have to mortgage anything: For this type of loan, you do not need to mortgage any of your property or anything else. With this, you can get help in emergency without any risk.
Who can take Aadhaar card loan
If you fulfill the conditions given below, you are eligible for instant Aadhaar card loan –
- You must have a valid Aadhaar card
- You must be an Indian citizen
- You should be between 21 and 60 years old (may make a small difference according to the lender)
- You are salad or self-eligible
- You have income proof
- Your credit score is good
If you have a good history from your bank, then the loan approval on the base of the Aadhaar card becomes even easier.
Summary
Need quick money when needed? It has now become easier to take personal loan from Aadhaar card, where less documents, immediate approval and money can be transferred to your account immediately without any hassle.
Top banks/ NBFCs
50 lakhs
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.