If you suddenly need money, now a loan of up to ₹ 5,000 can be achieved in minutes through Aadhaar card easily and without more formality. Fintech and NBFC companies have made the loan process so simple that with the help of digital application, Aadhaar and PAN, this amount can be directly transported to your account.
Who can take this loan?
For this, the age of the applicant should usually be more than 21 years, as well as a source of regular income and a mobile number linked to Aadhaar. The process for the loan is completely online and easy-R-registration, OTP verification and minimum documentation, this is enough.
application procedure
Apply through mobile app or website.
Enter your name, PAN, Aadhaar number and mobile number.
Aadhaar and PAN have e-KYC, verify from OTP.
On receiving the loan amount offer, accept T&C.
In a few minutes, the money is directly transferred to your bank account when it is approval.
Many apps like kreditbee, moneyView, mpokket, etc. give this type of instant loan.
Interest rates and conditions
The annual interest rate on such small loans can range from 15% to 36%. The tenure is usually 3 to 6 months. Credit score may deteriorate if EMI is not repaid on time, so timely payment is extremely important. Facilities like auto-debit or nach form are also available for loan repayment, which will automatically cut the installments.
Benefits and precautions
This facility is especially good for those who do not have a credit card or do not get a loan immediately from the bank. It is more secure and quick to take Aadhaar card loan instead of a registered moneylender or heavy interest loan. Use this only in emergency or temporary needs-the habit of taking loans repeatedly can cause economic risk.
Chance to create credit history
On filling the EMI of this small loan from time, your credit report improves, which can make it easier to get big loans in the future.
Will you get a loan from Aadhaar without a PAN?
In most cases both documents are necessary.
Does a credit check on a loan of ₹ 5,000?
Yes, credit check is done before the loan approval.
Which apps provide this facility?
This facility is available on the app on the app etc. But before taking a loan from anywhere, please check RBI registration.