Aadhaar Card: When we need money immediately, the first thing that comes to our mind is personal loan. But do you know that you can take a loan up to Rs 2 lakh through your Aadhar card. This loan is quite easy, it does not require much documents. Now taking personal loan has become easy with the help of Aadhar card.
Aadhar card has become an essential document for every Indian today. Its use ranges from identity proof, address proof and opening a bank account to making a PAN card. Now you can also take loan with the help of Aadhar card. If you suddenly need money, you can easily take a loan up to Rs 2 lakh from Aadhar card.
Benefits of taking loan on Aadhar card
Simple Documentation: Taking loan on Aadhar card is easy because it does not require many documents. Identity and address are confirmed only through Aadhar card, which reduces paper work significantly.
Digital Process: These loans are available online and the entire process is digital. This makes the loan approval faster and the money comes into the account immediately.
Fast Processing: Due to digital application, these loans are approved quickly, which saves your time and gives you easy access to money when you need it.
Easy for all: Those who have limited financial documents or do not have regular income can also apply for this loan.
No guarantee required: This loan is unsecured, that is, you do not need to mortgage any property.
Who can apply for loan?
Age: For loan, your age should be between 21 to 60 years and you should be an Indian citizen.
Credit Score: If your credit score is 650 or more, then the loan can be easily available and the interest rate will also be low.
Income: Your monthly income should be between ₹15,000 to ₹25,000. This loan is for both salaried and self-employed.
Aadhar card: Your Aadhar card must be active and linked to the mobile number.
employment: Whether you are a salaried employee or have your own business, you can apply for a loan in both cases.
Required Documents
PAN card: PAN card is necessary for identification.
Bank statement: Bank account statement of last 3-6 months will have to be given.
Income Proof: Proof of income is necessary for salaried people.
Income Tax Return (ITR): If you are a business owner then you will have to file income tax return.
How to apply
Apply Online: Visit the website of the loan company or download their mobile app.
Check Eligibility: Use the eligibility calculator given on the website to check loan eligibility.
Upload Documents: Upload Aadhar Card, PAN Card and Proof of Income. Make sure that your Aadhaar card is linked to your mobile number.
Loan Approval and Amount Transfer: The loan is approved after submitting the documents. Within 24-48 hours the amount is transferred to your account.
Keep these things in mind before taking a loan
Trusted Bank: Take loan only from a trusted bank or NBFC (Non-Banking Financial Company).
Interest Rate: Personal loans are offered without any collateral, so their interest rates depend on your credit score, income, credit history and other factors. Compare interest rates from different lenders before taking a loan.
Processing Fee: Know about the loan processing fees and other charges in advance so that there are no unexpected expenses later.
EMI Management: Assess your paying capacity and ensure that you can repay the EMI on time.
Impact on credit score: Repaying the loan on time can improve your credit score, while non-payment can harm your credit score. Therefore, take a loan only when you truly need it.
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