Sometimes such a situation arises in life when there is a sudden need for money, such as health emergency or money is needed for studies. At such times it becomes necessary to arrange money. To take a loan from a bank, we often have to follow many types of documents and rules. If you are also in such a situation then there is nothing to worry about. You will be happy to know that you can take a personal loan up to Rs 2 lakh through your Aadhar card. To take this loan, one can also take help of bank and government schemes. Now taking personal loan has become easy with the help of Aadhar card.
Aadhar Card has become an important document for Indian citizens in today’s time. Now Aadhar card is required for every work, whether it is opening a bank account, making a PAN card or for address proof, Aadhar card is used everywhere. Now Aadhaar card can be used not only as identity and address proof but also for personal loan. If you need money in an emergency, you can take a personal loan up to Rs 2 lakh with the help of your Aadhar card.
Benefits of taking loan on Aadhar card
Simple Documentation: Loans against Aadhaar card are different from normal loans as it does not require much documentation. Like, instead of income proof, address proof and identity proof, only Aadhaar card is used. Both identity and address are confirmed with Aadhaar card, which reduces paper work.
Digital Process: These loans are available online and the entire process is digital. With this, approval is obtained quickly and manual work is eliminated, due to which the loan amount comes to the account quickly.
Fast Processing: Due to the digital application process, these loans are approved quickly. This saves your time and you can easily get money.
Who can take loan
Age: To apply for this, your age should be between 21 to 60 years. He must be a citizen of India.
Credit Score: If your credit score is 650-700 or above, it is easier to get a loan and you may get lower interest rates.
Valid Aadhaar Card: Aadhaar card must be active and linked to the applicant’s mobile number for verification.
Employment Status: You must be a salaried employee or self-employed.
Documents required for loan:
The required documents may vary depending on the bank’s rules and your personal information. Generally PAN card, last 3-6 months bank statement, income certificate for salaried individuals and Income Tax Return (ITR) for self-employed individuals are required.
How to apply
Online Application: To start applying for a loan, visit the lender’s (bank or NBFC company) website or download their mobile app.
Check Eligibility: Check the eligibility criteria for the loan. You can check your eligibility by using the lender calculator.
Upload Documents: Upload your Aadhar Card, PAN Card and Income Proof for verification. Make sure that your Aadhaar card is linked to the mobile number so that OTP based verification can take place.
Approval and Fund Transfer: The loan gets approved after the documents are submitted. Fund Disbursement: Usually the funds will be credited to your accounts within 24 to 48 hours.
Keep these things in mind before taking a loan
Trusted Bank: Take loan only from a trusted bank or NBFC.
Interest Rates: Personal loans are given without any guarantee, so their interest rates depend on your credit score, income, credit history and other factors. Before taking a loan, definitely compare the interest rates of different lenders.
Processing Fee: Get information about processing fees and other charges in advance, so that there are no unexpected expenses at the last moment.
EMI Management: Understand your payment capacity and ensure that you can pay the EMIs on time.
Impact on credit score: Repaying a loan on time can improve your credit score, while defaulting or not making payments can harm your credit credibility. Therefore, take a loan only when it is really needed.
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