What is an Aadhaar Card Loan and How to Apply?
What is an Aadhaar Card?
An aadhaar card loan is a type of instant cash loan that requires the borrower to submit just their aadhaar card. This minimal documentation loan has cut short the time taken for loan approval and disbursal. In other words, you don’t have to wait for days or submit a pile of documents to get a cash loan. Just apply for an aadhaar card loan anytime to meet your urgent financial requirements.
Read on to know how to apply for an aadhaar card loan, eligibility, documents, interest rates, benefits and more!
How to Apply for an Aadhaar Card Loan?
Apply for an instant personal loan on your Aadhaar card by following these steps:
- Visit the lender’s website or download a loan app
- On the website, go to the personal loan category and click on ‘Apply Now’
- On the loan app, enter your mobile number to register
- Enter your personal and Aadhaar details
- Enter loan amount and tenure
- Enter bank details and set up auto-debit. Get the loan instantly disbursed to your bank account if you are eligible, after KYC verification.
Benefits of a Personal Loan on Aadhaar Card
An aadhaar loan has the following benefits:
1. Instant Loan Disbursal
You can get an instant aadhaar loan just by furnishing your Aadhaar card. A quick KYC verification makes it possible for the lender to disburse the loan instantly.
2. High-value Loan
You can get a cash loan up to ₹20 lakh to meet any urgent cash requirement.
3. Collateral-free
A personal loan on an aadhaar card is unsecured. You do not need to pledge collateral.
4. Ideal for Emergencies
In case of an emergency, a personal loan with an aadhaar card can prove to be beneficial.
5. Flexible Repayment Tenure
You are allowed flexible tenures for repayment. The repayment tenure is usually up to 6 years.
Documents Required for Aadhaar Card Loan
The documents required to get a personal loan on an aadhaar card is just your aadhaar. Your aadhaar card contains your basic details as well as bank information. This makes it easy for lenders to do a quick KYC verification. Just make sure that your phone number and bank account are linked to your aadhaar.
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Eligibility Criteria for Aadhaar Card Loan
Here are the eligibility criteria for getting an aadhaar card loan:
| Age | 21-65 |
| Nationality | Indian resident |
| Employment | Salaried or self-employed |
| Monthly household income | ₹3 lakh |
| Credit score | Minimum 650 |
Interest Rate on Aadhaar Card Loan
The interest rate for a personal loan on aadhaar card varies from lender to lender. Maintain a good CIBIL score to get the lowest possible interest rates on your loan.
| Interest Rate | 9.9% p.a. onwards |
| Processing fee | Nil |
| Foreclosure charges | Nil |
Calculate Your Personal Loan EMI on Aadhaar Card
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Things to Remember Before Applying for an Aadhaar Card Loan
Here are a few things to consider before taking a personal loan on an Aadhaar card:
1. Compare Lenders
Make sure to compare lenders before signing up for a personal loan. Check interest rates, convenience (paperless and hassle-free application), processing fees and other factors before choosing a lender. Also, go for lenders who are reliable.
2. Check Credit Score
Lenders check your credit score to gauge your creditworthiness. There’s always a risk of getting your loan application rejected if you have a low credit score. So, check your credit score from time to time to avoid any kind of hassle during loan eligibility checks. In case your credit score is low, read our blog on ways to improve your CIBIL (credit bureau) score.
3. Apply for the Amount Needed
Here’s another small tip. Try to apply for the amount you need and not the amount you are pre-approved for. This could help you reduce your debt burden substantially. Let’s say you’re pre-approved for a loan of Rs.5 lakh but you need only Rs.1 lakh. We would suggest you apply for Rs.1 lakh. However, if you are confident regarding your repayment capacity, you could go for an amount that’s up and above your initial requirement.
4. Check Other Charges
Many lenders charge foreclosure and processing fees. These charges vary from lender to lender.
Final Word
An aadhaar card loan is a minimal documentation loan that can be availed of to get an instant cash loan during a financial emergency. This type of loan is not only fast but also convenient. Just check your eligibility with the lender before applying. Also, maintain a credit score above 650 by avoiding loan defaults. Follow the steps to apply for a personal loan on an aadhaar card and stay stress-free whatever the emergency might be!
To enjoy flexible EMI options and attractive interest rates starting at 9.9% p.a., visit Navi Cash Loan and apply now!
FAQs
You can get a loan of up to ₹20 lakh on your aadhaar card if you are eligible after your KYC verification is completed.
It’s easy! Follow these steps:
Step 1: Visit the lender’s website or download a loan app.
Step 2: Go to the personal loans section on the website and click on ‘Apply Now’. Or, register on the loan app with your mobile number.
Step 3: Next, enter your personal and aadhaar details.
Step 4: Enter loan amount and tenure.
Step 5: Add your bank details and set up auto-debit for easy loan repayments. If you are eligible, you will get ₹10,000 instantly.
It’s easy to avail of a personal loan of ₹20,000 on aadhaar card:
Step 1: Download a loan app and enter your mobile number to register.
Step 2: Enter your personal and aadhaar details
Step 3: Enter the loan amount and tenure
Step 4: Enter your bank account details to set up auto-debit for monthly loan repayments. You will get ₹20,000 instantly provided you meet the eligibility criteria.
Yes, you can get a ₹50,000 loan on your aadhaar card. Just download the loan app and register with your mobile number. Enter your personal and aadhaar details, loan amount and tenure, and bank details and set up auto-debit. If you meet the eligibility criteria, you will get ₹50,000 instantly.
Yes, a processing fee would be charged by the lender for processing and sanctioning your loan. This fee would have to be paid when you apply for the Aadhaar personal loan.
The repayment tenure depends on the lenders lending the loan. However, usually, a tenure ranging from 12 months to up to 84 months is allowed for repayment of the loan.
Usually, you don’t require a co-applicant to apply for a personal loan on an Aadhaar card. But, having a co-applicant will increase your chances of getting a personal loan.
Personal loans are usually unsecured loans that don’t require any collateral or guarantor. Such instant loans can be availed easily if you have a good credit score and meet all the parameters set by your lender.
A small amount of personal loan starting from ₹5,000 or above is known as a small cash loan. Such loans are also unsecured loans and don’t require any collateral or guarantor as such.
Usually, such loans are provided online. The entire application process usually takes somewhere between 5-15 minutes and the amount is disbursed almost instantaneously.
There are many benefits of applying for a loan with your Aadhaar Card. They are:
1) No income proof requirement
2) Instant disbursal
3) Minimal documentation
4) Easy application process
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