What is an Aadhaar Cash Loan and How to Apply for it?
Aadhaar Cash Loan
Aadhaar cash loan is a financial service provided by banks and NBFCs (Non-banking Financial Companies) for fast cash loan disbursals. The Aadhaar card serves as a KYC document, which the lenders use to complete the e-KYC verification. No need to stand in long queues or submit a pile of documents to get a cash loan. Just furnish one document, an Aadhaar card, to get an instant cash loan within minutes.
For all your urgent cash requirements, Aadhaar cash loan is one of your best bets!
Aadhaar Cash Loan Details
Want to get an instant cash loan with an Aadhaar card? First, check the details below:
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9.% p.a. onwards |
| Loan Tenure | Up to 72 months |
| Processing Fee | Nil |
| Pre-closure Charges | Nil |
Features and Benefits of Aadhaar Cash Loan
The reason the Aadhaar card cash loan is popular today is that there are many features and benefits, as mentioned below:
1. Fast KYC Verification
e-KYC verification is easier and faster. All you need to do is upload your Aadhaar details along with your personal details. It just takes minutes to verify your KYC for an instant cash loan.
2. Instant Disbursal
You don’t have to provide a bag full of documents to get an Aadhaar cash loan. Just complete your KYC verification with aadhaar details to get your loan approved and disbursed. The entire process hardly takes a few minutes.
3. 100% Paperless
Most loans on aadhaar card service providers offer app-based loans. This eliminates the need for any sort of paperwork.
4. Collateral-free Loans
Aadhaar cash loans are collateral-free or unsecured loans. You do not have to pledge collateral to avail a loan. Just enter your aadhaar details, personal details and the amount you wish to borrow to get an instant cash loan with aadhaar.
5. Minimal Documentation
All you need is to provide your aadhaar details to get a loan; no other documents are required. Your aadhaar card will serve as a legal document for completing your e-KYC.
6. Flexible EMI Options
A majority of Aadhaar cash loans come with flexible repayment options or tenures. You can choose the loan tenure and repay at your convenience.
7. Attractive Interest Rates
You can avail of a cash loan at attractive interest rates with just your aadhaar card. However, the final interest rate offered will depend on your credit score, repayment history, income, and other factors.
Also Read
Interest Rate and Other Charges on Aadhaar Cash Loan
If you want an instant cash loan with Aadhaar, you must also be aware of the interest rates and other associated charges. Here’s a detailed table:
| Interest Rate | 9.9% p.a. onwards |
| Processing Fee | Nil |
| Foreclosure Charges | Nil |
How to Apply for Aadhaar Cash Loan?
Getting an Aadhaar cash loan has become convenient. You can download a lending app and start applying for an instant cash loan by following these steps:
- Download the app or visit the lender’s website
- Enter your personal details
- Check eligibility by entering the loan amount and tenure
- Complete your KYC with aadhaar and PAN
- Enter bank details and set-up auto-debit. Get the loan amount into your bank account instantly.
.
Eligibility Criteria for Aadhaar Cash Loan
Before you apply for an Aadhaar cash loan, check if you are eligible. Here’s the list of eligibility criteria for an Aadhaar cash loan:
- Age – Usually, the age bracket is between 21 and 65 years. Check if you fall under the present age bracket as per the lender
- Nationality – Indian residents
- Employment Type – Salaried or self-employed individuals can apply
- CIBIL Score – CIBIL score of 750 or above
- Minimum Household Income – Minimum ₹3 lakh per annum
Documents Required for Cash Loan on Aadhaar Card
To avail of an Aadhaar cash loan, the only document you need to furnish is your Aadhaar card. With your Aadhaar card details the bank or NBFC would conduct a quick KYC verification. Make sure that your bank account and phone number are linked to your Aadhaar card for e-KYC verification without any hiccups.
Why is an Aadhaar Card Mandatory to Avail a Cash Loan?
As per Government rules, your aadhaar card serves as the primary legal proof for identity verification. To authenticate and verify your details, banks, NBFCs and other financial institutions ask for your aadhaar card details before offering you any sort of banking services. So, if you’re planning to apply for an cash loan, you need to show your aadhaar card to apply so that the concerned lender could verify your details.
Final Word
An aadhaar cash loan is a type of loan that allows customers to take an instant cash loan with their aadhaar card details. Whether you need a cash loan for a medical emergency, bill payments, or to fund your next trip, an instant cash loan with aadhaar card can help you address any financial requirement. Check your eligibility and EMIs before applying.
If you are in need of urgent cash and you have minimal documents at your disposal, apply for a Navi Cash Loan. You can get an instant personal loan up to Rs.20 lakh with Navi App with just your PAN and aadhaar details.
FAQs
Ans: Yes, there are many cash loan apps that provides small cash loan on Aadhaar card. However, before applying for a loan through these apps, it’s important to verify their legitimacy. Opt for RBI-registered cash loan apps to negate any kind of unpleasant surprises.
Ans: Yes, you can get a loan on your aadhaar card provided you are eligible. The lender determines your loan eligibility based on several factors, including but not limited to your income, credit score, repayment history and creditworthiness, among others. Note that the loan approval is at the sole discretion of the lender.
Ans: The loan amount varies from bank to bank. For instance, with Navi Cash Loan, you can get an instant loan of up to Rs.20 lakh on aadhaar card. The final loan amount and the interest rate offered depends on your eligibility.
Ans: Aadhaar cash loans from trusted banks and NBFCs are real. Make sure you apply from a renowned bank or NBFC. Avoid getting lured by extremely low-interest rates offered by least known lenders.
Ans: The loan eligibility criteria vary from lender to lender. However, here are some of the common factors that lenders could look into:
-Credit score
-Repayment capacity
-Monthly income
-Repayment history
-Creditworthiness
If you have an exceptional credit score, above 750 and have a fantastic repayment history, it shouldn’t be difficult for you to get an instant cash loan.
Ans: Yes, you can get a Rs.10,000 loan on aadhaar card if you’re eligible. You can check your eligibility in advance with the help of an online loan eligibility calculator.
Ans: You may have to pay a penalty fee if you default on your loan. Usually, the penalty fee is 2% per month on the outstanding amount. But more than this, loan default could cause irreparable damage to your credit score, which could be detrimental for your future loan or credit line applications.
Ans: Though a PAN card serves as one of the important identity verification documents, you could still get a loan without PAN. To avail such, you need to provide your Aadhaar card and other ID details like driving licence, voter ID, etc.
Personal Loan in Your City
