Did you know that you can now get loans by showing just two ID proofs, namely Aadhar card and a Pan card? These loans are now being popularly known as Aadhar card loan, which is a type of an unsecured mode of financing for retail borrowers in India. These two documents act as KYC documents for the lender, thus eliminating the need to physically visit their office to submit all the documents in case of Aadhar card personal loan.
You can download the Navi app from Play Store.
Impact of Aadhar Card & Pan Card on Loan
Pan card loan, as they are famously referred to, require just a Pan card and an Aadhar card from the borrower, not even a collateral. These are personal loans which can be taken to finance an emergency requiring immediate cash. The time taken for getting these instant cash loan on Aadhar card has reduced significantly, as these two documents act as KYC for the bank. As a result, the loan approval process has become faster.
This process of Know-Your-Customer was made mandatory by the central bank for every borrower applying for a loan to curb money laundering. Lenders have initiated the e-KYC procedure, which has streamlined the application process. This change has circumvented the erstwhile process of submission of multiple documents during loan application. An Aadhar card and pan card are enough to provide almost every detail of a borrower, and thus, these Aadhar card loans are less time-consuming.
How to Apply for Loan using Aadhar Card & Pan Card
These days, the loan application process is completely online, making it even easier to apply for one. There are many lenders present online, and one such famous Aadhar card loan app is Navi, which is known to give the best offers on personal loans, with same day sanctioning of loan. Here, you get access to lucrative offers and lower interest rates than what traditional lenders are offering.
You have to visit their app to apply for a loan, where you will have to upload a scanned version of your Aadhar card and pan card. Enter the loan amount and EMI you are comfortable with. A representative will call you to confirm and verify your details. You might be asked to upload your salary slip or other such proofs, post which the loan amount will be transferred to your bank account. This is how easy it is to get a personal loan on Aadhar card.
Features and Benefits of Navi
Navi is one of the best pan card loan apps in India, with its instant loan facility and paperless process. It’s features and benefits are:
- Choose EMI: Apart from selecting the loan amount, the borrower also has the option of selecting the EMI amount based on his cash flow. The tenure will be set in accordance with the loan amount and the interest rate.
- Paperless Process: Another good part about these loans is the Aadhar card loan application, which is completely online; so the borrower will not have to visit the branch with all the documents.
- Instant Approval: Once you submit your loan application, our team will analyse it and give instant approval or rejection decision. Also, once approved the loan amount will be transferred to your loan account instantly.
- Collateral-Free Loans: This Aadhar card par loan does not require a borrower to submit any collateral, thus you would not have to pledge any asset as collateral. Also, Navi does not ask for any guarantor for the loan.
How does Navi use these documents to give loans?
Navi’s app only asks a loan applicant to upload only their Aadhar card and pan card; in many cases, they don’t even have to upload their salary slips or bank statements. The company uses these documents as a part of Know Your Customer (KYC) process, which also is done online. The borrower will have to visit Navi’s office not even once from the loan application stage to its closure. Paperless process and minimal documentation are what makes this Aadhar loan even more tempting. The eligibility criteria is that a borrower should be an Indian resident, 18+ years in age with a stable source of income. You are all set to get a personal loan on Aadhar card only on Navi up to INR 5 lakhs if you fulfil these basic conditions, and have a pan card and an Aadhar card.
There are online loan calculators available which you can use to know your monthly cash outflow in the form of EMI.
Frequently Asked Questions
Yes, there is an Aadhar card loan offered by many banks and direct lenders in India.
Navi offers personal loans that range between INR 10,000 to INR 5 lakhs. The processing fee is usually 2.5%.
The interest rate on a personal loan on Aadhar card only offered by Navi is typically in the range of 16% to 30%, depending on the borrower.
You just have to install the Navi app from and apply for an instant loan on Aadhar card in 3 easy steps.
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