Your aadhar card is a very important document that identifies you as a resident of India. It is issued by the Government of India free of cost and allots you a unique identification number through which you can be identified. The aadhar card also contains your demographic and biometric data and so serves as a very important document for financial documents. In fact, if you want to provide an identity, address and age proof, you can submit your aadhar card and the process would be done. You can also avail a personal loan on aadhar card. Do you know how?
What is an aadhar card loan?
An aadhar card loan is a personal loan that can be availed simply by providing a copy of your aadhar card or by entering and verifying your aadhar details with the Lender.
How to apply for an aadhar card loan?
To apply for an aadhar personal loan, you can conveniently do it online. All you need to do is to visit the website of a financial institution or a loan aggregator and apply for an aadhar card loan. The aadhar card loan application process would be completed online and you would be able to avail funds within the shortest possible time. Alternatively, you can avail the loan through dedicated mobile applications of financial institutions which allow instant cash loan on aadhar card.
Navi offers personal loans based on your aadhar and PAN number. You can avail this loan through the Navi mobile application for your personal loan needs. You just have to download the Navi application on your Smartphone and register yourself. Enter in your personal details, enter your aadhar number and PAN, click a selfie and submit your aadhar card loan application on the app itself. You would be able to avail loans ranging from Rs.10,000 to up to Rs.5 lakhs within minutes.
Important eligibility parameters for aadhar card loan
Generally, loans are offered by lenders to borrowers who meet their eligibility parameters. These parameters help lenders minimize their risk of repayment default. So, if you want to avail an aadhar personal loan, you would have to qualify on the eligibility parameters.
Some of the common parameters include the following –
- You should be aged at least 18 years and above to apply for the loan since loans can be availed by individuals who have attained maturity. Many lenders require a minimum age of 21-25 years. There is also a maximum age up to which you can avail the loan. This age ranges from 65 years to 70 years across lenders.
- You should be a salaried or self-employed individual having a source of income earnings
- Your income should match the minimum income criteria prescribed by the lender
- You should have a credit score of 650 and above to qualify for the loan
However, in case of Navi, a technology-driven process is followed where such fixed criteria are not applied and loan eligibility is decided by the details mentioned by you. You can download the application now and check your eligibility within minutes. Click here.
Documents required for aadhar card loan
To avail an aadhar personal loan, besides meeting the eligibility parameters you would also have to submit your documents. These documents generally include the following –
- Your recent coloured photograph
- Identity proof
- Address proof
- Age proof
- Income proof
- Bank statement of the last 6 months
- PAN Card
In case of aadhar card loans, however, the identity proof, address proof and age proof is provided by the aadhar card itself. So, you would just have to provide your photograph, proof of income, PAN Card and bank statement to avail an instant cash loan on aadhar card.
In case of Navi, such a long list of documents is not required, and you can avail a loan simply by entering your PAN and aadhar numbers on the application.
Benefits of availing a loan through aadhar card
Availing a personal loan on aadhar card has the following benefits –
- You can avail a loan instantly just by furnishing your aadhar card. There is no lengthy paperwork involved in the application and sanction of the loan
- Since the aadhar card is easily available with most individuals, availing the loan becomes easier
- In case of an emergency when you need funds immediately, an aadhar card loan can prove to be the ideal solution
- You are allowed flexible tenures for repayment
- If you use the Navi app you can avail loans from Rs.10, 000 to Rs.5 lakhs within minutes only with your aadhar card
So, if you need funds for your personal or business use, apply for an aadhar card loan and fulfil your financial obligations with ease.