How To Get An Instant Personal Loan With Aadhaar Card

As a taxpayer, you must have understood by now the role of PAN and Aadhaar while filing your income tax returns. You have to quote your 12-digit Aadhaar not only to file taxes, but also while opening a bank account, claiming Government-initiated subsidies, or applying for a new PAN card. With Aadhaar’s growing importance as a single-most identity proof for Indians, many financial institutions have started providing Aadhaar card loans. So, what is an Aadhaar card loan and how does it work? Let’s dive in.

What Is Aadhaar Card Loan?

Earlier, traditional banks used to issue personal loans after receiving and verifying a number of documents, including income proof, rental agreement, if applicable), multiple identity proofs, etc. However, with the advancement in the fintech space, several players in the lending sector have started cutting down on the list of documents required for availing of a personal loan. To make personal loans accessible to all, minimal documentation is the new norm. For instance, several lenders offer personal loans only via KYC (in terms of documentation) in the form of Aadhaar and PAN. This is exactly what an Aadhaar card loan is.

With an Aadhaar card loan, you don’t have to furnish documents in bulk. You just need your PAN and Aadhaar card to avail of a personal loan.

Features and Benefits of Aadhaar Card Loan

Aadhaar card loans come with the following features and benefits:

• Instant Loan Disbursal: You can avail a loan instantly just by furnishing your Aadhaar card. There is no lengthy paperwork involved in the application and sanction of the Aadhaar card personal loan.
• Easy to Apply: Since most individuals have an Aadhaar card, applying for availing Aadhaar card loan is much easier.
• Ideal for Emergencies: In case of an emergency when you need funds immediately, a personal loan with an Aadhaar card can prove to be beneficial.
• Flexible Repayment Tenure: You are allowed flexible tenures for repayment. The repayment tenure is usually up to 6 years.

For instance, you can get an Aadhaar card loan up to Rs.20 lakh at attractive interest rates starting at 9.9% p.a. with Navi. In order to apply, you just need to complete your KYC through PAN and Aadhaar.

Also Read: What Are The Benefits Of Availing A Personal Loan Of Rs. 40,000?

Aadhaar Card Loan Interest Rates

Check and compare the loan options and their interest rates offered by leading banks & NBFCs.

Banks/NBFCs	Interest Rate (p.a.)	Processing Fee
Navi Personal Loan	9.90% onward	Check with the lender
ICICI Bank	10.25% onward	Up to 2.5%
HDFC	10.50% onward	Up to 2.5%
Yes Bank	13.99% onward	Up to 2.5%
Kotak Mahindra	10.25% onward	Up to 2.5%
Axis Bank	12.50% onward	Check with the lender
IndusInd Bank	11% onward	2.5% and above
IDFC FIRST	12% onward	Up to 3.5%
Bajaj Finserv	13% onward	4% onward
Aditya Birla Capital	14% onward	Up to 2%
Home Credit	19% onward	Up to 5%
IIFL	24%	2% onward

Disclaimer: Note that this table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.

Eligibility Criteria for Aadhaar Card Loan

Generally, loans are offered by lenders to borrowers who meet their eligibility parameters. These parameters help lenders minimise their risk of repayment default. Here’s a list of common parameters:

• Age: Minimum age 18 years. Many lenders require a minimum age of 21-25 years. The maximum age ranges from 65 years to 70 years.
• Nationality: You should be an Indian citizen to apply for an Aadhaar card loan.
• Employment: You should be a salaried employee or a self-employed individual.
• Minimum Income: Your income should match the minimum income criteria prescribed by the lender.
• Credit Score: You should have a credit score of 650 and above to qualify for the loan. 

Also Read: CIBIL Score Calculator And How To Check CIBIL Score Online

How to Apply for an Aadhaar Card Loan?

You can apply for an Aadhaar card loan online. All you need to do is to visit the website of the financial institution or the loan aggregator and look for an ‘instant loan on Aadhaar card’ option Aadhaar to fill in the necessary details. The loan application process would be completed online and you would be able to avail funds within the shortest possible time. 

Alternatively, you can avail of the Aadhaar loan through dedicated mobile applications of financial institutions like Navi which allow instant as well as small cash loans on Aadhaar card.

How to Apply for A Personal Loan Using Aadhaar Card?

Upon verification, your loan will be disbursed into your account. Note that the loan application timeline could vary from lender to lender. With Navi, you can get instant personal loans just with Aadhaar or PAN card within minutes. Here’s how.

How to Get Aadhaar Card Loan at Navi – From ₹10,000 to up to ₹20 Lakh

Navi offers instant personal loans based on your Aadhaar and PAN number. The steps are extremely simple and hassle-free.  Follow these steps to get Aadhaar card loans with Navi:

Step 1: Download the Navi App

Step 2: Register with your mobile number

Step 3: Enter your personal details, including monthly income, company name, etc.

Step 4: Provide loan details and tenure

Step 5: Select loan amount and tenure

Step 6: Provide your bank details

If you’re eligible, the loan amount will be disbursed into your account within a few minutes. 

With Navi, you can get ₹10,000 to up to ₹20 lakh loan on an Aadhaar card in a quick and hassle-free way.

How to Calculate EMI on Aadhaar Card Loan?

You can use an online personal loan EMI calculator to check EMI. All you need to do is enter the loan amount, tenure and interest rate to check your monthly repayment obligations. Let’s understand this with an example:

Let’s say you have taken a loan of Rs.1 lakh for a tenure of 5 years. The interest rate charged is 9.9%. Upon calculation, your EMI would be Rs.2,531.

Here’s a detailed breakdown of your repayment details (yearly)

Year	Principal Paid	Interest Paid	Total Payment	Outstanding Loan Balance
2022	Rs.14,052	Rs.6,199	Rs.20,251	Rs.85,948
2023	Rs.22,887	Rs.7,489	Rs.30,376	Rs.63,059
2024	Rs.25,260	Rs.5,118	Rs.30,378	Rs.37,798
2025	Rs.27,879	Rs.2,500	Rs.30,379	Rs.9,920
2026	Rs.9,921	Rs.206	Rs.10,127	Rs.0

This table is for illustrative purposes only.

Documents Required for Aadhaar Card Loan

In the case of Aadhaar card loans, your Aadhaar card acts as identity proof, address proof and age proof. So, all you need to give is:

• A recent coloured photograph
• Proof of income.
• PAN Card.
• Bank statement.

At Navi, the loan application process is 100% paperless. You can avail a loan simply by entering your PAN and Aadhaar numbers.

Interest Rates and Other Charges for Aadhaar Card Loan

Interest Rate	8% p.a. – 20% p.a.
Processing Fee	Up to 6% of the loan amount + GST
Foreclosure Charges	Up to 5% of principal due

Note that the table is for educational purposes only and the processing fee is deducted upfront from the loan approved.

Banks and Non-Banking Financial Companies (NBFCs) That Use Aadhaar Card as Main Proof of Identity

1. Navi: Navi offers instant personal loans on the app in a completely paperless and automated process up to ₹20 lakh starting at 9.9% p.a. interest with flexible tenures up to 6 years.
2. HDFC: Provides a personal loan up to ₹20 lakh with a fixed interest rate of 10.75%-21.5% p.a.   
3. SBI: You can avail of a personal loan up to ₹20 lakh with an interest rate ranging from 9.6% p.a. and above for a tenure up to 6 years. 
4. Tata Capital: Personal loans up to ₹20 lakh with an interest rate of 11.25%-14.49% p.a. and flexible tenure of 1-6 years. 
5. IDFC FIRST: Instant personal loan of ₹5 lakh with an interest rate of 12.5%-18% p.a. and a tenure of 1-5 years. 
6. PNB (Punjab National Bank): Personal loans up to ₹20 lakh at interest rates starting at 7.90% p.a. With flexible tenures up to 6 years.
7. IIFL: Personal loans ₹5 lakh at interest rates starting from 11.75% p.a. with 5-year repayment tenure.
8. Fullerton India: Personal loans up to ₹25 lakh at interest rates starting from 11.95% p.a. for tenure up to 3 years.
9. Standard Chartered: Personal loans up to ₹30 lakh at 11.49% (starting) interest rate for tenure up to 5 years.
10. Kotak Mahindra: Personal loans up to ₹25 lakh at 10.25% p.a. interest rate (starting) for repayment tenure up to 5 years.

Final Word

An Aadhaar card is more than identity proof, you can also get an instant personal loan during an emergency. Follow the steps to apply and get the personal loan amount in your account within minutes. Download the Navi app on Android or iOS to get a personal loan today.

Also read: How to apply for an emergency loan

FAQs on Aadhaar Card Loan

 

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