There was a time when acquiring a personal loan was a tedious process. People need personal loans for various purposes – like planning a wedding, using them for daily needs or business requirements, going for a vacation, or health needs.
Private and public sector banks and NBFCs have been providing personal loans, but the procedure has been long with a long waiting time for disbursal of funds. Several documents were demanded, but all this was then when there were no Aadhar cards.
However, with the advent of Aadhar cards, the approval and disbursal process for loan approval and gradually decreased, and it has become a much easier process to apply for personal loans. All one must do is complete the KYC process and provide Aadhar card details, and the personal loan will be disbursed in no time.
The relevance of Aadhar Card:
- It acts as a single identity for every Indian
- This document serves as an Identity, Address, and Age proof
- It helps the individual to apply for various loans and government services.
How Aadhar card influences Personal Loan
Aadhar card submission is mandatory to complete the Know Your Customer (KYC) documentation. Through this card, the biometric data of the individuals and personal details can be verified in a simple and convenient process. Since KYC is digitized, the main aim of Aadhar card is to make the process of applying for a personal loan much faster and simpler.
Benefits of the best instant loan on aadhar card for self employed and salaried individuals:
There are several advantages of applying for an instant personal loan on an Aadhar card:
- It is an unsecured loan
- An approved personal loan is transferred directly to the borrower’s bank account
- An instant personal loan has a flexible repayment procedure and loan term
- These are offered at competitive interest rates and EMI payment options.
- An instant loan on aadhar card without salarycan also be applied if any other source of income is justified.
- The Know Your Customer (KYC) process becomes much easier as the Aadhaar Card is an approved proof of your citizenship, personal details, and identity.
Eligibility Criteria for an instant personal loan on Aadhaar Card
The following are the eligibility criteria:
- To be eligible for a personal loan based on Aadhar Card, the borrower must be an Indian citizen.
- It is the best instant loan app for self employed and salaried employees because of its quick disbursal and easy verification
- The age of the applicant while applying for the instant personal loan should vary between the ages of 18 and 60 years
Documents Required for Aadhaar Card Loan
To get an instant personal loan on Aadhaar Card, the applicant needs to submit the following documents:
- Loan Applicant Form, which should be duly filled and signed (or attested)
- Passport-size photographs of the applicant
- He should submit other KYC documents like Passport, PAN card, License, Voter Card, Bank Passbook, etc.
- The bank account statements of the last 3 months should be duly attached with the form
- Other proofs of address, identity, age, and income like a property tax receipt, income tax returns, salary slips, electricity or phone bill, etc.
How to Apply for an instant personal loan on Aadhaar Card?
Applying for a personal loan which could be for any personal reason of the applicant, has become much simpler with the digitalization, because of which Aadhar Card has become a dominant proof of KYC and acceptable everywhere. A single document can act as proof of age, identity, address, and citizenship.
The process to apply for a personal loan is also quite easy:
Step 1: The applicant needs to apply for a personal loan online using his credentials, or he can visit the nearest branch of the bank or NBFC and fill the application form.
Step 2: He must check his eligibility, and then he can apply for the loan
Step 3: She should submit or upload his Aadhar Card and other vital documents that are needed for the verification of the applicant.
Step 4: The application and documents submitted will undergo a verification process, and after approval, the amount will be disbursed within 3-4 days in the applicant’s account.
Conclusion
It has become easy and convenient to apply for an instant personal loan onan Aadhar Card, which was a painful process till the advent of this powerful document – Aadhar Card. The details are quickly verified, and disbursal is quick, thus solving the purpose of the applicant.