How to get Loan on Aadhar Card?

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How to get Loan on Aadhar Card?

Registrationwala

Many people take personal loans to cover emergency expenses, pay for education or fund important life events that they can’t otherwise afford. Many banks and lending institutions offer personal loans on aadhar card. If you want a hassle-free financing solution with minimal documentation, then go for a personal loan with aadhar card.

If you want to know how to get a loan on aadhar card, check out our blog post.

Why get Loan on Aadhar Card?

An Aadhar card is a proof of identity, address, photo and citizenship. Because of this, this document can be used online in the e-KYC (Electronic Know Your Customer) process to get a personal loan.

Loan on Aadhar card is a convenient way to get a loan. It simplifies the documentation process. Further, it accelerates the loan application process. Due to these reasons, you can consider getting a personal loan on aadhar card.

Banks and NBFCs Offering Loan on Aadhar Card

The following banks and NBFCs offer loan on aadhaar card:

Eligibility Criteria for Aadhar Card Personal Loan

The following eligibility criteria must be met to get aadhar card personal loan:

Documents Required for Personal Aadhar Card Loan

The following documents must be submitted with the bank/NBFC for a loan on aadhar card:

How to Apply for Loan on Aadhar Card?

To apply for loan on aadhaar card, the following steps must be followed:

Step 1: Choose the Lending Institution

Choose the lending institution of your choice. It can be a private sector bank, public sector bank or an NBFC. You can compare the interest rates for personal aadhar card loans offered by them, and decide which one is the best.

Step 2: Visit the Lending Institution’s Website

You can visit the lending institution’s website to apply for a loan on aadhaar card there. If the lending institution has an app, you can download it from Google Playstore or App Store.

Step 3: Fill Out Aadhar Card Application Form

Now, search for a personal loan application form on the website/app. In the form, you will be required to enter information including name, contact number, loan amount, and loan duration. 

Step 4: Attach Necessary Documents

In the application form, attach all the required documents, such as an aadhar card. The exact documents depend on the lending institution you are applying for the loan with.

Step 5: Fulfill KYC Process

Complete the electronic KYC (Know Your Customer) process with the help of your aadhar card. Doing so will help the lending institution to verify your identity and address. 

Step 6: File the Aadhar Card Loan Application

After filling out all the necessary details in the loan application form, you must review them. Ensure accuracy and completeness of the form before submitting it for aadhar card personal loan.

Step 7: Wait for Loan Approval

Once you have done your part, it’s time for the lending institution to do its part. Wait for them to go through your application form. If they’re satisfied with it, they will approve it. 

Step 8: Get Ready for Loan Disbursement

Once the loan is approved, the loan amount will be sent to your bank account directly. After this, you can use aadhar card personal loan money for your personal expenses.

Conclusion

Loan on aadhar card is a popular way to access quick financing. Before choosing the lending institution you want to secure a personal loan on aadhar card from, compare loan interest rates offered by different financial institutions. Doing so will help you in making the right decision.

Frequently Asked Questions (FAQs)

Q1. Does HDFC bank offer loan on aadhaar card?

A. Yes, it does offer loans that can be applied for using an Aadhar card as proof of identity and address. However, you may need to submit additional documents as well. 

Q2. What is the benefit of loan on aadhaar card?

A. The benefit of loan on aadhar card is that it is quick, convenient and generally doesn’t require any collateral.

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