If you have been planning on taking a personal loan for sometime now, chances are that one question which has definitely crossed your mind is whether you can take a personal loan with your Aadhar Card? While the simple answer to this question is Yes, you can take a personal loan with your Aadhar Card, in reality, you will need to follow a series of steps to ensure that you get a loan with just your primary form of identification.
Thus, in today’s article, we will break down the complete process for you and share with you a step-by-step guideline on how to get a personal loan with your Aadhar Card.
Without further ado, let’s get started.
How to Get a Personal Loan?
In order to get a personal loan with your Aadhar Card, follow the below-mentioned steps.
- Go on to your favorite search engine and type in “personal loan with Aadhar Card” as your query.
- You will be presented with a list of options from various lenders who render this service. Go through each of them and be mindful of the interest rates being offered as well as the loan tenure. Make a choice on the lender whose offer suits your requirements the best.
- Navigate to their official website, or download their smartphone application.
- Initiate the application process by first sharing your name, phone number (linked with Aadhar Card), and your email address.
- Click on next and on the following screen share your Aadhar Card with the lender.
- On the next screen, share your employment and income information with the lender.
- Upload all the necessary documents and click on submit.
- If approved, you will receive a quotation from the lender, which you can further utilize to secure your personal loan.
Alternatively, you can follow an offline methodology as well to secure a personal loan with your Aadhar Card. In order to do this, follow the below-mentioned steps.
- Visit a lender’s office near your location and enquire about personal loan offers.
- Choose a tenure and interest rate most beneficial to you and start the application process.
- Fill out the application form shared with you, and as proof of identification, provide them with a photocopy of your Aadhar Card.
- Once you have submitted your application, the lender will process it, and upon approval, the loan amount will be transferred to your bank account.
However, in order to secure a personal loan from a credible financial institution or non-banking financial institution in India with your Aadhar Card, you will also need to present additional copies of the following documents.
- Your personal details, that is your full name, date of birth, phone number linked with Aadhar Card, and email address.
- Your income information such as latest bank statement upto 3 months and latest salary slip for salaried employees, and latest 6 months bank statements and last 3 years ITR reports for self-employed professionals.
- In case of an offline process, you might additionally be required to provide a passport-sized photograph as well.
Before you approach a lender for a personal loan, it is always important to check the eligibility criteria beforehand. Although these might differ between lenders, however, the fundamental constituents remain the same, and the most significant of them are as shared below.
- You must be between the legal age of 21 years and 57 years.
- You must be a permanent resident of India for the last 5 years at the time of application.
- You must have your Aadhar Card present with you, and the same must be linked to your bank account and phone number.
- You must be a salaried employee in the public or private sector with a minimum monthly income of ₹13,500.
- In case you are a self-employed individual, you must have a business vintage of at least 5 years with a consistent monthly income of at least ₹20,000.
- You must file your income tax returns regularly and have copies of your ITR.
- You must have your salary slip present in case you are a salaried employee.
If you fulfill the above criteria, you can secure a personal loan from a credible lender for any or all of the following circumstances.
- Medical emergencies
- Purchasing of two-wheeler or four-wheeler
- Debt settlement
- Child support and primary care
Advantages of a Personal Loan
1. Online Application
Most personal loans in India arrive with a completely online application process meaning that you can literally avail the features of this loan from anywhere. All you need is a stable internet connection and either visit the lender’s official website or download their mobile application. Paired with this, you can share all relevant documents with the lender electronically, thus making sure that you save time and avail convenience when applying for this loan.
2. Instant Approval
Personal loans in India arrive with a completely online application process along with instant approval. Modern lenders leverage fintech technologies such as artificial intelligence and machine learning to automate manual tasks and also employ sophisticated algorithms to automatically check your eligibility for a loan. Employing these methods drastically reduces the time required to get a loan, and thus these days, you can get the loan amount from a personal loan to your account in less than 48 hours.
Availing the feature of instant approval ensures that you receive the money when you need it the most, thus proving it to be an advantage.
3. Flexible Repayment System
Personal loans in India arrive with a flexible repayment schedule, where the lender gives you the option of customizing both the EMI amount you would like to repay every month along with the date of repayment. Both these features not only equip you with greater freedom but also ensure that you can take full control of your personal finances and better curate your financial well-being.
Securing a personal loan, especially when you are undergoing a financial crisis, can be a true blessing, and thanks to the Digital India movement, these days, you can secure an instant personal loan in 1 hour right from the comfort of your home just by using your Aadhar Card.
So wait no more and apply for one today from your favorite lender. All the best.