How To Get a Personal Loan on Aadhar Card 2024

The Aadhaar card has become an important document for every Indian citizen. It serves as proof of identity and address across the country.

An Aadhaar card can also be useful if you want to take a loan. Many banks and financial institutions allow Aadhaar-based Instant Loans. T

These loans are collateral-free, have minimal documentation, and the funds can be credited to your account quickly.

What is an AADHAR Card based Instant Loan?

An Aadhaar card based Instant Loan is a personal loan that can be availed by providing your 12-digit unique identification number issued by UIDAI along with completing the e-KYC verification.

It enables a simplified loan application process as your Aadhaar details are used to validate your identity, address, and other KYC details instantly without extensive paperwork.

Banks use the Aadhaar database to retrieve and authenticate your personal information to process your loan application faster.

The key benefit of using an Aadhaar card to get a loan is that it speeds up the verification and disbursal process as everything can be done online and digitally.

Benefits of AADHAR Card Based Loans

There are several notable benefits of getting an Aadhaar card based loan:

  • Quick and easy approval: The presence of Aadhaar makes the approval process much faster as details can be pulled and verified digitally in minutes.
  • Minimal documentation: Only your Aadhaar card and PAN card along with income proof documents are required. No other collateral or security is needed.
  • Competitive interest rates: Aadhaar-linked loans may offer better interest rates as the identities are verified.
  • Loan customization: You can customize the loan amount and tenure as per your needs. Most lenders provide loans from Rs. 25,000 to Rs. 15 lakhs for tenure of 1 to 5 years.
  • Digital disbursal: Once approved, the loan amount is disbursed directly into your bank account within 24 hours.

Eligibility Criteria for AADHAR Card Based Loans

The key eligibility criteria to avail an Aadhaar card based personal loan are:

  • Your age should be between 21 to 60 years at the time of applying for the loan
  • You should have a valid Aadhaar Card
  • You should be an Indian citizen residing in India
  • You should have a PAN card
  • Your credit score should be more than 750
  • You should have a regular income source with a minimum monthly income ranging from Rs. 15,000 to Rs. 30,000 depending on the city you reside in

Meeting these criteria ensures quick approval and disbursal of your Aadhaar card based loan.

Documents Required for AADHAR Card Loan

One of the biggest advantages of Aadhaar card based loans is minimal documentation. The key documents you need are:

  • Aadhaar Card: It should be updated with the latest details and linked to your mobile number
  • PAN Card: It establishes your identity and tax returns filing history
  • Income Documents: This includes salary slips, bank statements and Form 16

You may also require address proof if taking a loan above Rs. 1 lakh. So keep documents like utility bills, passport etc handy.

That’s all! No other paperwork or collateral is required for Aadhaar based personal loans.

How to Apply for Loan on AADHAR Card?

Here is the step-by-step process to apply for a loan using your Aadhaar card:

1. Check Loan Eligibility

Determine the maximum loan amount you require and ensure you meet all the eligibility criteria for Aadhaar based loans shared earlier. This gives you clarity on aspects like loan amount, interest and EMI you can afford to pay back comfortably.

2. Check Your Credit Score

Most lenders require a credit score of 750 or higher to approve Aadhaar loans. So check your CIBIL report and credit score from agencies like Experian and Equifax. Taking steps to improve your credit score can help you negotiate better loan terms.

3. Choose a Lender

Research and compare interest rates and charges of different lenders like banks and NBFCs offering Aadhaar based instant loans. Banks like ICICI, HDFC and Kotak Mahindra Bank offer such loans with easy application process.

4. Apply Online

Visit the lender’s website or app and click on personal loans. Select Aadhaar card option and fill in the online application form giving your personal and income details.

5. Aadhaar e-KYC Authentication

Authorize UIDAI to validate and share your Aadhaar details with the lender. This completes e-KYC verification online without requiring you to submit physical copies.

6. Income Document Submission

Upload clear copies of documents like salary slips, Form 16, bank statements etc. This data is used to determine your loan eligibility and tenure.

7. Loan Approval and Disbursal

Once the lender approves your Aadhaar based loan application, the amount is credited to your bank account within 24 hours.

And that’s it! The presence of Aadhaar card makes taking an instant personal loan online seamless and faster.

How To Get Personal Loan on Aadhaar Card from Bajaj Finance

Bajaj Finance offers a hassle-free instant personal loan on Aadhaar card. The key features and benefits are:

Loan Amount – Up to Rs. 40 Lakhs: You can obtain a substantial personal loan amount up to Rs. 40 lakhs by providing your Aadhaar card for KYC along with income documents. The funds can be used for any personal or commercial needs conveniently.

Reduced Documentation: Aadhaar eKYC authentication eliminates extensive paperwork. You only need to submit your Aadhaar details and income proof to get a collateral-free loan quickly from Bajaj Finser.

Instant 5-Minute Approval: The online loan application process is simplified for Aadhaar holders. Just fill an online form and get in-principle approval in 5 minutes.

24 Hour Disbursal: Post underwriting checks, Bajaj Finserv credits the approved loan amount to your bank account within 24 hours.

No Collateral Required: You don’t need to pledge any asset or security to take this personal loan on Aadhaar.

Flexible Tenure up to 8 years: Repay comfortably by choosing a tenure up to 8 years as per your budget with EMIs starting from just ₹2,187*.

Zero Hidden Charges: Bajaj Finserv personal loans are 100% transparent with no surprise hidden costs or charges.

Eligibility Criteria

To get this personal loan using Aadhaar, you need to meet the following eligibility norms:

  • Age between 21 to 80 years
  • Salaried individual
  • Minimum income – Rs. 25,000 per month
  • CIBIL score higher than 685

Application Process

Follow these simple steps to get a Bajaj Finserv Personal Loan on Aadhaar:

  • Step 1: Click on the Apply Online button on website
  • Step 2: Fill the online application form giving your personal and job details
  • Step 3: Enter your Aadhaar number and give consent for eKYC authentication
  • Step 4: Upload scanned copies of your income documents
  • Step 5: Loan approval and amount disbursal within 24 hours

So provide your Aadhaar details to Bajaj Finserv to get instant access to substantial financing conveniently for your needs.

How To Get Personal Loan on Aadhaar Card from IDFC First Bank

IDFC First Bank offers instant paperless personal loans using Aadhaar card. The key features are:

Faster Approval: The presence of Aadhaar enables simplifies verification which leads to quicker loan approval.

Competitive Interest Rates: IDFC First Bank offers attractive interest rates starting at just 10.99% per annum on Aadhaar based personal loans.

Flexible Tenure: You can repay conveniently over tenure of 1 to 5 years as per your budget.

Loan Amount Up to Rs. 30 Lakhs: Get substantial financing up to Rs. 30 lakhs basis your eligibility to meet big-ticket expenses.

Eligibility Criteria

To qualify for this IDFC First Bank personal loan on Aadhaar you need:

  • Age between 23 to 60 years
  • Minimum monthly income of Rs. 25,000
  • CIBIL score higher than 750

Application Process

Follow these steps to get instant funds:

  • Step 1: Visit IDFC First Bank website or mobile app
  • Step 2: Go to Personal Loans section and click Apply
  • Step 3: Fill the online application form providing your Aadhaar details
  • Step 4: Give consent for eKYC based verification
  • Step 5: Upload your income proof documents
  • Step 6: Loan approval and disbursal within 24 hours

So use your Aadhaar to get quick access to financing from IDFC First Bank conveniently.

How To Get Personal Loan on Aadhaar Card from Kotak Mahindra Bank

Kotak Mahindra Bank offers instant personal loans based on Aadhaar card conveniently. Some key features include:

Less Paperwork: Using Aadhaar minimizes the documentation requirement as eKYC authentication verifies your details digitally.

Attractive Interest Rates: Kotak Mahindra Bank offers competitive interest rates starting from just 10.5% per annum on loans against Aadhaar.

Flexible Loan Amount: You can avail a personalized loan from Rs. 50,000 to Rs. 25 lakhs basis your eligibility and repayment capacity.

Quick Disbursal: The approval process is faster thanks to Aadhaar and loan amount is credited in just 24 hours.

Eligibility Criteria

To qualify for this Kotak Mahindra Bank Aadhaar loan you need:

  • Age between 21 to 60 years
  • Salaried individual employed with MNC/Pvt/Public company
  • Minimum monthly salary above Rs. 25,000
  • At least 1 year of work experience

How to Apply

Follow these steps for loan against Aadhaar card:

  • Step 1: Visit nearest Kotak Mahindra bank branch
  • Step 2: Meet executive and share loan requirement
  • Step 3: Fill application form and provide Aadhaar details
  • Step 4: Income documents verification
  • Step 5: Loan approval and disbursal within 24 hrs

How To Get a Personal Loan on Aadhaar Card from Money View

Money View offers convenient Aadhaar card based personal loans with these features:

Flexible Loan Amount: Get access to financing between Rs. 5,000 to Rs. 10 lakhs on your Aadhaar card basis eligibility.

Quick Eligibility Check: Money View’s website and app has an easy eligibility checker providing quick confirmation in just 2 minutes.

Completely Collateral-Free: No need to pledge any asset or collateral for Money View’s personal loans against Aadhaar.

Competitive Interest Rates: Attractive rates as low as 1.33% per month makes Money View loans affordable.

Minimal Documentation: Just your Aadhaar details along with income proof are required to avail of this loan conveniently.

How to Apply

Follow these steps to get funds quickly:

  • Step 1: Check your loan eligibility on Money View app/website
  • Step 2: Select required loan amount and tenure
  • Step 3: Upload scanned copies of your Aadhaar card and income documents
  • Step 4: Post verification, loan amount gets credited to your account within few hours

So simply use your Aadhaar card to get easy access to financing for your needs from Money View. Reduce paperwork and get funds credited into your bank account quickly.

Use Cases of AADHAR Card Based Loans

Aadhaar loans are versatile credit solutions that can be useful in various personal and professional financial situations:

1. Medical Emergencies

Hospitalization or medical treatments often involve huge expenses that most individuals are unable to arrange at short notice. An Aadhaar loan provides access to urgent funds quickly so you can ensure your loved ones get the right medical care.

2. Child’s Education

Quality education comes at a high cost, especially professional courses or studying abroad. Here, an Aadhaar-linked education loan allows you to pay the admission or tuition fees smoothly.

3. Home Renovation

Upgrading or renovating your home to add more space or amenities requires significant investment. Using an Aadhaar enabled home improvement loan, you can refurbish your home conveniently.

4. Wedding Expenses

Indian weddings involve sizeable spending that is difficult to meet sometimes. An instant personal loan on your Aadhaar ensures you have enough funds for different wedding arrangements and events.

5. Business Investment

For entrepreneurs, an Aadhaar based business loan serves as growth capital allowing them to buy inventory & equipment, launch marketing campaigns or expand operations.

In all the above cases, the Aadhaar card’s e-KYC feature enables you to conveniently get access to financing quickly to fulfil your needs.

Tips for Getting Loan on AADHAR Card

Here are some useful tips when applying for loans using your Aadhaar card:

  • Keep your Aadhaar updated with the correct personal details
  • Check that your Aadhaar is linked to your bank account as the loan amount gets transferred here
  • Maintain a high credit score above 750
  • Estimate your repayment capacity accurately when choosing loan tenure
  • Read terms of the Aadhaar based loan carefully to avoid surprises later
  • Provide accurate income and employment details in the application

Following these tips will ensure speedy processing and approval of loans on Aadhaar cards.

FAQs on Getting Loan on AADHAR Card

1. Is Aadhaar mandatory for taking an instant loan?

While Aadhaar is not mandatory, using it makes personal loan approval quicker via e-KYC authentication. So most lenders prefer Aadhaar linking for instant loans now.

2. Can I get a loan of ₹50,000 on my Aadhaar Card?

Yes, most lenders provide Aadhaar based loans from Rs. 25,000 to Rs. 5 lakhs. If you meet the eligibility criteria, getting a Rs. 50,000 loan on Aadhaar is easy.

3. What is the maximum loan amount I can get on Aadhaar?

The maximum Aadhaar-linked loan amount can go up to Rs. 15 lakhs depending on your income, credit score, repayment capacity, and lender policies.

4. How can I check my Aadhaar based loan eligibility?

Most lender websites and apps today have personal loan eligibility calculators. By entering details like income, employment etc, it tells you maximum loan amount, tenure and EMI you qualify for.

5. What is the interest rate on Aadhaar based instant loans?

Interest rate is based on loan amount, income, credit score and lender. Usually it varies between 10.5% to 26% per annum for Aadhaar linked loans.

Conclusion

The Aadhaar card has made getting access to financing easier, faster and more secure for Indian consumers. By linking their UID to bank accounts and loan applications, the hassles of documentation and verification are eliminated conveniently through e-KYC authentication.

Given how popular and ubiquitous Aadhaar has become, Aadhaar based instant personal loans are set to drive financial inclusion of credit to more Indians. If planned smartly, they can be affordable credit tools for meeting different personal and professional needs conveniently.

So if you require quick funds for any legal purpose, applying for a loan using your Aadhaar is the most efficient way to get funds credited into your bank account seamlessly.

We hope you got your answer on “How To Get Loan On AADHAR Card”.

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