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Aadhaar Card Loan

Aadhar Card Loan Features

Last Updated 05th Aug 2020

  • Aadhaar Card can be used to apply for personal loans.
  • Check best personal loan offers starting at 10.50%.
  • Instant approval with easy and fast online verification.
  • Single document for age, photo, identity, address and citizenship proof.
  • Aadhar Card loan can be taken for a period of upto 5 years.
  • No collateral is required as it is an unsecured loan.

What is an Aadhaar Card Loan?

An Aadhaar card loan is a type of unsecured financing option provided by the banks to its customers. It requires minimum documentation as compared to traditional bank loans. Aadhaar card is a paperless e-KYC document that fulfills your eligibility criteria for biometric verification. It can be used for your ID proof and address proof. You just need to submit your financial documents such as salary statements, PAN Card, bank statements for approval of your personal loan.

Impact of Aadhaar Card on Personal Loan

A personal loan can be used to meet any unfortunate circumstances such as – medical expenses, renovation of a house, child’s education or marriage expenditures, etc. If you are planning to apply for a personal loan, it’s compulsory to submit your Know Your Customer (KYC) documents. The government has made it mandatory for banks and financial institutions to collect KYC details from the applicants in order to prevent money laundering. Banks have started e-KYC which has made the process much easy and simple. Since Aadhaar contains biometric data of the individuals, verification process has become fast.

Earlier, both private and public sector banks demanded several documents from the applicants in order to approve personal loan application. Hence, the time taken for approval was also long. However, ever since the Aadhaar cards have been introduced, lesser documents are required, and the time taken for the loan approval has reduced.
Personal loans are generally taken for emergency purposes such as medical expenses or for funding education, and Aadhaar makes the process quick. Personal details of the individual are found in the Aadhaar database; therefore, the time taken to get the loan approved is less.

Method to use Aadhaar to Apply for Personal Loan Online

The online process has made it easier and simpler to apply for a personal loan. There are several fintech lenders that allow you to apply for the loan in just a few simple steps. With the help of such platforms, you can analyze and compare various personal loan deals offered by top banks and NBFCs in India. They work closely with their partner banks to get the best loan offers, attractive discounts and lower interest rates for you. During the online process, no physical documents need to be submitted by the applicants. All you need to do is just upload a scanned copy of your Aadhaar Card.

  • Visit bank’s or financial aggregator’s website to check and compare loan offers.
  • Apply for personal loan on the website. Enter your personal details and loan requirements.
  • Post this, a representative will contact you to verify your details.
  • Submit your scanned Aadhaar Card and other documents online.
  • After verification of documents, the sanctioned amount will be credited to your bank account.

List of Top Banks and NBFCs Using Aadhar Card as Primary Identity Proof

Most of the banks and NBFCs give personal loan considering Aadhar a primary identity proof. Some of the top banks are:

HDFC Personal Loan

The bank offers personal loan starting at an interest rate of 10.75%. HDFC offers multiple tenure options, quick processing and great customer service. Applicants are not required to pledge collateral or security to avail the loan.

Documents required:

  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Other documents: Bank statements for last 3 months, form 16, latest salary slip, passport size photographs

ICICI Personal loan

ICICI Bank is one of the leading banks in the private sector. It provides hassle free application process, flexible repayment tenure and minimal documentation.

Documents required for salaried applicants:

  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Salary Slips for the last 3 months
  • Bank statements for the last 3 months

SBI Personal Loan

SBI offers personal loans at attractive interest rates. Repayment tenure can go up to 5 years with nominal one time processing fee.

Documents required:

  • Proof of identity: PAN Card, Aadhaar Card, Driving License, Passport, etc.
  • Proof of address: Voter ID Card, Aadhaar Card, Passport, or Driving License
  • Income proof: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs
  • Passport size photographs

PNB Personal Loan

PNB offers personal loans at lucrative interest rates and attractive repayment tenures.

Documents required:

  • Proof of address: Voter ID Card, Aadhaar Card, Passport, PAN Card or Driving License
  • Proof of identity: Aadhaar Card, Driving License, Passport, etc.
  • Other documents: Bank statements for last 3 months, form 16, latest salary slips, last 6 months account statement audited, ITR return for last 2 yrs

FAQs

Can I get a loan on an Aadhar card?

Yes, if you have an Aadhaar Card, you can apply for a personal loan with any bank and apply for the loan.

How can I get an instant loan from an Aadhar card?

Aadhaar card contains biometric data of the individuals which makes the verification process fast and simple. After verification of documents,the sanctioned amount will be credited to your bank account.

How can I get Aadhar card loan for Rs. 50,000 Online?

Apply for the loan online by visiting the bank’s website or online aggregator's site. Enter your loan requirements along with personal details. Post this, a representative will call you and verify the details. You’ll be required to submit documents such as Aadhaar card, PAN Card, etc. Once, your documents are verified and you meet the eligibility criteria, the loan will be credited to your account.

How can I get a loan without a PAN card?

If you don’t have a PAN card, you can submit other documents such as Aadhaar Card, Voter ID Card, Driving License, Passport, salary slips, etc.

How can I get a loan immediately?

To get the loan, you should have an excellent credit score of 700 and above along with financial stability and important documents. If you fulfill the eligibility criteria, you can apply online and get the personal loan in 2-3 days.


Personal Loan News - Aug 2020
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    UCO Bank posted a net profit of Rs.21.46 crores for the period ended June 30, 2020, as against a net profit of Rs.16.78 crores for the period ended March 31, 2020. The bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.4436.57 crores during the period ended June 30, 2020. In addition to this, total deposits which include FD, RD, current and savings accounts increased by 1.4% to Rs 1,95,119.60 crore.
  • 2020-08-03 : Dhanlaxmi Bank Ltd Q1FY21 net profit at Rs. 6.09 crore news
    Dhan Laxmi posted a net profit of Rs.6.09 crores for the period ended June 30, 2020, as against a net profit of Rs.2.60 crores for the period ended March 31, 2020. In addition to this, The bank reported a total income bolstered by retail loans home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.278.62 crores during the period ended June 30, 2020. Bank provisioning for bad loans and contingencies spiked to Rs 37.02 crore during the reported quarter of FY21 as against Rs 9.27 crore a year ago.
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    Bank of India posted a net profit of Rs.845.78 crores for the period ended June 30, 2020, as against a net profit of Rs.3600.65 crores for the period ended March 31, 2020. Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.12022.48 crores during the period ended June 30, 2020.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
  • 2020-07-30 : Karur Vysya Bank reported a net profit of Rs. 105.50 crore
    Karur Vysya Bank reported a 45% increase in net profit at Rs 105.50 crore in the first quarter ended June. The company has reported total income bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs.1693.23 crores during the period ended June 30, 2020, as compared to Rs.1803.15 crores during the period ended March 31, 2020.
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