Gone are the days of drowning in paperwork to secure a personal loan. Your Aadhar card and the wave of digitalisation have made this process a breeze. In the world of financial services, the buzz around securing a loan using just an Aadhar card is hard to miss. While no distinct ‘loan on Aadhar card only’ exists, the Aadhar card can significantly simplify the process of obtaining a personal loan.
The Aadhar card serves as a powerful facilitator in the process of obtaining a personal loan. With its multifaceted capabilities, the Aadhar card streamlines the verification process and eliminates the need for extensive documentation, offering a seamless and efficient way to secure a loan. As technologies continue to advance, leveraging the Aadhar card for streamlined financial transactions is a pivotal step toward a more efficient and accessible banking experience for individuals across India.
Commonly referred to as an ‘Aadhar card loan’ or ‘only Aadhar card loan without PAN card’, it is a method that highlights the Aadhar card’s paperless e-KYC capability, accelerating the overall verification process. This blog post provides a comprehensive understanding of leveraging your Aadhar card effectively in acquiring a loan, clarifying the necessary steps and eligibility criteria to apply for a personal loan on Aadhar card only.
How do you get a loan on Aadhar card only?
Getting a personal loan with your Aadhar card is now easy. Simply hop online, fill out the personal loan application, and provide your Aadhar number. With your Aadhar linked to your PAN and bank account, the need for endless document uploads ceases.
Below are the steps you can follow to get a personal loan on Aadhar card only:
1. Check your eligibility
Before applying for a personal loan on Aadhar card only, make sure you meet these eligibility criteria:
- Possession of a valid Aadhar card issued by the UIDAI.
- Applicant must be an Indian resident under the age range of 20 to 60 years.
- Salaried or self-employed individuals must have a minimum monthly income of INR 15,000.
- A credit score of 600 or above is required.
- A minimum work experience of one year is mandatory.
2. Upload your documents
While getting a personal loan on Aadhar card only helps to eliminate some paperwork, you must still upload the following documents:
- Aadhar card
- Address proof like your utility bills, rent contract, passport, driver’s license and voter’s ID
- Cheques of your salary account
- Passport-sized photographs
- Income proof like bank statements, Income Tax Returns and salary slips
- Application form for the personal loan
Points to remember while getting a personal loan on Aadhar card only
Acquiring a personal loan on Aadhar card only has simplified the documentation process thanks to its utility. As a complete KYC document, the Aadhar card is a one-stop solution for lending institutions.
Here are some points to remember to avail of a loan on Aadhar card only:
1. Ensure your Aadhar card is linked to your PAN and bank account for a smoother application process.
2. Verify that you meet the age, income, and employment criteria specified by the lender.
3. Double-check your credit score to ensure it meets the minimum requirements set by the financial institution.
4. Provide accurate and up-to-date information to avoid delays or complications during the verification process.
5. Grant necessary permissions for the lender to conduct background checks based on your Aadhar card information.
6. Review the terms and conditions of the loan carefully before proceeding with the application to understand the obligations and requirements thoroughly.
Benefits of getting a loan on Aadhar card only
In today’s financial context, loan processing is intricately tied to the government’s KYC regulations, ensuring compliance from both borrowers and lenders. When applicants provide their UIDAI number, containing the biometric data connected to their Aadhar card, the personal loan application process is significantly simplified for the lender.
Below are the benefits of getting a personal loan on Aadhar card only:
1. The Aadhar card is comprehensive proof of citizenship, address, photo, age, and identity.
2. It facilitates an online verification process (e-KYC) for expedited loan disbursal.
3. Simplifies the documentation process for applicants and financial institutions alike.
4. Reduces loan processing time, saving valuable time and effort.
5. In some cases, only the 12-digit UID number is required, eliminating the necessity for a physical copy of the Aadhar card.
With Tata Capital, get a personal loan on Aadhar card only!
The loan obtained using an Aadhar card is unsecured, eliminating the need for the borrower to provide any form of security.
At Tata Capital, you can acquire a personal loan from INR 40,000 to INR 1.50 lakh while ensuring a mutually beneficial arrangement, reasonable processing fees and attractive interest rates.
Here’s a step-by-step guide for securing a loan on Aadhar card only with Tata Capital:
1. Visit the Tata Capital website and initiate a new online loan application by selecting the “Apply Now” button.
2. Fill in personal and loan details in the digital form provided.
3. Upload soft copies of the required documents, such as an Aadhar card, six-month bank transaction history, and other requested documents.
4. Await processing, typically completed within minutes during the verification phase.
5. Upon successful verification, the applicant will promptly receive confirmation of loan approval.
6. Tata Capital will disburse the loan to the borrower’s bank account within a few hours.
7. Depending on the borrower’s repayment capacity, they can opt for a flexible loan tenure ranging from 12 months to 60 months.
Therefore, the Aadhar card has revolutionised the landscape of personal loans in India, simplifying the application process and expediting loan approvals. As a result, individuals can quickly secure loans, like those offered by Tata Capital, benefiting from reasonable processing fees and interest rates. By following a few straightforward steps, borrowers can swiftly access the funds they need while enjoying the flexibility of choosing a loan tenure that aligns with their financial capabilities.
Apply for a personal loan on the Tata Capital website today!
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27 February 2024
6 mins read
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