MUMBAI, July 18: Everyone requires financial help at some point in their life. There are a lot of reasons why most people opt for a loan. Whether it be for your travel expenses, payment of bills or getting a new home.
Many banks and financial institutions offer loans at attractive personal loan interest rates. The loan funds help you achieve smaller goals such as financing marriages, vacations, and smaller expenses.
Applying for a personal loan is a lot easier compared to the old times where people had to carry numerous documents and stand for hours in a queue to get approval on their loan. Today, Aadhaar card not only acts as proof of citizenship but also helps individuals in availing personal loans with ease.
What is an Aadhar Card?
An Aadhaar Card is the only document that acts as proof of residence, and not as a proof of citizenship. It is a 12-digit unique identity number that is issued to all Indian citizens based on their demographic (date of birth, residence address) and biometric data (fingerprints, and iris scan).
The data is collected by the UIDAI ?
Unique Identification Authority of India. The Government of India launched the Aadhaar card with the following objectives: Provide universal identity of all Indian citizens.
Works as a common identity card for residence proof, age proof and identity proof.
Eliminate the need for mediators to avail government subsidies
Methods To Apply for Personal Loan Online with Aadhar
For Aadhar cards, personal loans online apply with ease as it is much easier to get a personal loan using one.
The loan process is simpler for bank employees to complete the verification process. If Aadhaar details are provided by the borrower the process becomes paperless in which documents can be submitted online known as e-KYC.
In the case of e-KYC, no physical documents need to be submitted by the individual making it an ideal option to save time. Also, there are various banks that also provide instant loans if a scanned copy of the Aadhaar card is provided at the time of submission.
The Benefits Of Applying For An Aadhar Personal Loan
Having a personal loan Aadhaar Card makes availing a loan a lot easier. The following are the benefits of applying for Personal Loan using your Aadhaar Card:
Aadhaar Card gives you easy access to numerous loans and other financial services. The loan applicants are asked to provide Know Your Customer (KYC) documents and Aadhaar Card is a solid proof of your citizenship and identity.
This single document acts as a proof for multiple things like an individual’s citizenship, age, photo, address, and identity.
Aadhar card helps with e-KYC (online verification process)
You can avail Aadhaar Card Personal Loan at Finserv MARKETS and get instant approval on the basis of e-KYC. Eligibility criteria for Aadhaar Loan:
The following are the eligibility criteria that need to be fulfilled to qualify for an Aadhar personal loan.
You need to be a resident of India to be eligible for a loan.
The applicant must be between the ages of 23 and 57 years. The applicant must be working with a public/ private company or an MNC.
The applicant’s minimum salary requirements are based on the city of residence.
Documents required for Personal Loan:
The following are a list of documents required for a Personal Loan Duly-filled and signed application form, Passport-size photographs, Cheque – Processing Fee, Proof of Identity – Voter’s ID Card, Aadhaar Card, Passport, or Driving License, Address Proof – Passport Copy/ Utility Bill (Electricity, Water)/ Rental Agreement/ Ration Card, Income – The bank account statements of the last 3 months Current Salary Certificate ?
Tax paid – Latest Form 16/ Income Tax Return
How to Apply for Personal Loan Online Using an Aadhar Card?
Earlier, the applicants were required to submit a plethora of documents to apply for a Personal Loan.
However, it is now possible to apply for Personal Loan online by showing your Aadhar Card as KYC proof.
This single document is accepted by most of the banks and NBFCs nowadays as proof of identity, address, citizenship, and birth. (Disclaimer–Features may vary depending on the regions; subject to change without notice.)
(UNI)
Follow our WhatsApp channel
