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Personal Loan

Personal Loan on Aadhaar Card

Summary: How can you avail a personal loan on an Aadhaar Card? What is the eligibility criteria for an instant Aadhaar Card Loan? Click to find out now!

10 Dec 2023 by IDFC FIRST Bank

In emergency situations, a personal loan can come to your financial rescue, whether it is a medical emergency or loss of income. Since personal loans are designed to be versatile financing options that help with time-sensitive monetary needs, the process of applying for a personal loan is simple, quick, and convenient. Moreover, being an unsecured loan, an instant personal loan does not ask for any collateral. Any eligible individual can borrow money from a bank for a reasonable interest rate to meet his or her true financial needs.

You can also check your EMI amount with IDFC FIRST Bank’s personal loan EMI calculator. Simply enter your loan amount requirement and the period for which you want the loan. The best part is that the documentation required for a personal loan is minimal and you can seamlessly take this loan using any of the valid identity documents such as an Aadhaar Card or a PAN Card.


How can you avail a personal loan on an Aadhaar Card?
 

There is no requirement for much documentation to get an instant loan card if you are an eligible applicant. Nevertheless, you may also need to submit your PAN card if the lending bank requires it. To get a loan, you must establish your identity and address through documents called ‘Know your customer’ or KYC documents.

An Aadhaar card is considered to be a valid KYC document for it has both identity proof (with photograph) and address proof. You can apply for an instant loan on an Aadhaar card online by filling out an application form and submitting the e-KYC document. This helps the bank verify your identity with details such as your Aadhaar card number, biometric details, name, gender, address, date of birth and photograph, which UIDAI maintains.

Therefore, you are not required to submit any hard copies of the documents when you go for an Aadhaar card loan and apply online.

Benefits of availing a personal loan with your Aadhaar card
 

Obtaining a personal loan with your Aadhaar card offers several notable benefits such as:

  • Simplified loan application process: It simplifies and expedites the loan application process. Your Aadhaar card serves as a government-issued, universally accepted identity proof, eliminating the need for cumbersome paperwork and simplifying KYC (Know Your Customer) verification. This expedites the loan approval process, saving a lot of time.
  • Affordable borrowing options: Aadhaar-based personal loans often come with competitive interest rates. Banks consider Aadhaar-linked loans to be more secure due to the robust identity verification, which can translate to lower interest rates and more favourable terms. This could result in reduced overall borrowing costs.
  • Quick digital verification: The Aadhaar linkage enables you to apply for a personal loan online, from the comfort of your home, making the process convenient and accessible. The digital authentication also enhances data security and minimises the risk of identity theft.
  • Financial inclusion: It promotes financial inclusion by enabling individuals without traditional documentation to access credit facilities. Even those without a credit history can benefit from Aadhaar-based loans, building their credit profiles for future financial opportunities.

Step-by-step procedure for applying for a personal loan using an Aadhaar Card
 

An Aadhaar card is a single-identification KYC document made mandatory for any financial institution to lend money. Using it, you can apply for a personal loan instantly, which is described step by step.

Step 1: The procedure starts by logging into the website or mobile app of your bank.

Step 2: In the options, go to the ‘Loans’ and choose the ‘Personal loan’ to go to the particular page. Next, check whether you are eligible for the loan, and click on the ‘Apply now’ tab.

Step 3: You are asked to fill in the online application form providing your personal, employment and professional details on the website or app.

Step 4: From the customer support team, a representative will call you for the verification of the details provided. Depending on the eligibility, your request for the loan is approved.

Step 5: You are asked to upload the documents like the copy of Aadhaar card required for verification.

Step 6: After the verification, the loan amount is credited to your savings account.

The entire process of applying instant loan on Aadhaar card is smooth, safe and easy via online banking app, and this makes it more popular than other loans.

What are the eligibility criteria for instant Aadhaar Card loan?
 

Before you apply for an instant loan, check whether you fulfil the eligibility criteria given. For instance, you need to meet the following requirements to become eligible for an instant loan from IDFC FIRST Bank.

  • You should be at least 23 years old.
  • Your maximum age at the time of loan maturity should not exceed 60 years or the age at the time of retirement, whichever comes first
  • You should be an Indian citizen and must be in the employment rolls of a public, private or multinational company.
  • Your credit score should qualify for a loan.
  • You are also required to have a minimum monthly income.

For a personal loan, apply online now using an Aadhaar card, which helps you get a loan easily at competitive interest. You can visit the IDFC FIRST Bank website here or download the IDFC FIRST Bank mobile app to apply now.




Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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