How to Get Instant Personal Loan on Aadhar Card Only?

A loan can help people pay for a wedding, medical bills, a dream vacation, a new gadget, or any other expense. Sometimes these expenses are planned, but often they come out of the blue and require a lot of money right away. 

This can put a lot of stress on your finances. In this situation, it would be very helpful to be able to get a personal loan quickly and easily. And one of the quickest and easiest ways to get an instant personal loan is through an Aadhar card. 

You might already know that the Aadhar card can enable a lot of banking services. But there isn’t much understanding about how an Aadhar card can be used to get an instant personal loan. Many banks and non-bank financial companies (NBFCs) need an Aadhar card as one of the main documents to approve an instant personal loan. 

A personal loan with just an Aadhar card is easy to apply for and get because the process is simple and there isn’t a lot of paperwork involved. This makes it a great choice for a salaried person in India who needs extra money quickly for a variety of reasons. Once the funds have been disbursed, you can spend them however you want. 

Continue reading to learn more about how to get an instant personal loan using only an Aadhar card. 

What is a Personal Loan on an Aadhar Card? 

An Aadhar card loan is an instant personal loan that uses the Aadhar card as digital e-KYC proof. The Aadhar card fulfils the qualifications for all the verifications. 

A growing number of people are getting instant personal loans on their Aadhar cards. This means that the main purpose of an Aadhar card is to verify a person’s identity. The Aadhar Card is used to review and approve the request for an instant personal loan. 

The Aadhar card is a reliable form of government-issued identification that lenders may look at when deciding whether or not to give a personal loan. A single card can be used to verify both your identity and your address. 

This makes it easier for a financial or banking company to approve a personal loan request in less time. Users can take out a loan with their UIDAI ID and other documents that their potential lender asks for. 

How to Use an Aadhar Card to Get an Instant Personal Loan 

Earlier, people who wanted a personal loan had to bring in a lot of paperwork. Now, getting a personal loan has become much easier with the help of the Aadhar card and digitisation. 

The Aadhaar card can be used as KYC proof. The majority of banks and NBFCs use it as proof of residence, citizenship, identity, and birth. 

To get an instant personal loan with an Aadhar card, fill out a loan request and put the Aadhar number in the space provided. 

If the Aadhar card is connected to your bank account and PAN, you don’t have to send in any other paperwork. You will only have to show proof of where you live and how much money you make monthly. 

You also have to let the lender use your Aadhar card to check your background. The bank will give an instant personal loan to people who pass the eligibility criteria and verification tests.

Step-by-step Process to Apply For an Instant Personal Loan With an Aadhar Card

Aadhar is the only KYC document that a bank needs to be able to lend money. You can use it to quickly apply for a personal loan:

Step 1: Sign in to the bank’s app or site to start the application process. 

Step 2: From the list of options, go to “Loans” and choose “Personal Loan” to get to the right page. Next, make sure you are eligible for the loan and click the “Apply” button. 

Step 3: On the website or app, fill out the loan request form with your personal, job, and professional information. 

Step 4: A customer service representative will contact you to confirm the information you have given. 

Step 5: Then, you must send in the papers needed for verification. This could be a copy of your Aadhar card. 

Step 6: If you meet the lender’s requirements, your loan request will be approved. The loan amount will also be sent to your savings account. This will take at least a week.

Eligibility Criteria to Apply for an Instant Personal Loan

The eligibility criteria to apply for an instant personal loan are given below: 

• You should be between 21 and 60 years old. 
• You must have a minimum credit score of 750
• You must have at least two years of work experience, including one year with the current company.
• You must have a net pay of Rs. 15,000 per month. 

Documents Needed to Apply for an Instant Personal Loan 

The documents needed to apply for an instant personal loan are listed below: 

• Personal loan request form filled out correctly and with passport-sized photos. 
• KYC paperwork. 
• Identity papers include a driver’s licence, a passport, and an Aadhar card. 
• Bills from utilities, Aadhar card, and passport are all acceptable ways to prove your address. 
• Paychecks and tax returns are examples of proof of income. 
• Any other documents that the lender might ask for

Benefits of Using the Aadhar Card to Apply for an Instant Personal Loan

Some vital benefits of seeking an instant personal loan with the Aadhar card include:

• As biometric info is linked to the Aadhar card, banks may easily verify the validity and identity.
• Aadhar cards act as a valid name and residence verification. They may assist you in getting a loan with less paperwork. Yet, bear in mind that to get a personal loan, you must show valid income proof. 
• It serves as valid KYC proof and aids in KYC processes. This helps in fraud reduction. 
• The Aadhar card improves and enhances the loan request, verification, and approval procedure. Keep in mind that an Aadhar card cash loan or a small cash debt is not a sort of personal loan.

Key Takeaway

An instant personal loan is simple to get since it requires no security or collateral. Clients may get personal loans of up to Rs. 50 lakhs, depending on their salary and credit score. The Aadhar card is ID proof for prompt online KYC confirmation and loan approval.

Most NBFCs and banks need an Aadhaar card to approve a loan. In an emergency, users may also receive an urgent personal loan using this ID. Follow the above steps to apply and have the personal loan amount sent into your account in minutes.  

Visit Piramal Finance to learn more about instant personal loans and explore our range of products and services.