Launched in 2010 by the government of India, the Aadhar card is one of the most important proofs of residence in the country. It comes with a unique 12-digit number and carries some sensitive user information like Iris scan data, fingerprint, etc. The purpose of launching such a residence identification card was to help Indians to avail both public and private services easily. It is required to open a bank account, avail a SIM card, get Permanent Account Number (PAN) card, file Income Tax Returns (ITR), apply for a passport, etc. Some studies have shown that over 90 percent of Indians have enrolled for Aadhar card and more are into the process.
The government of India has although not made Aadhar card a compulsory document in all cases, every public and private institution prefers Aadhar to verify the customer easily. Similarly, lenders across India also demand borrowers to produce their Aadhar card to process the loan application quickly. This allows individuals to avail a Rs 10000 loan on Aadhar card or even more without any hassle. How? Let us understand the same in detail.
Aadhar card is one of the most important documents to avail any financial service.
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Aadhar Personal Loan: An Overview
Availing Rs 10000 loan on Aadhar card is not difficult. One may wonder, how Aadhar card can be used to get a loan or how lenders can rely on Aadhar card only to sanction the loan to applicants?
Producing an Aadhar card while availing a personal loan can eliminate the need for most of the paperwork and documentation.
To avoid financial fraud, lenders are required to complete Know Your Customer (KYC) formalities of the loan applicant. Earlier, a lot of documents were required to complete the KYC process which made the process of applying for a loan and sanctioning the same extremely cumbersome for both the applicant and the lender. However, with the advent of a powerful residence identification proof like an Aadhar card, lenders can complete the KYC and verify the applicant easily within a few seconds. The loan applicants can also use the e-KYC process, which most of the online lenders offer these days. Once the KYC is done, the applicant has to go through almost no formality and paperwork and the loan is sanctioned if the eligibility criteria are met and the details provided are correct. This is how anyone can avail at least a Rs 10000 loan on Aadhar card without any hassle.
Features of Aadhar Card Loan
As clear from the name itself, an Aadhar card loan is available for anyone who has a genuine Aadhar card, or in other words, is a registered resident of India. The features of Aadhar Card Personal Loan are as follows:
- A Rs 10000 loan on Aadhar card or more can be availed by any individual having a valid Aadhar card.
- An Aadhar card loan is a type of instant personal loan, in which, the applicant has to go through minimal or no documentation to get the loan approved.
- Having an Aadhar card negates the need to provide the PAN card to the lender for the processing of the loan application. Aadhar card is enough to complete the KYC process necessary in any loan application.
- You can also use your Aadhar card details to apply for an online Rs 10000 loan on Aadhar card. Many lenders provide an e-KYC feature on their web portal or app through which users can complete the KYC without any hassle.
- It is not necessary that you will get only Rs 10000 loan on Aadhar card, instead, based on your credit score, financial status, and income, the lender can even sanction a loan amount as high as 25 lakhs.
- Aadhar card is accepted by all the lenders in the country. Hence, you can choose any lender as per your preference.
Benefits of Availing an Aadhar Personal Loan
There are several perks of availing a Rs 10000 loan on Aadhar card or more. Having an Aadhar card is not compulsory to avail a personal loan, but an Aadhar personal loan simplest the loan approval process and gets you the following benefits:
- An Aadhar card simplifies the KYC process which is mandatory to avail any loan. A Rs 10000 loan on Aadhar card or any Aadhar card loan is thereby preferred by applying individuals as well by the lenders. You can get an Aadhar personal loan online easily from Navi without any paperwork.
- The loan is approved as quickly as possible once your loan eligibility is met since most of the time in any loan process is wasted in KYC, which can now easily be done within a minute using Aadhar card.
- An Aadhar personal loan, just like any other personal loan comes with utmost flexibility where the applicant can decide the loan repayment period at his convenience.
- A personal loan on Aadhar card eliminates the need of producing the PAN card for applicant verification. Aadhar card is enough to complete the KYC process and proceed with the loan application.
- One can borrow an Aadhar personal loan of an amount as low as Rs 10000 and as high as Rs 25 lakhs.
How to Apply for an Aadhar Personal Loan
Applying for an Aadhar personal loan is as easy as browsing the internet. The steps are mentioned below:
- Go to your preferred lender’s website or install its application. Signup yourself using your mobile number or email address, if asked.
- Enter your personal details like name, mobile number, email address, Aadhar card number, PAN, etc as asked on the loan application page.
- Enter the desired loan amount and select the repayment period. Make sure to check your monthly EMI, which you will be paying in the upcoming months.
- You will now be redirected to complete your KYC online. Enter your Aadhar card number, after which an OTP will be sent to the mobile number linked with your Aadhar card. Enter the OTP and complete the KYC.
- Your loan application will be submitted, after which you will receive a confirmation for the same. The lender will go through the necessary details to sanction the loan.
- Once the loan application is approved, the sanctioned amount will be deposited into your bank account instantly. You can use the disbursed funds for your financial needs.
As we have seen that an Aadhar personal loan brings a lot of benefits to the borrower. Features like easy verification and hassle-free loan approval have increased the popularity of availing a personal loan using an Aadhar card. This shows how powerful the Aadhar card is in the financial world. Hence, keep your Aadhar card updated and use it whenever you need a personal loan.