How to get instant personal loan using Aadhaar Card?

Over years, Aadhaar Card has become the most important document in India. It is needed in many processes demanding identification such as availing of financial services, filing Income Tax Returns and getting a PAN Card or government subsidy, among others. In fact, you can use your Aadhaar Card to even apply for an instant personal loan.

When you apply for a personal loan at a financial institution, you must submit your personal information, especially valid identity proof. In such situations, usually, Aadhaar Card is the most preferred identity proof. Here’s how you can get an instant personal loan by submitting your Aadhaar Card as identity proof.

Eligibility Requirements

While you can apply for an instant personal loan by submitting your Aadhaar Card, you must meet the eligibility requirements set by the lender for loan approval. Some basic eligibility criteria include—you must be 21-58 years old and have a stable job with a monthly income of at least Rs 15,000.

Most lenders ask for proof of the same, in which case, you must submit your last 6 months’ bank statements.

Documents Required

In addition to your Aadhaar Card, you must submit other documents when applying for an instant personal loan on an online loan app. These documents are needed so that the lenders can verify your credibility and background and gain assurance that you can repay the loan.

Lenders may also ask you to submit your employment information including the details of your workplace. Also, if you are a business person or own a company, you will need to furnish those details.

Besides, lenders may ask you for additional details such as your Internet Banking details for verification purposes when disbursing personal loan funds.

Applying for an Instant Personal Loan Using an Aadhaar Card

These days, it is easy to get an instant personal loan via an instant loan app such as SimplyCash. To apply for a personal loan on SimplyCash, follow these steps:

Check the Eligibility Requirements

Before applying for a personal loan on the online loan app, check if you meet all the eligibility requirements. Most apps have standard eligibility requirements concerning the age, employment status and in-hand salary of the applicant.

Submit an application

Once you have made sure that you satisfy all the eligibility requirements, you can fill out and submit an application form to enable the lender to initiate the process and disburse the loan. While most lenders may take some time to approve your loan application, you can get your loans sanctioned in less than 24 hours using an instant loan app such as SimplyCash.

Benefits of Availing a Personal Loan Using an Aadhaar Card

There are many benefits of taking a personal loan using your Aadhaar Card. Some of them are:

Helps Lenders Verify Your Identity

Your Aadhaar Card can be used for biometric authentication and comes in handy when taking a personal loan where lenders may need to verify your identity. So, by providing the lender with your Aadhaar details, you would enable them to process and disburse loans quickly.

Serves as a Valid Address Proof

When disbursing loans, lenders may also need to verify your current residential address. Providing them with your Aadhaar details helps quicken the process. However, you must still provide valid income proof.

Acts as a KYC Document

Most lenders need you to complete the KYC process so that they can approve and disburse the loan. The KYC process helps lenders verify your identity and background and helps prevent fraud. Your Aadhaar Card is a vital document required for the KYC process. So, providing the lender with your Aadhaar details can go a long way in making the KYC process for an instant personal loan disbursement a quick and smooth one.

Conclusion

It is a much faster and easier method to avail of an instant personal loan by providing your Aadhaar Card details to the lender. Whether you choose to apply for a personal loan offline or through an online loan app, your Aadhaar Card helps to quicken the process.

So, the next time you apply for an instant personal loan using an online loan app or by visiting the lender’s office, don’t forget to submit your Aadhaar Card details. It will help quicken the process and you can get your loan sanctioned instantly.

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