A personal loan fulfils various financial needs. Earlier, when instant loan apps did not exist the time taken for a personal loan verification was tiring for the borrower. Financial institutions demanded multiple documents for loan approval. Nowadays, as instant loan apps accept paperless documentation,
small cash loans can be easily availed online through an Aadhar card. The loan amount is decided by the lender based on your credit score.
The personal loan documentation process is simplified to a great extent with an Aadhar card. Borrowers applying for small cash loans online can enter the Aadhar card number linked to their mobile number for verification of personal details. This process is known as e-KYC verification where physical documents are not required. There are some lenders who accept
personal loan applications online using the scanned Aadhar card copy.
Advantages of applying for a personal loan via Aadhar Card
The introduction of the Aadhar card made the personal loan procedure simple with the following benefits:
-Aadhar card proves to be a concrete proof of the borrower’s Indian citizenship and identity. So, only one document is enough for personal identity verification.
-Aadhar card can be used as a sole document to apply for more than one personal loan online.
-Aadhar card clearly states about the borrower’s age, photo, address, and identity. So, there is no requirement for any second document.
-Aadhar card makes the personal loan process simpler, saves documentation time and, enables instant approval/sanction of the loan amount.
Steps to use Aadhar card to avail small cash loans online
- Install an instant loan app on your phone or visit the loan provider’s website
- Register with your mobile number and email id
- Enter the mobile number that is linked to your Aadhar card for identity and address verification
- Enter the 12-digit Aadhar card Number as KYC proof.
- Some websites may require a scanned copy of Aadhar card with other income-related documents
- After verification of the submitted documents, the sanctioned loan amount will be credited directly into your bank account
Paperless documentation is being promoted by the government of India to prevent loan-related frauds. Aadhar card contains all the necessary personal details of the borrower; this has decreased the number of fraudulent banking activities online. So, whether you are applying for a small cash loan for travel, home renovation, medical emergency, etc. ensure you have an Aadhar card copy handy during the small loan application online.
Hero Fincorp is an instant loan app by HeroFinCorp that provides
personal loan approval online in 24 hours on the basis of Aadhar card verification. Borrowers can avail of a loan between Rs.50,000 to 1.5 Lakh using the Aadhar card on Hero Fincorp.
Popular Small Cash Loans are Available on Aadhar Card?
Financial companies in India have created different types of short-term loans to suit different financial needs. Borrowers can avail of the below small loans on their Aadhar card via instant loan apps:
Home Renovation Loan: Urgent home repairs and renovation work incur a considerable amount of expense. These can be covered with a small cash loan that can be repaid in a year’s time. Refurbish your home with small loans made easily available with Aadhar card paperless documentation.
Consumer Durable Loan: There are many latest electronic gadgets and appliances available in stores and online platforms. These are expensive products that can be bought on EMIs via consumer durable loans. DSLR camera, Apple iPhone, smartwatch, kitchen chimney, food processor, etc. can be yours with Aadhar card approved instant personal loans.
Medical Emergency Loan: A medical emergency demands urgent cash. Instant personal loan apps are a great source of acquiring immediate money based on Aadhar card verification.
