Aadhaar Card Loan: How to Apply Online Instantly in a Few Simple Steps
An Aadhar card is a mandatory identity proof document for every citizen in India. Whether for travel, business, education, or any other situation requiring personal verification, an Aadhar card fulfils that need. An Aadhar card has the user's biometric data, making the verification process quicker. It is important that your Aadhaar details are correct and remain updated at all times.
The widespread acceptance of instant personal loan apps has simplified the use of Aadhar cards for many borrowers in India. The Aadhar card number verified with your mobile number enables KYC verification in seconds. With paperless documentation, this streamlines instant loan applications and reduces loan approval time.
The lender determines the loan amount based on your credit score. Lenders may offer a loan ranging from 50,000 to 5,000,000, depending on the 100% authentic submission of documents.
What Is an Aadhar Card Loan?
An "Aadhaar Card Loan" is not a loan category but a personal loan that leverages your Aadhaar card as your primary address and identification proof to enable a speedy and hassle-free e-KYC (electronic Know Your Customer) process.
Benefits to Apply Personal Loan on Aadhaar Card
The Aadhar card number linked to your mobile number approves the loan faster. It is mainly a personal identity proof required mandatorily for a background check of the borrower. Here are some key benefits of applying for personal loans online via an Aadhar card:
- Real-time verification enables instant approval within minutes
- Quick disbursal of the personal loan amount within 24-48 hours
- Multiple instant personal loan requests can be submitted with an Aadhar card
- Flexible repayment policy as per your convenience within 12-36 months
- Aadhar is verified in a paperless format where only the unique Aadhar number is entered and submitted for verification. It saves a considerable amount of time.
- A collateral-free instant loan that doesn’t require a guarantor or an asset for loan approval.
Interest Rate to Get Personal Loan on Aadhaar Card
You can apply for a loan on aadhaar card at Hero FinCorp. We have low processing fees, competitive rates of interest, and a quick approval process in 10 minutes.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Our online loan app does not charge any cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are also non-refundable |
Eligibility Criteria to Apply Personal Loan Using Aadhar Card
Before applying for a personal loan using your Aadhaar card, make sure to check whether you meet the eligibility criteria.
| Eligibility Criteria | Details |
|---|---|
| Age | Should be between 21-58 years |
| Residency | Must be a resident of India |
| Employment | Should be employed with a private or public sector company |
| Minimum Income | Rs.15,000/- per month |
How Much Instant Personal Loan Can I Get on an Aadhaar Card?
The loan amount that you may be eligible for on your Aadhaar card is based on your eligibility, income, and repayment capability. The amount will generally be from Rs 50,000 to Rs 5,00,000, so you can select according to your requirements.
For a detailed explanation of various loan amounts, see:
Rs 50,000 Personal Loan on Aadhaar Card
Rs 1 Lakh Personal Loan on Aadhaar Card
Rs 2 Lakh Personal Loan on Aadhaar Card
Rs 3 Lakh Personal Loan on Aadhaar Card
Rs 4 Lakh Personal Loan on Aadhaar Card
Rs 5 Lakh Personal Loan on Aadhaar Card
How to Apply for a Personal Loan with an Aadhaar Card?
Applying personal loan using aadhar card is easy, you just need to follow the steps listed below:
- Install an instant loan app on your phone or visit the Hero FinCorp official website
- Register with your mobile number and verify with OTP
- Handy the documents to apply personal loan online with complete digital process
- Some websites may require a scanned copy of an Aadhar card with other income-related documents.
- After verification of the submitted documents to apply loan on aadhaar card, the sanctioned loan amount will be credited directly into your bank account.
Conclusion
Finally, an Aadhar card is considered a significant document for an instant personal loan. The Aadhar card introduced in April 2010 changed the loan scenario completely. Borrowers struggling for cash in hand to manage financial emergencies can now opt for an instant loan via Aadhar card. Once the required documents are approved, the loan is disbursed instantly into your accepted bank account.
Besides the Aadhar card, income-related documents are also required for verification to get loan approval. Salaried and self-employed individuals are required to submit their last 6 months of bank statement. This 100% digital process has reduced the hassles of submitting multiple documents for loan approval.
Frequently Asked Questions
1. Can we take a loan on Aadhar?
Yes, you can easily take a loan using the Aadhar card. Your mobile number should be linked to the Aadhar card. It is a single document for your ID proof and address proof.
2. How can I get a loan from an Aadhar card?
You need to scan and enter the Aadhar card number, which should be linked to your mobile number. This quick verification via Aadhar card saves a lot of time, helps in faster loan approval and keeps you stress-free from collecting a bunch of documents in hand.
3. How much loan can I get on an Aadhar card?
The loan amount is decided by the lender based on your credit score. Lenders may offer a loan ranging from 50,000 to 5,00,000 or more, depending on the authenticity of documents submitted.
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