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Is it Mandatory to have Aadhaar Card to avail Personal Loan

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Although it is not mandatory to provide an Aadhaar card, but having an Aadhaar card handy while loan application will make the loan approval process much easier. Aadhaar card consists of a unique 12-digit alphanumeric code that serves as an individual identity proof as well as address proof accepted by all financial institutions.
 
Funds needed for personal reasons can be endless. The reason could be as small as buying a washing machine or as big as wedding expenses or any kind of personal emergency. Thus, submitting an Aadhaar card to avail a personal loan will allow the verification process faster and will be simpler for the lenders, resulting in quick approval and disbursalof funds. In the absence of Aadhaar card, borrowers can submit PAN card copy or a driving license.
 
Different Types of Personal Loan on Aadhaar Card
 
Avail a personal loan on Aadhaar card for diverse reasons that include-
 
  • Wedding expenses
  • Home renovation
  • Buying consumer products
  • Debt consolidation
  • Higher education
  • Vacation/travel
  • Medical emergency
 
However, HeroFinCorp, a smart instant personal loan app offers a personal loan on Aadhaar card in a range of 50,000 - 1,50,000, based on different cities and individual’s monthly income.
 
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Features and benefits of a Personal Loan on Aadhaar Card to suit the borrowers:
 
  • Instant approval
  • Flexible repayment tenure of 6-24 months
  • Facilitates customization of loan amount & EMI
  • Disbursal of personal loan within 24 hours
  • No hidden charges
  • Paperless documentation helping in instant loan sanction
  • Automated repayment schedule
  • Low interest rate
 
 
How to apply for a Personal Loan on an Aadhaar card?
 
With online instant personal loans, Aadhaar card is considered as the basic document for instant loan requirements. Aadhaar card details submitted online allows borrowers to complete the paperless documentation and hassle-free application process precisely.
 
Apply for personal loan on Aadhaar card through Hero FinCorp instant personal loan app online:
 
  • Install the Hero FinCorp personal loan app from Google play on your android phone
  • Register your Mobile number for OTP verification
  • Enter your Aadhaar number linked to your mobile number
  • Plan and select your loan amount and tenure to derive a suitable EMI
  • Fill in the basic details like your personal, professional, and employment details
  • Once the verification and validation are done,the personal loan amount will be disbursed within 24 hours.
 
Students applying for education loan to study abroad should have their Aadhaar card handy. It confirms your citizenship in a foreign land, speeds up the application process and increases credibility of the borrower. Over all, Aadhaar card stands as a strong proof about the authenticity of the borrower during the loan application process.

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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