An Aadhar card loan is a kind of quick cash loan in which the applicant only must provide their aadhar card. This minimum verification loan has simplified the process for loan approval and payment. You don’t have to wait several days or complete a lot of paperwork to secure a cash loan. An Aadhar card loan is that it is easy for lenders to verify the information provided by the borrower due to the digital KYC procedure.
This kind of loan enables you to manage money problems in a shorter time. Lenders spend less time verifying information because they can immediately review the information from the Aadhar database. Just apply for an aadhar card loan at any time.
How to Apply for Aadhaar Card Loan
Follow these steps to apply for a quick personal loan using your Aadhar card.
- Visit the lender’s website or get a loan app.
- Go to the personal loan section of the website and click the ‘Apply Now’ button.
- To register, put your mobile number into the loan app.
- Enter your personal details and Aadhaar information.
- Specify the loan amount and period.
- Enter your bank information and activate auto-debit.
- After you can give KYC details such as PAN, address and income proof.
- Once KYC verification is completed, if you are approved, the loan will be given to your bank account immediately.
How much loan will get with Aadhaar?
Using your Aadhar Card as your main KYC document, from Rs. 25,000 up to Rs. 40 lakhs, you can apply for a personal loan. The borrower is eligible for Rs. 50,000 Aadhar card personal loan with actual KYC document verification. Aadhar linked to a mobile number allows for easier verification between the lender and borrower, improving the loan approval procedure.
On the Google Play Store, there are various instant personal loan apps. Carefully study all features, benefits, and interest rates, and then apply for a loan using your Aadhar card.
The only document you need to get a personal loan on an Aadhar card is your Aadhar. And KYC verification documents are listed below.
- Aadhar Card.
- PAN Card.
- Address Proof for Passport/Driving License/ Ration Card/Electricity Bill/Rent Agreement.
- Income Proof for Salary slips, Income Tax Returns & Bank Statements.
- Passport-size photo.
Interest Rates on Aadhaar Loan
The interest rate on an Aadhar card personal loan changes per lender. Keep a good CIBIL score to be able to get the best interest rates on your loan.
- The interest Rate starts from 1.33% per month.
- Loan Processing Charges: Between 2% and 8% of the acceptable loan amount.
- The processing charge is taken from the approved loan in advance.
- Interest on Overdue EMIs: 2% each month on the outstanding EMI or main loan balance.
- Individual Housing Loan – Min 9.00% Max 16.75%
- Individual Non-Housing Loan – Min 12.50% Max 17.50%
- Salaried – Home Loan for 11.75% to 16.50%
- Self-Employed – Home Loan for 12.75% to 17.00%
- Loan against Property for 15.00% to 17.00%