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How to Get a Personal Loan on an Aadhaar Card?
Posted on Thursday, March 28th, 2024 | By IndusInd Bank
In today’s uncertain world, unexpected financial challenges can cause significant distress. Despite having healthy financial habits, insurance coverage, and emergency funds, a sudden need for finance may arise anytime. Personal loans can be a valuable tool for handling such financial difficulties. What makes personal loans a great choice when you are in need is the easy accessibility, simple online process, and quick access to funds.
A personal loan is an unsecured loan that requires no collateral. IndusInd Bank Personal Loan can be availed online in no time with minimal documents such as PAN cards and Aadhar cards. IndusInd Bank offers personal loans for various needs and offers flexible tenures at a low rate of interest.
You need to furnish your identity proof and address proof as a KYC (know your client) document to avail of the loan online. The Aadhar Card issued by the Unique Identification Authority of India (UIDAI) serves as the identity proof (with a photograph) for loan applications. Aadhar e-KYC can help banks verify their identity based on the information maintained by the Unique Identification Authority of India (UIDAI). This includes information such as name, address, date of birth, photograph, demographic, biometric data, e-signature, and more. However, you may also need to furnish PAN details as an Aadhar Card alone does not guarantee approval of a personal loan.
What are the Eligibility Criteria for Getting a Loan on Aadhar Card?
The following are the eligibility criteria for availing personal loan on an Aadhar Card:
- Individuals above 21 years of age can apply. The age at which the loan matures should not exceed 60 years.
- The minimum net monthly income should not be less than INR 25,000
- Should have stayed at the current address for a minimum of one year (if rented)
- Should have completed two years in the employment and one year with the current organisation.
Also Read: Factors that influence personal loan eligibility: all you need to know
What are the Advantages of Availing Personal Loan on Aadhar Card?
Taking an instant personal loan on Aadhar Card offers various benefits such as:
- Paperless, digital, and streamlined application process Instant approval and quick disbursal of loans ensure a smooth process to avail personal loans.
- Secure digital process that ensures the protection of your crucial information.
- A competitive rate of interest makes credit affordable and easy on your pocket.
- Flexible repayment tenure (1 year to 4 years)
Also Read: Know about the different ways to pay your personal loan EMI
Process to Apply for a Personal Loan Online on Aadhar Card
The process for an Aadhar loan application online is quite simple with IndusInd Bank and involves the following steps:
- Log in to the IndusInd bank website or mobile application
- Go to the ‘Products’ tab and click on ‘Personal Loans’ under the ‘Loan’ section.
- Click on the ‘Apply Now’ button to start the online personal loan application process
- Provide all the relevant details, such as PAN number, Name, Email, Contact number, Address, Income details, etc., along with the Aadhar Card
- Choose the best suitable offer for you and continue
- Once you submit the details, real-time video KYC is done for verification
- Post verification, the loan gets instantly approved, and the amount is quickly disbursed to your account
Conclusion
In conclusion, with the digital application process and Aadhar e-KYC, getting a personal loan has become a simple and hassle-free process. No collateral, flexible tenure, competitive rate of interest, zero paperwork, and 24/7 accessibility make personal loans a valuable tool for urgent financial needs.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
