An Aadhaar card is used as proof of identity and address. Many banks and finance companies have started offering digital personal loans through Aadhaar card. This process is completely online, allowing the loan to be approved quickly. In this article, we will provide complete details on the Aadhaar Card Loan, a new initiative by the government to enable quick loans.

What is a Personal Loan with an Aadhaar Card?

A Personal Loan with an Aadhaar Card provides a hassle-free financing solution with minimal documentation. The Aadhaar Card is used as the primary KYC document, which streamlines the application process. Biometric authentication speeds up the verification, allowing for quick loan approval.

Loan Benefits

Less documentation: Only an Aadhaar and PAN card are required.
Digital and fast processing: Once applied online, the loan amount is credited to your account within 24-48 hours.
No guarantee required: This loan can be taken without pledging any property.
Accessible to all: Both salaried and self-employed individuals can apply for this loan.

Who can take the loan?

  • Age should be between 21 to 60 years.
  • Minimum monthly income should be ₹15,000-₹25,000.
  • A good credit score (650+ points) is required.
  • An Aadhaar card should be linked to the mobile number.

How to apply?

  1. Visit the bank’s or loan app’s website.
  2. Check eligibility and upload the required documents.
  3. After approval, the money will be credited to your account within 24-48 hours.

Things to keep in mind before taking a loan

Before taking a loan, make sure to compare the interest rates and other charges. Paying EMI on time will help improve your credit score, making it easier to get a loan in the future.