AADHAR CARD LOAN: Aadhar card has made it easy to take a loan! Nowadays, in the era of Digital India, taking a loan has become very easy when you need money. Earlier, taking a loan meant a lot of documents, long procedures and a lot of hassle from the bank. But now with the help of Aadhar card, you can take a loan very easily. Aadhar card is not just an identity card; now, with its help, you can get an instant loan from banks or financial institutions. Today, let us understand in simple language how to take a loan on Aadhar card, what is its process, which loans can be obtained and what are its benefits!
Eligibility to take a loan on Aadhaar card?
- Age: To apply for a loan, your age should be at least 18 years and up to a maximum of 65 years. In some places, the rule is 21 to 60 years.
- Stable income: Your monthly income should be stable. That is, if you are working, you will have to show your salary slip or bank statement. The minimum monthly income should be Rs 15,000 to 25,000.
- Aadhaar card: You must have a valid Aadhaar card. And your mobile number should be linked to your Aadhaar card because it is needed for OTP verification.
- Smartphone and Internet: The process of taking a loan on an Aadhaar card is mostly online, so you must have a smartphone and internet connection.
- Bank account and PAN card: You must have a bank account and a PAN card because this information is checked while approving the loan.
Process of loan on Aadhaar card.
Step 1: Download the loan app
- These days, there are many apps and websites where you can take a loan on an Aadhaar card. Some popular apps are – Moneyview, Kreditbee, CASHe, Zype, and Hero FinCorp. Download these apps on your phone.
Step 2: Register on the app
- After downloading the app, you have to register on it. For this, you have to fill in information like your name, mobile number, email ID, and address. Some apps ask you for your monthly income and job information.
Step 3: Verify the Aadhaar card
After registering, you have to enter your Aadhaar number. After this, an OTP will come on the mobile number linked to your Aadhaar. You have to verify your Aadhaar card by entering this OTP. In some places, biometric verification (fingerprint or iris scan) is also required.
Step 4: Select Loan Amount and Tenure
After Aadhaar verification, you need to select how much loan you want and for how long. For example, if you want Rs 50,000 for 6 months, select that. The app will check your credit history and eligibility.
Step 5: Upload other documents
Along with an Aadhaar card, you need to upload a PAN card, bank account details (account number, IFSC code), and, in some cases, a selfie or salary slip. But this process is completed with very few documents.
Step 6: Loan approval and money transfer
Submit your application after filling in all the information. Your loan will be approved within a few minutes or a maximum of 24-48 hours. Once approved, the loan amount is directly deposited in your bank account.
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Advantages of taking a loan on Aadhaar card
- Fast process: The Aadhaar card makes loan approval very fast. Some apps approve loans in 5 minutes, and the money is in your account within 24 hours.
- Less documentation: Earlier, a lot of documents were required for a loan, but now only an Aadhaar card, PAN card and bank account information are enough.
- No collateral required: This loan is unsecured, which means you do not need to pledge anything.
- Online and paperless: The entire process is online. You do not need to visit the bank or submit any documents.
- Use the loan anywhere: You can use this loan for any need – medical emergency, wedding, education, home renovation or other expenses.
- Loan even on low credit score: If your credit score is low, some apps still offer loans on an Aadhaar card, but the interest rate may be high.
Type’s of loan available on Aadhaar card
- Personal loan: This loan can be taken for any personal need. No collateral is required for this. You can take a loan of Rs 10,000 to Rs 5 lakh.
- Short-term loan: This is a loan for a short period, such as 1-6 months. The amount is less, e.g., Rs 10,000 to Rs 50,000.
- Home loan: You can also get a loan on an Aadhaar card for buying or constructing a house, but more documents may be required for this.
- Education loan: If you want a loan for education, then you can get it with the help of an Aadhaar card. This loan is useful for children’s education.
- Business loan: If you want to start a small business, you can get a small loan on an Aadhaar card.
Interest on a loan on Aadhaar card
The interest rate on a loan on an Aadhaar card depends on many factors, such as:
- Your credit score (a score of 650-700 is considered good)
- Loan amount and tenure
- The lending institution (bank or app)
Generally, the interest rates on loans on Aadhaar cards range from 10.99% to 25%. For example, Kotak Mahindra Bank starts at 10.99%. However, some apps like Moneyview have a rate of 16-23%. Apart from this, there may be processing fees (2-4% of the loan amount), late payment fees and other charges.
FAQ for Loan on Aadhaar Card:
1. Can I get a loan using only my Aadhaar Card?
Yes, you can get a loan using your Aadhaar Card through apps like Moneyview or Kreditbee, with minimal documents like PAN and bank details.
2. What types of loans can I get with an Aadhaar Card?
You can get personal loans, short-term loans, home loans, education loans, or business loans using your Aadhaar Card, depending on the lender.
3. How fast can I get a loan with my Aadhaar Card?
Aadhaar-based loans are quick—approval can take minutes, and funds are usually transferred to your bank account within 24-48 hours.
4. What is the interest rate for Aadhaar Card loans?
Interest rates for Aadhaar Card loans typically range from 10.99% to 25%, depending on your credit score, loan amount, and lender policies.
5. Are there risks in taking a loan on Aadhaar Card?
Yes, beware of fake apps, high interest rates, or hidden charges. Always use trusted platforms and read loan terms carefully to avoid scams.