A Guide to Availing 5 Lakh Loan Through Aadhaar Card

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Aadhaar Card

Monetary exigencies often come unannounced and hold often create a considerable dent in your financial position. In such scenarios, you have zero option but to place an application for a personal loan to act as an instant fix. In such scenarios, you as an individual can benefit from the existing KYC norms and avail a loan proceed of your choice, say you require Rs 5 lakh loan through Aadhar card loan. Note that a loan scheme through the Aadhar card has come across as a boon for many individuals in our country who otherwise hold inadequate means to qualify for a personal loan. So, here’s the question – how can an individual place an application for an Aadhaar card loan of an amount equaling Rs 5 lakh? What are the important documents required and the rate of interest for the loan? Everything is discussed here in detail – 

A brief regarding Aadhar card

The then prime minister Manmohan Singh and Sonia Gandhi, congress president introduced the Aadhaar card program in 2010. While viewed more as a gimmick in the beginning years, Nandan Nilekani, the ex-UIDAI president had some other important plans and was in discussion with Finance Ministry to endow Aadhaar with the status of the KYC (know your customer) document. 

From being issued for 1,000 people in a place known as Tembhali to delivering over 131.68 crores of Aadhaar, the initiative has come a great long way. This is not just the KYC document of your need and choice but even is used to avail of instant personal loans to meet exigencies. 

What are the basic objectives of the Aadhaar card?

An Aadhaar card is a twelve-digit unique identification figure that not just serves as citizenship proof but can even be used for performing various other important activities like applying for a PAN card, filing ITR, and others most importantly, you can also apply for a personal loan using your Aadhaar card. 

Here are some of the important basic objectives of the Aadhaar card, which you must be well-versed with – 

  • This is a single document usable as age proof, identity proof and address proof. 
  • It can be utilised to get various government services with zero requirements for any middlemen. 
  • It serves as a single identity for each Indian citizen.

Loan through Aadhaar card – an introduction

In the present day, no credit option can be processed without submitting any KYC document. A KYC document is a government mandate that all lenders must ensure to check before proceeding with your loan application. Given the biometric is connected to your Aadhaar, when you apply for a personal loan endow your UIDAI details, and the process becomes highly accessible and less cumbersome and stressful for the lending players. 

What are the loan proceeds that you can get through your Aadhaar card?

If you as a candidate do not hold any salary statement and want to apply for a personal loan with your Aadhaar, you must provide your past 6 months’ bank statement. Once you upload it, the lender will evaluate the details and make the evaluation of your personal loan application. In most cases, financial lenders are happy to provide you with a loan starting from Rs 5,000 and going as high as Rs 25 lakh depending on your UIDAI number. 

What is the crucial eligibility parameter or criteria for availing the loan?

For all those looking places an application for a personal loan via Aadhar only, here are the important eligibility parameters to be mindful of – 

  • You must possess an Aadhaar card issued by the UIDAI. 
  • You must be an Indian citizen or resident aged from 20 to 60 years. 
  • You must be self-employed or salaried earning at least Rs 15,000 every month.
  • Your credit score as an individual must be 750 or higher. 
  • You must be a working individual with a work record with the current employer of at least 1 year. 

How can you place an application for an Aadhaar card loan through the online medium?

The Aadhaar card loan is an unsecured loan  i.e., it does not need any kind of mortgage from you the applicant end. At the most site of the lender, you as a borrower can avail a personal loan that may range anywhere from Rs 50,000 and Rs 5 lakh. Also, the processing charges and rate of interest are usually kept at a genuine level to make sure a win-win scenario for both involved parties. 

Here are some of the important measures that any individual looking for a loan through an Aadhaar card must ensure to follow – 

  • Visit the lender’s site and begin a new application for a loan through the online mode by hitting on the option “apply now”. 
  • Once you click on it, you will get redirected to a digital form. Here, you as a borrower must input your loan and personal information. 
  • Once you have filled out the form, you must upload the documents in soft copies. The required documents include an Aadhaar card, 6-month bank transaction history and various other asked documents by the lender. 
  • Now after you upload all the required documents along with the form, you must wait for the processing to happen. In most scenarios, authentication usually takes a few minutes. 
  • After the authentication is done successfully, you as an applicant will get instant confirmation linked with loan approval if everything falls in the correct place. 
  • Once you receive the application approval, your loan proceeds may be disbursed within a few hours to your bank account. 
  • Depending on your repayment potential as a borrower, you can select a flexible loan repayment tenure that may range anywhere from 12 months to 60 months. 

How can you place the application for a personal loan through an Aadhaar card?

Earlier, when you applied for a personal loan, it was important for you to submit a lot of documents. However now, the Aadhaar card as well as digitalisation has made it possible for you to place an application for a personal loan with ease. Note that, your Aadhaar card is nothing but a single document that serves as KYC proof and is widely accepted by most financial institutions as identity proof, citizenship proof, birth proof, residential proof, etc.