These days, lending institutions verify KYC to process an applicant’s loan. It is a government-mandated procedure that requires compliance from borrowers and lenders. Since your biometrics are linked with your Aadhaar, the loan process becomes much more accessible if you provide your UIDAI number.
Whether you need instant funds for education, home renovation, or vacation, you no longer need to go through rigorous documentation to obtain a Personal Loan. For instance, if you require a Rs 50,000 loan, apply online using your Aadhaar card like Hero FinCorp and get the required funding without hassle. Let's explore this in detail.
Aadhaar card loans are instant Personal Loans that feature quick processing due to minimal documentation requirements. Many financial institutions offer these loans with fast approval times to ensure quick funding access. These are unsecured loans you may borrow without providing an asset as collateral. These loans are suitable for handling any financial crisis.
Let’s look at the features and benefits of getting a loan on an Aadhaar card:
Flexible Loan Amount: Evaluate your requirements and apply for a sufficient loan amount. Whether you need a small Personal Loan of Rs 50,000 or a substantial amount of Rs 5 Lakh, you can borrow a loan according to your needs.
Easy Application: The application process is 100% digital. You can complete it from the comfort of your home without any office visits.
Minimal Documentation: For amounts as low as 50,000, apply for the loan online using your Aadhaar card. Although your Aadhaar number is sufficient to verify your KYC, the lender may require a few documents supporting documents to verify your income. You don't need to visit the lender's office to submit the necessary documents.
Fast Disbursal: Once the lender verifies your documents, they send you a loan offer. Review and accept the loan offer to initiate the disbursal process shortly. The loan amount will directly reach your bank account.
No Collateral: Since these are unsecured loans, you can receive them without pledging any asset as security.
Flexible Repayment: Choose a repayment option according to your monthly repayment capacity. The longer you take to repay the loan, the smaller the EMIs but the higher the interest outgo. Use an EMI calculator to choose a repayment schedule that is suitable for your budget.
You must meet certain eligibility conditions to aadhar card loan 50000 online apply or more. These are some eligibility criteria:
Age: 21 to 58 years
Citizenship: Indian citizens only
Occupation: Salaried employees and self-employed professionals
Work Experience: Six months for salaried and two years for self-employed applicants
Monthly Income: Minimum Rs 15,000 per month
Besides these, your Aadhaar card must have the latest information and be connected to your current mobile number. Credit history also matters, based on which lenders determine your creditworthiness. While the eligibility conditions may differ between lending institutions, fulfilling them boosts your chances of getting easy approval.
When applying for an instant loan on an Aadhaar card, you must provide a few additional documents to confirm your details. Since they differ for salaried and self-employed applicants, here’s an overview of both:
Mandatory Documents: Dully filled application form and passport-sized coloured photograph
Home Ownership Proof: Property documents, electricity bills, maintenance bills
Income Proof: Form 16, last six months' bank account statements of the salary account, previous three months' salary slips
Job Continuity Proof: Current employer’s appointment letter, previous employer’s experience certificate
Office Address Proof: Rent agreement, property documents, utility bills, maintenance bill
Income Proof: Last two years’ income tax returns, last six months’ bank statement
Business Existence Proof: Company’s registration certificate, shop establishment proof, copy of tax registration
If you plan to secure a loan on an Aadhaar card, these are the steps involved:
Research the Lender: Compare loan companies offering instant Personal Loans. Check their interest rates, loan amounts, repayment terms, etc., to make an informed choice. Factors affecting your choice may include customer service, reputation, experience, loan plans, etc.
Eligibility: After shortlisting, check the lender’s eligibility conditions to ensure you can fulfil them. Doing that will attract easy approval and avoid rejection for a trivial reason.
Choose an EMI Plan: A longer tenure means smaller EMIs but higher interest outgo. On the other hand, a shorter tenure means bigger EMIs but lower interest costs. You must keep a balance to gain the maximum benefit. Use an EMI calculator to choose the shortest possible repayment term with budget-friendly EMIs.
Application: Visit the lender’s website or download their loan app. Register to create an account and provide a few necessary details. Fill out and submit an application form online.
Aadhaar Verification: Based on the details and documents you enter, the lender will conduct the verification process and determine your loan amount, interest rate, repayment term, and other loan conditions. Finally, they will send you a loan offer with these details.
Disbursal: Review and accept the loan offer to initiate the disbursal process. The approved loan amount will reach your bank account within a short period.
Earlier, the Personal Loan application process involved a hefty documentation process with lots of paperwork and office visits. But now, you can easily apply for a loan online with an Aadhaar card. If you are looking for a 50,000 loan to meet your immediate expenses, apply using your Aadhaar card online at the Hero FinCorp loan app or website.
Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions.
Hero FinCorp and ThinkWithNice does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.