What is the impact of a personal loan on an Aadhaar card?

A personal loan can be utilized for meeting any of the unfortunate circumstances wherein you are short of money and require an urgent loan 10,000, or of a higher amount for mitigating needs like medical expenditures, child’s higher education or wedding expenses, home renovation etc. The government of India (GOI) has made it compulsory for the banks and financial institutions to collect the KYC details from the applicants or loan seekers to prevent money laundering. Banks have even started the e-KYC process, which is very easy and simple. As an Aadhaar card contains the biometric data of the individuals, the loan processing of any amount may be of a 10000 loan on Aadhar card or any other amount easily. 

Previously, both the public and private sector banks demanded various documents from applicants to approve their personal loan applications. Thus, the time taken for the approval was quite long. However, with the introduction of the Aadhaar card, the requirement for an increased number of documents has decreased, and the time taken for the approval of the loan has lowered. Note that personal loan is usually availed for exigency purposes like funding higher education, medical expenditures etc. and the Aadhaar makes the procedure quicker. All personal details of the loan seeker are found in the Aadhaar card. As a result, the time taken to avail of loan approval is less. 

Procedure to use the Aadhaar card to apply for the personal loan

The online procedure has made it simpler and easier for you to apply for a personal loan. There are various Fintech lenders that permit you to apply for the loan in just a few easy steps. With the assistance of such podiums, you can review and compare numerous personal loan deals offered by top lenders like NBFCs and banks in India. All of them work with their partner banks for providing the best loan offer, lower rates of interest and attractive discounts for you. During the online procedure, no physical documents are required to be submitted by the seekers. All you, as a seeker of a personal loan, should do is upload a scanned copy of your Aadhaar card. 

∙       Visit the financial aggregator’s website or bank website to check as well as compare loan offers. 

∙       Apply for a personal loan on the site. Enter your personal details and the loan requirements. 

∙       After this, a bank or financial institution’s representative will contact you for detailed verification. 

∙       Submit your scanned Aadhaar card details and other documents online. 

∙       After proper document verification, the sanctioned amount gets credited to your savings bank account. 

List of the top NBFCs and banks using the Aadhaar card as the primary identity proof

Most of the NBFCs and banks endow personal loans, considering the Aadhaar card a primary ID proof. Few of the banks include: 

HDFC bank

This bank offers personal loans beginning from 10.25 percent p.a. onwards. HDFC provides multiple repayment tenure options, fast processing, and good customer service. Seekers are not required to pledge any security or collateral to get the personal loan approval. 

Required documents are: 

Identity proof: Driving license, Aadhaar card, passport etc. 

Address proof: Aadhaar Card, Voter ID card, Driving license and passport.  

Other important documents: Bank statements for the past 3 months, latest salary slips, form 16 and a passport size photo. 

ICICI bank

ICICI bank in India is amongst the leading banks in the private sector. This institution provides a hassle-free application process, minimal documentation, and flexible repayment loan tenure. 

Documents needed for salaried applicants include: 

Identity proof: Driving license, Aadhaar card, passport etc. 

Address proof: Aadhaar card, voter ID card, or driving license. 

Bank account statements or Bank statements for the past 3 months & last 3 months salary slips. 

State Bank of India 

SBI provides personal loans at an attractive rate of interest, loan repayment tenure of up to 5 years with a nominal 1-time processing fee. 

Documents needed for the salaried individuals include: 

Identity proof: Aadhaar card, PAN card, Passport, Driving license etc. 

Address proof: Aadhaar Card, Voter ID, Driving license, and passport. 

Income proof: Form 16, bank statement for the past 3 months, latest salary slips, past 6 months account statements audited, and ITR returns for the past 2 years. 

A passport size photo

Punjab National Bank

Punjab National Bank provides personal loans at a lucrative rate of interest and at attractive repayment tenure. 

Important documents include: 

Address proof: Voter ID, Passport, Aadhaar card, driving license or PAN card. 

Identity proof: Driving license, Aadhaar card, passport etc. 

Other crucial documents include the Bank statement for the last 3 months, form 16, past 6 months account statement, latest salary slips, ITR return for the past 2 years. 

Important FAQs

Can you get a personal loan on an Aadhaar card? 

Yes, if you hold an Aadhaar card, you can simply apply for a personal loan with any lender.

How can you get a quick loan from an Aadhaar card? 

An Aadhaar card contains your biometric data, which makes the verification procedure simple and fast. After the document verification, the sanctioned loan proceeds will get credited to your savings bank account. 

How can you get a 10,000 loan on Aadhaar card? 

Apply for the personal loan online by approaching the bank’s website or the online aggregator’s website. Place in your loan requirements along with your personal details. After this, a representative will get in touch with you and verify the details. You will be required to submit your Aadhaar card, which is a primary document. Along with the Aadhaar card, you will also require submitting documents like a PAN card, your salary slips etc. Once your document is verified, the loan amount will be credited to your savings bank account. 

Read Also: Aadhar Card Link with Mobile Number

How can you get the loan without a PAN card? 

If you do not hold a PAN card, you can submit other crucial documents like an Aadhaar card, Voter ID card, salary slips, Driving license, passport etc. 

How can you get a personal loan immediately? 

To avail of the personal loan, you must have an excellent credit score of 750 and above, along with your financial stability proof. If you meet the eligibility criteria, then you can place the application online and get the personal loan proceeds within 2-7 days.