Partner

Launched in 2010, the Aadhaar card is now a crucial part of any individual’s toolkit for financial services.

Important things to remember to avail an easy personal loan on an Aadhaar card
Thursday, January 27, 2022 - 17:28

Most financial institutions, public or private, require it as part of the KYC validation protocol. What’s more, with the integration of digital provisions that enable online loan applications and approvals, this document makes things a lot easier. Since the 12-digit code is unique and authentic, verifying key data is a lot quicker. 

You can get some of the best personal loans in the market with minimal paperwork only, and among these is your Aadhaar card. New-age lenders may even grant you access to personalised offers with just your Aadhaar information. However, note that while it isn’t mandatory to provide your Aadhaar card, it is much easier if you do so. To understand how simple the process is and how you can get a personal loan on an Aadhaar card from leading lenders, take a look at these pointers.

Steps to get a personal loan on Aadhaar card

The simplest way to get a personal loan on an Aadhaar card is to find a lender that offers such a provision and allows you to apply for it online. Accessing these loans online means you don’t have to visit the branch and that you can enjoy the benefit of a digital loan. Here is a breakdown of the steps you should follow to get a personal loan on an Aadhaar card. 

Step 1: Check the lender’s official website for the loan

Step 2: Apply online by filling out the online application form with basic information

Step 3: Verify your Aadhaar information and upload your documents, if necessary

Step 4: Await contact from an authorised representative regarding loan processing

Documents required to get the best personal loans

While the Aadhaar card simplifies access to such loans, lenders may require other documents. The RBI released a circular that no longer allowed financial institutions to consider the Aadhaar card as valid address proof. As such, you may be required to submit other documents, which are as follows: 

  • Proof of address: Utility bills, passport, or rent agreement.

  • Financial documents: Latest salary slip, bank statements

Gathering the paperwork ahead of time is the best way to enjoy a hassle-free experience. However, the documents aren’t the only factor to keep in mind. While it is easier to get a personal loan on an Aadhaar card, you still have to consider other important aspects of the loan. Read on to know the other factors to keep in mind while borrowing.

City-specific income requirements

Lenders usually have specific requirements from applicants based on their city. This is particularly true in the case of the income criterion. If you live in one of the metropolitan or tier 1 cities, the annual income requirement for a personal loan is likely higher than if you lived in tier 2 or tier 3 cities. This difference can be quite significant, so be sure to check it before you apply. Do note that this requirement is different for each lender as well, so ensure that you apply only if you make the cut. 

Minimum credit score

Typically, lenders require you to maintain a CIBIL score of at least 650, 750 in some cases, to qualify for a personal loan. Your CIBIL score dictates your creditworthiness, and having a low score will affect your chances of getting approval. So, be sure to check your CIBIL score before you apply.

Employment-related criteria

Both salaried and self-employed individuals can avail of a personal loan on an Aadhaar card. However, some lenders may have specific requirements related to job experience, business vintage, or type of organization. 

With all these factors in mind, getting the best personal loans in the market is sure to be a smooth experience. This is especially true if you choose a leading lender, as they will likely offer digital loan provisions that make processing a lot quicker. One great option that offers instant financing is the Bajaj Finserv Personal Loan on Aadhaar Card. Loaded with features, this is the ideal tool for you when you require easy access to funds on affordable terms.

You can get approved for a collateral-free sanction of up to Rs. 25 lakh based on your eligibility. What’s more, there are no hidden charges on this loan, and you can use the funds for any expense. Bajaj Finserv also offers same-day disbursal and a tenor ranging up to 60 months. As such, you can use the EMI calculator to find a cost-effective repayment timeline and save on interest too! To get started right away, use the personal loan calculator to find the best terms, check your pre-approved offer, and enjoy all these benefits right away. 

Disclaimer: This content is distributed by Bajaj Financial Services. TheNewsMinute is not involved in the creation of this content.