How to take a Loan from Aadhaar Card? The needs can come anytime, and when they come, many times a large amount is required.
In such a situation, the question arises in the minds of many people whether a loan can be found with the help of the Aadhaar card issued by the Government of India?
The answer is – yes, of course! The Aadhaar card now plays an important role in making the process of taking loans not just identity cards but also.
In this blog, we will tell you How to take a loan from Aadhaar card of up to 10 lakh rupees using the Aadhaar card. We will explain this process in simple words and will guide you on every important step.
What is a personal loan?
Personal loan is an unsafe loan, which means that you do not have to mortgage any property to repay it.
You can use this loan for any need, such as medical expenses, wedding expenses, education expenses, repair of home, or any other personal needs.
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Benefits of taking loan from Aadhaar card
There are many advantages of taking loans from Aadhaar card, including:
- Simplicity and convenience: Minimum documents are required to take a loan from Aadhaar card. All you have to do is submit the Aadhaar card and some other important documents. This makes the process of taking the loan easier and intensifying.
- Low interest rates: Interest rates on loans taken from Aadhaar card may be lower than the bank’s regular loan. The reason for this is that in the base -based loan, the bank easily finds your credit history information, allowing them to offer low interest rates for low -risk loans.
- Rapid acceptance: Aadhaar card acceptance process usually increases. Some loan providers give you a loan approval within a few hours.
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To take a loan on Aadhaar card, you have to fulfill certain conditions, such as:
- You should be over 18 years of age.
- You must have a valid Aadhaar card.
- Your credit score should be good.
- You should have a source of regular income.
If you fulfill these conditions, you can get a loan on the Aadhaar card.
Loan app on Aadhaar card
Nowadays, many banks and financial institutions also provide mobile apps to give loans on Aadhaar cards. By using these apps, you can apply for a loan sitting at home.
There are some popular apps on Aadhaar card:
- Bajaj Finserv
- Axis bank
- ICICI Bank
- state Bank of India
- Company finance
By using these apps, you can get a loan ranging from Rs 10,000 to Rs 5 lakh. The loan duration can range from 12 months to 60 months.
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Application process for taking loan on Aadhaar card
The application process for taking a loan on Aadhaar card usually takes place in the following stages:
- Download the app and sign up using your Aadhaar card.
- Apply for loan.
- Upload the required documents.
- Wait for loan approval.
If your application is approved, then the loan amount will be credited to your bank account.
Loan interest rates on Aadhaar card
Loan interest rates on Aadhaar card vary on the basis of bank or financial institution. Typically, loan interest rates on Aadhaar card are higher than other types of loans.
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Documents required for loan on Aadhaar card
The following are the documents required for the loan on the Aadhaar card:
- Aadhar card
- PAN card
- Income proof
- Address proof
- Bank statement
The loan on the Aadhaar card can be a convenient option, but it is important to remember that it is a serious financial decision. It is important to consider all aspects and do proper research before taking a loan.