vAadhaar Card Loan, How to Apply for Aadhaar Card Loan, Eligibility Criteria, Personal Loan Using Aadhaar Card, Benefits and Features
What is Aadhaar Card
Aadhaar is a 12 digit number identity card issued by the Indian Government. It is free of cost to apply for Aadhaar Card. This document is unique and important to an individual and assigned to every resident of India. This document is only for Indian citizens. This Aadhaar Card contains 12 digits. These numbers are very important because it keeps a record of every individual’s demographic and biometric data. UIDAI (Unique Identification Authority on India) constituted the Aadhaar Card program in 2016.
What is Aadhaar Card Loan
With time people of India are relying on the online process in everything whether it is shopping or applying for loans online. Applying for loans was time taking process. It is necessary for people to personally go bank, submit there documents, meet loan officer and wait for loan approval. But with the help of technology the process of applying loans has been revolutionized. The online loan providers asked customers to give their Aadhaar Card details. These finance providers link the Aadhaar to the digital KYC process to authenticate the identity of the customer through Aadhaar.
The customers now need not to visit bank and submit physical documents for the approval of loan. Online technology made the verification process very simple. These loans also known as the instant personal loans. These loans are easy to apply. The instant loans can be applied by sharing the details and scanned copy of Aadhaar. The Aadhaar Card serves as the identify proof, age proof and address proof. By the help of KYC process, online loan providers quickly verify the documents of customers. But there are some documents that must be submit on time after online approval process. This process helps bank to decide the amounts that should be sanctioned to the customer who applied for the loan. The loan amount is the directly sent to the account of the applicants.
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Aadhaar Card Loan Features and Benefits
1. Aadhaar Card is good option to avail personal loans.
2. Best personal loan offers starting at 10.25%.
3. Single document for identity, photo, age, citizenship and address proof.
4. Instant approval with easy online verification process.
5. Loan using Aadhaar Card is available for a period of up to 5 years.
Aadhaar Card Loan Eligibility Criteria
If you want to apply for Aadhaar Card Loan there is a eligibility criteria you have to follow. To apply for online loan using Aadhaar, the applicant must be qualify to the eligibility criteria of banks.
– Age of applicant must be above 18 years.
– The monthly income of applicant should be more than Rs 18,000.
– Applicant should be the citizen of India.
– The applicant should not have defaults in the last 24 hours.
How to apply for Aadhaar Card Loan
Step-1: Visit Bank’s or financial provider websites to check and compare personal loan offers online.
Step-2: Fill in all details and the loan amount requirements.
Step-3: Submit your scanned Aadhaar Card and other documents online.
Step-4: Your application form with all required documents will go under a verification process.
Step-5: Once approved, the loan amount will be credited to your bank account.
Documents Required for Aadhaar Card Loan
There are some documents that should be attach with Aadhaar by the applicant to avail the Aadhaar Card Loan. The amount of loan depends on the credit history and repaying capacity of the applicant. The following documents are necessary to avail this loan:
-Address proof: Passport/Aadhaar Card/Voter ID Card/Driving License
-Identity proof: Aadhaar Card/Pan Card/Voter’s ID Card/Passport/Driving License
-PAN Card: for company, Firm or an individual
– 6 months Bank Statements
– Current income tax returns along with the computation of income, most recent Balance Sheet along with profit & loss statements certified by a CA.
– Proof of continuation of business
– Compulsory Documents- Certified original copy of Memorandum and Articles of Association and Board resolution, Sole Proprietorship Declaration Or Certified Copy of Partnership Deed.