You Can Get a Personal Loan in India with Your Aadhar Card

You Can Get a Personal Loan in India with Your Aadhar Card

Did you know that you can now get an instant personal loan on your Aadhar card in India? This means that you don’t need to go through the tedious process of taking out the loan from your bank or from the numerous online lending platforms if you have an Aadhaar card. For those who don’t know, the Aadhaar card is one of the most important forms of identification in India and almost everyone in the country has one today.

What is an Instant Personal Loan?

Usually, banks and other lending institutions will take quite some time to get back to you after you’ve applied for a loan. But for people who need money quickly, instant personal loans are available. These are basically simple loans that can be approved by lenders within minutes of applying, rather than days or weeks later. The amount of time it takes for instant personal loans to be processed depends on how much money is being borrowed and where that money is being taken from: some online companies allow their customers to borrow small amounts from their bank accounts instantly while others use other credit-history resources like Equifax and Experian to make sure they’re not lending large sums of money to high-risk candidates.

Why Should I Use My Aadhaar Card as ID For A Personal Loan?

The use of Aadhaar cards as an identification source is constantly increasing. From obtaining a SIM card to opening bank accounts and filing taxes, you may not even realize just how many aspects of your life are now dependent on having an Aadhaar card. And if you do have one, why not put it to good use by using it as an ID for getting a personal loan? The process is pretty simple: Gather up all of your documents (including your ITR, recent payslips, and passport-sized photos) and then go visit your nearest office of IDFC Bank. 

Who Offers Instant Loans Through Aadhaar Cards?

There are several banks, non-banks, and NBFCs that offer instant loans through your Aadhaar card. A good rule of thumb is to check out small banks and NBFCs. One good option would be IDFC bank as it offers up to Rs 50,000 instantly for anyone with an Aadhaar card. Keep in mind that you need to have a salary account/savings bank account that is linked to your Aadhaar card.

How Do I Know if My Identity Has Been Verified?

When you apply for any loan, lenders will run an identity check to make sure that you are who you say you are. Verification is not instantaneous and can take anywhere from one day to a couple of weeks. This delay means that when you apply for your loan online, it could be days before funds show up in your account. If you’re applying during high demand (i.e., peak-season), there might be even longer delays—and if your identity has not been verified by then, you may have to start over and reapply using updated information.

How Do I Submit My Application For An Instant Personal Loan?

An instant personal loan is what it sounds like—it’s money that you borrow from an individual lender, secured by your own assets (which can include your income, property, and/or valuables). In fact, it has nothing to do with banks or credit unions. It’s exactly like borrowing from a friend—except instead of a friend helping you out of a tight spot financially, you’re dealing with someone who works at something called an online lending platform. Read on for some tips on how to get one. Keep reading...

What Documents Do I Need To Get A Person...

You’ll need to bring a few documents to your bank if you want to get an instant personal loan. This type of loan is called portable, which means that it can be transferred from one bank account to another without any hassle. Because of their ease and convenience, they're extremely popular among Indian consumers. Bank representatives usually require these two primary documents: An original copy of your Aadhaar card (the government’s biometric ID card) and your most recent bank statement (with proof of income). You can also bring additional documentation if you have it: A current photograph, passport, or driver's license will suffice if you don't have your Aadhaar card on hand or haven't applied for one yet.

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