Aadhaar cards are frequently used to apply for PAN cards, personal loans, government subsidies, ITR filing, and other banking services provided by specific financial institutions. However, using your Aadhaar card to apply for a personal loan is difficult. Continue reading to get more about the same:

One of the main papers that most banks and NBFCs demand for approval for a personal loan is an Aadhaar card. Aadhaar card loan should not be a concept in the ideal world. Instant personal loans are available to applicants against fixed deposits and credit cards but not against Aadhar cards. A few believe they may use their Aadhar card to apply for a personal loan. But there isn’t one such product.

Qualifications For An Aadhaar Card Loan

Let us have a look at the online personal loan apply qualification process:

  • The age of the candidate needs to be above 21 years
  • The maximum age for applying for the loan is 40 years.
  • A minimum of one year with the present firm
  • Two years of work experience are required.
  • Net pay of Rs. 15k per month

Document Needed

  • A personal loans online application that is completed correctly and includes passport-sized photos
  • KYC records
  • Your identity proofs
  • Salary slips and ITR reports as evidence of income
  • Any additional paperwork that the lender requests for Banks/NBFCs with Aadhaar Cards

What Is The Process To Get Online Loan With Adhaar Card?

To submit an online personal loan application to get an instant bank loan, you need to adhere to the instructions listed below:

  • Step 1: Enter your personal information, including your mobile number, current city, monthly salary, and kind of profession. Then, add the necessary loan amount and click “Proceed.”
  • Step 2: Enter your company name, job experience, PAN, and current loan EMI amount to get the best-suited personal loan offer.
  • Step 3: Based on your likelihood of acceptance, a range of personal loan offers from various lenders will be presented to you. Select the credit deal that best meets your needs.
  • Step 4: The next thing is to upload your scanned documents. Also, make sure to have the photocopies ready.
  • Step 5: You need to be ready for the verification process. A person from the bank will visit you to check all your documents. Make sure all of them are ready in a file so that you get quick approval.

The Advantages Of Applying Using Your Aadhaar Card For A Personal Loan

Applying for a personal loan using your Aadhaar card has many benefits, including:

  • Your Aadhaar card and biometric data are connected, so lenders may quickly and easily confirm your identity and validity.
  • Your Aadhaar card can help you obtain a loan with the least paperwork by acting as legitimate evidence of identification and residence. But remember that to obtain a personal loan, your potential lender may want you to provide more pertinent documentation and legitimate proof of income.

Conclusion

All set to avail your personal loan using your Adhaar card? All you need to do is choose the right bank and start the process. IDFC First Bank offers the best instant loan services. Login today and get started with your process to get financial freedom.