Information on How to Avail A Loan Using aadhaar Verification
In the year 2009 the Government of India introduced Aadhaar, a 12-digit unique identity number that can be obtained by the residents of the country to enjoy both public and private sector services. The aadhaar number is distinctive and is provided based on an individual’s biometric and demographic data. aadhaar is known to be the world’s largest biometric ID system helping users to use it as an identity as well as address proof to get a SIM card, insurance policy, open bank account, purchase mutual funds or even avail a personal loan or loan of any other type. To get a personal loan today in India, one can submit aadhaar card as an address proof document and get a loan instantly. Since each loan applicant has a unique aadhaar identity number it makes it easy for lenders to assess applicants quickly and offer loans on the basis of eligibility. The card has thus helped lenders in India speed up their loan application process, providing instant disbursals based on aadhaar card screening.
Importance of aadhaar card for getting a personal loan
Gone are the days when you had to submit a long list of documents to the lenders and wait for days to get your loan approved. Today, with digital advancement and advent of aadhaar card lenders in India offer quick personal loans on successful submission of KYC documents. Since the government of India has made KYC verification an important process for lenders to offer loans, loan seekers are required to submit an address and identity proof to be able to get a loan. KYC verification helps lenders assess loan applicants’ financial dealings in a better way helping them manage their risks in a better way. Few lenders in India have also started doing e-KYC online that helps applicants get an instant personal loan in no time.
One can now get personal loan on aadhaar card simply by providing the 12-digit number as the card contains all the personal data of an individual that the lender’s can quickly verify from the aadhaar database. Any discrepancy in the number can lead to quick rejection of the loan. Since a personal loan is of unsecured type, lenders in India have made submission of this document mandatory as many individuals have linked aadhaar to their bank accounts that further makes it easy for lenders to process applications quickly.
Advantages of aadhaar Card Loan
- Quick loan processing: One of the primary benefits of aadhaar card loan is that one can avail this type of loan quickly as digitized KYC process has made it simple for lenders to verify the details given by the borrower. Thus, this type of loan helps you cater to your financial emergencies in the nick of time. The time taken by lenders to verify the data is less as they can quickly check the data from aadhaar database.
- Single document: Since aadhaar card contains all your details, you don’t have to submit a separate address proof, photograph, citizenship or identity details.
- Simple process: You can easily apply for aadhaar card loan online by uploading the scanned copy of the document online and get instant disbursal on basis of your eligibility.
Getting a personal loan without aadhaar card
Availing a personal loan without aadhaar card is possible as not all lenders in India would make it mandatory for you to submit it as an address or identity proof. You can submit your passport, driving license, PAN card, Voter card and others. Submitting your aadhaar card to get a loan helps speed up your loan application process as the verification of the details submitted becomes quick, thereby offering you quick disbursal.
Documents required to get instant loan on aadhaar card
- PAN card
- Address proof such as driving license, passport, voter ID or utility bill
- Salary slip and bank statement
- Other documents if required