How to Get Instant Loan on Aadhaar Card Government of India launched Aadhaar card in 2010 to help individuals to enjoy certain services in both public and private sectors. Aadhaar number is a unique 12-digit number provided by the government to all Indian citizens by collecting their iris scans and fingerprints.
Aadhaar card not only serves as proof of citizenship, but also enables individuals to take loans, open bank accounts, buy SIM cards, obtain a Permanent Account Number (PAN) card, apply for a passport and file their income tax returns. also helps. How to Get Instant Loan on Aadhaar Card
The main purposes of Aadhaar card are given below:
One identity for every Indian citizen.
Single card can be used for address proof, ID proof and age proof. Individuals will not have to carry various documents.
Individuals can avail various government services without the help of middlemen or brokers.
Individuals who wish to avail any financial service need to submit Know Your Customer (KYC) documents. The government has made it mandatory for financial institutions and banks to collect KYC details of customers to prevent money laundering.
Earlier, KYC required a lot of documentation, however, it is very easy to get KYC done nowadays. Banks have also started e-KYC where the entire KYC process is digitised. Since Aadhaar contains biometric data of individuals, private and public sector banks go through very strict verification and validation when it comes to personal loans.
Initially, many documents had to be submitted by the individual to avail the loan, and the time taken for approval was also long. However, since the introduction of Aadhaar card, fewer documents are required, and the time taken for loan approval has come down.
Personal loans are mostly taken by individuals for emergency purposes. So, they will need the verification process and loan amount to login into their bank account as soon as possible. How to Get Instant Loan on Aadhaar Card
The main purpose of Aadhaar card is to speed up the process. KYC verification has been digitized and getting a personal loan has become very easy. The personal details of the individual are found in the Aadhaar database, hence, the time taken to get the loan approved is less.
Method to use Aadhaar to apply for personal loan online
Even though it is not mandatory for individuals to provide their Aadhaar card, it is very easy to get a personal loan using one. If Aadhaar details are provided by the borrower, the process of completing the verification becomes easier for the bank staff. There is also a paperless mode.
In which the documents can be submitted online which is called e-KYC. In case of e-KYC, there is no need to submit any physical documents by the individual. There are many banks which also provide instant loan if the borrower uploads the scanned copy of Aadhaar card.
List of Non-Banking Financial Companies (NBFCs) and Banks using Aadhaar Card as the main proof of identity
- hdfc personal loan
- SBI Personal Loan
- Indiabulls Personal Loan
- ICICI Personal Loan
- PNB Personal Loan
- Capital First Personal Loan
Applying for a personal loan has become very easy since the introduction of Aadhaar card. Verification from banks and NBFCs is also done quickly as the Aadhaar database contains information such as name, permanent address and date of birth. This, in turn, helps individuals to get their loan amount quickly.