All you Need to Know about Aadhaar Card Loan - Loan Trivia

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Tuesday, 10 December 2019

All you Need to Know about Aadhaar Card Loan


Since the start of this year, different service providers such as telecom, finance, and more began urging their customers to link their Aadhaar to their respective service accounts. 

While, there is still a debate on, amongst the general public; and a petition in the Supreme Court, the deadline to do so has been exempted and an indefinite timeline has been implied. 

However, one might still need an Aadhaar card availing some services and benefits. One such benefit being easy Aadhaar Card Loan in quicktime. 

Before we move ahead with understand how one can acquire Personal Loan on Aadhaar card; let us try to understand Aadhaar card.

What is an Aadhaar card?

The Unique Identification Authority of India (UIDAI) has issued a unique 12 digit number to every citizen of India. This number has been generated post taking into consideration the individual’s biometric details such as fingerprints, iris scan along with demographic information like place of residence, and date of birth.  

The Government of India intends to make this document a universal identity proof. Wherein, the citizens can avail various Government and non-Government schemes and services such as opening a bank account, applying for a personal loan on Aadhaar card, issuing a PAN card or SIM card.  

The objective of introducing Aadhaar card

Holding an Aadhaar card hasn’t yet become mandatory; but, having one can open many benefits for an individual. Below are some of the basic agenda behind introducing Aadhaar card.

-    Creating universal identity proof for the citizens of India
-    Doing away with the need for mediators while availing Government subsidies. 

While we have some overview on Aadhaar card; let us now try and understand how it helps us in getting a loan. Let us try to get some knowledge on Aadhaar card loan application process. 

Like mentioned earlier, possessing an Aadhaar card hasn’t yet become a mandatory affair. But having one can definitely ease a lot of lengthy processes and paperwork especially the kind coupled while applying for any kind of loan.

Availing Aadhaar Card loan is easy 

Every bank has a process of going about while finally issuing a loan. One major process being all the documents of the applicant being in place and up to the mark. With the introduction of the Aadhaar card, all this process has come down to minimal or just one document fits all scenario. 

For instance, earlier the banks had to invest a tedious amount of time in verifying host of documents submitted by the applicant. Once the scanning of the documents was through; it was post it that the latter process would begin. 

However, with the help of Aadhaar card; now the instant online loan application is a reality. It hardly takes a couple of minutes to fetch the necessary and rightful information of the applicant by simply retrieving the 12 digit unique number. The best part being the applicant can do the same by not even having to physically visit the bank. 

The Bottom Line

In today’s internet age; getting a loan has also become easier. And, with the introduction of Aadhaar card loan, it is available just a few clicks away. Moreover, you can avail pre-approved offers on personal loans also. This helps you save even more time. Simply enter your basic details and check out your loan pre-approved offers. 

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