Learn How To Get An Instant Personal Loan On Aadhar Card? - Loan Trivia


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Friday 7 October 2022

Learn How To Get An Instant Personal Loan On Aadhar Card?

Can a loan be obtained with the help of an Aadhar card? The answer is yes and no. However, it is one of the important documents you must provide when applying for a personal loan on aadhar card. Because lenders must also verify your identity and eligibility, they may also require other documents. 

Aadhaar is important for KYC, but you will still have to submit other documentation, like a PAN, income verification, and bank statements, to access the best personal loans. Plenty of factors are important here: such as the lender's policies, to determine the complete list of documents. Personal loans are provided by several well-known NBFCs. Here are some of the documents required for you to apply for an instant personal loan on aadhar card:

  1. Documents required for KYC - include ID and address proof, such as PAN and Aadhaar.
  2. Employment proof, such as a letter of appointment
  3. Last three months' salary slips
  4. Statement of your bank account for the previous six months
  5. You may also be required to file an income tax return or a form 16

It is important to note that self-employed individuals must submit proof of business existence and audited financial statements instead of #3 & #5.

Generally, your Aadhaar card contains your address, your PAN, bank account, and mobile number. And if these details are correctly updated, then you may be able to apply for a loan based solely on the information on your Aadhaar card. In addition, the lender will need to know the details of your bank account and PAN. The lender may not ask you to submit any further documents if your Aadhaar verification successfully works out the personal loan tenure.

There is only a personal loan involved. Business loans and loans secured by a property will have varying eligibility criteria and documentation requirements. To learn more, you can visit the website of your lender. You can also check your eligibility using their loan eligibility calculator for your personal loan statement.

When it might not be possible 

UIDAI, or the Unique Identification Authority of India, confirmed this. Your loan, investment, property information, health records, and so on will not be stored in the Aadhar database. The Credit Information Bureau of India Limited determines your personal loan history. 

Using the information you provide about your credit card and loan usage, the bureau creates a three-digit score called your credit score. An individual's creditworthiness can be determined by a three-digit number between 300 and 900. If there is a chance of default, it lowers the borrowers' credit score, resulting in a lower chance of approval. The CIBIL score is recorded against the PAN number, not the Aadhaar number.

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