The Indian government launched the Aadhaar card in 2009, which is a fundamental right of every citizen. Nowadays, everyone is required to have an Aadhaar card. But did you know that you can also get a loan with the help of the Aadhaar card? According to the current KYC regulations of the government, any individual can immediately get a loan with the help of their Aadhaar card. However, the question is how to get a loan on the Aadhaar card?
According to government regulations, you can complete the e-KYC process at any bank with the help of your Aadhaar card and avail a loan based on your eligibility. You can easily get a loan of up to 2 lakh rupees with the help of your Aadhaar card, provided your credit score should be 750 or higher.
Aadhaar card for personal loan
The Aadhaar card is an identification document for all citizens of India, launched by the government in 2009 to provide identity to all citizens of the country. The Aadhaar card is a crucial document for anyone's identification. Therefore, when you take a loan from a bank or a lending institution, they definitely ask for your Aadhaar card for identification.
With the help of the Aadhaar card, you can complete your KYC and then apply for a loan quickly. Your Aadhaar card serves the purpose of proving your citizenship, residence, and identity. This establishes your identity to the bank or lending institution.
Note that your Aadhaar card should be linked to your PAN card and bank account. If so, you can avail a personal loan with the help of your Aadhaar card. However, to take a loan, your credit score must be 750 or higher. Additionally, you may need some other documents to take a personal loan.
Eligibility and conditions for taking a loan with Aadhaar card:
To take a personal loan with an Aadhaar card, you need to fulfill certain eligibility criteria, such as:
- Being a citizen of the country is necessary.
- The applicant must be between 21 and 60 years of age.
- The applicant's credit score (CIBIL score) must be 750 or higher.
- At least 2 years of experience and at least 1 year of experience with the current company are required.
- The applicant's net monthly income should be at least 15,000 rupees.
Necessary documents:
To take any type of loan, Aadhaar card is an important identification document. However, besides the Aadhaar card, you will also need to provide some other documents. You cannot take a loan based solely on the Aadhaar card. If you want to take a personal loan, you will need the following documents:
- Identification Proof: Aadhaar card, Voter ID card, Passport, Driving License
- Address Proof: Utility bill (water or electricity bill), Passport, PAN card
- Income Proof: Salary slip, Income Tax Return
- One passport size photo and a duly filled application form
- KYC documents of the applicant
Some other documents requested by the bank/loan institution
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