Personal Loan
24 March 2023
With technology transforming the financial sector, many services have now become more accessible and convenient to avail. Personal loans are one such example as you can get one using just basic KYC documents, such as an Aadhaar card .
An Aadhaar card is an identity proof for Indian citizens issued by the Government of India, allotted with unique identification number. When applying for a personal loan, Aadhaar cards also have records of your demographic and biometric information which makes it an essential document.
But there can be a question and you might be wondering, “can I get a loan on my Aadhar card?”
Well, we all know that, Aadhaar card is an all-purpose document. You can submit this as an age, address and identity proof. Many lenders approve your personal loan application on the basis of your Aadhaar card with minimal documents only. Fibe is one such platform offering you with a personal loan on Aadhaar card and very few other documents.
Before the lender can proceed with your personal loan application, you have to submit your KYC documents. Your Aadhaar card features among these and can simplify the experience. Make sure that any mismatch or errors will cause issues, especially when it comes to your personal loan application as it may lead to rejection if you have submitted falsified information.
But before approving a personal loan on Aadhaar card, the lender may request for income proof. This step is part of the verification protocol and lenders often need this information to determine whether or not you can repay the loan on time. Like your income documents, you may have to submit other paperwork too.
Here are a few documents you require other than the Aadhaar card:
If you are self-employed, you may have to show alternate sources of income. You can submit the bank statements, ITR or Form 16. Do keep in mind that lenders may request additional paperwork based on your profile. In some cases, you may get approval just with your Aadhaar card. Personal loan lenders often require different documents from self-employed applicants.
All lenders have set eligibility criteria terms and you may only get approval if you meet these requirements. Keep in mind that the terms differ based on your income profile and you should check the criteria before applying for a personal loan. To help you get an idea of what to expect, below are some general terms to note and check your eligibility:
It is clear that when it comes to availing of a personal loan, an Aadhaar card is essential for the process. Lenders will require you to furnish these details at the time of applying, so its better to keep them handy. To understand how you can apply for personal loans online using your Aadhaar card, check out the procedure mentioned below:
Your Aadhaar card contains the following particulars:
When you submit an Aadhaar card, it serves as a single point of verification. In case your PAN card is linked to the Aadhaar number, there is no need to provide your PAN card as well. This helps a quicker verification process. Moreover, you can avoid misplacing documents.
Gone are the days where you need multiple documents to get a personal loan. With modern digital lenders, availing of a loan is much easier and can be done from the comfort of your home. Fibe offers you a seamless and convenient loan application process. You can apply for an easy Personal Loan with an Aadhaar card along with minimal documentation, and get approval within minutes.