How to get a Personal Loan using an Aadhaar card?

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.

What other documents are required along with an Aadhaar card for a Personal Loan?

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:

Bank Statements: These are important documents that contain data related to your banking transactions. You need to submit your bank statements for the last 3-6 months to the lender. It helps the lender to check the transactions and assess your eligibility for an instant personal loan basis your Aadhaar card. Be sure that your banking transactions for the previous 3-6 months highlight a stable income to avoid rejection.
Salary slips: You can submit salary slips for easy personal loans if you are a salaried employee.
PAN card: Your PAN information ensures that you are a tax-paying citizen of India.

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.

Eligibility for a Personal Loan using an Aadhaar card

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:

You must be 21 years of age and below 55 years to apply for an instant personal loan
You must be a salaried employee and meet the minimum income requirements for the city you reside in
If you are self-employed, you must meet the income requirements and be able to prove it with the required documentation
You must have a good credit score
You must be a resident of India

How to apply for an online Personal Loan using an Aadhaar card?

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:

Visit the official website of Fibe or download the mobile application and sign up on the platform.
Click on ‘Personal Loans’ tab at the top of the screen.
Start your loan application process by clicking on the ‘Apply for a personal loan now’ option.
Fill in the application by entering your name, date of birth, e-mail address, phone number and other required details.
Specify your loan requirement.
Submit your Aadhaar card details for identification, address proof, and age proof.
Complete the application form after attaching all the relevant documents and submit it.
Wait for application verification and loan approval. Once approved, you receive the Instant Personal Loan amount in your bank account.

What are the benefits of submitting an Aadhaar card while availing of a Personal Loan?

Your Aadhaar card contains the following particulars:

Name
Address
Gender
Date of birth
Photograph
Phone number
Email ID
Biometric data

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.

Conclusion

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.

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