How to take a loan with Aadhaar card? Aadhaar card is one of the most important identity documents in India today. Through this, not only your identity is ensured, but many financial services can also be availed. One of these services is getting a loan. In this article, we will know how to get a loan through Aadhaar card, what types of loans can be available, and what things should be kept in mind.
Advantages of getting a loan with Aadhaar card
Simplicity: The process of taking a loan with Aadhaar card is simple and less time consuming. Through this, you do not need many documents for loan application.
Quick approval: If your KYC is complete and your information is correct, then the loan is approved quickly.
Digital process: Most banks and NBFCs now offer online Aadhaar-based loan facility, so that you can get a loan from home.
Paperless process: The process of getting a loan through Aadhaar card reduces the use of paper, as your information is safe in digital form.
Types of loans available with Aadhaar card
Personal Loan: This loan is given without any guarantee and can be used to meet your personal needs.
Home Loan: If you want to take a loan for buying or constructing a house, then getting a home loan through Aadhaar card can be a good option.
Health Loan: Loan can also be easily obtained through Aadhaar card for health related emergency.
Education Loan: Taking education loan through Aadhaar card can be a convenient way for higher education.
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How to take loan with Aadhaar card?
Follow the steps given below to take loan with Aadhaar card:
1. Select the appropriate bank or NBFC : First of all you have to choose the bank or financial institution that provides loan through Aadhaar card. Make sure that the institution is recognized by RBI.
2. Fill the loan application : Go to the website of the selected bank or NBFC and fill the loan application form given there. You will have to provide information such as your personal details, income, and loan amount.
3. KYC through Aadhaar card : The KYC process requires you to enter your Aadhaar card number. The bank or NBFC will verify your Aadhaar card information. Your information will be verified instantly through Aadhaar e-KYC.
4. Upload required documents : Although Aadhaar card is an important document, in some cases you may also have to submit income certificate, bank statement, and other documents. The loan will be approved only after verification of these documents.
5. Loan approval and disbursement of funds : After verification of KYC and other documents, your loan will be approved. The approved amount will be transferred directly to your bank account. This process can be completed in a few hours, giving you instant funds.
What to keep in mind?
Credit score: Your credit score must be good for loan approval. A good credit score can also reduce your loan interest rate.
Loan Terms: Read and understand the loan interest rate, tenure, pre-payment terms and other terms carefully. Avoid accepting any unfair terms.
Fraud Prevention: Take loans only from recognized banks and financial institutions. Taking loans from unknown sources can make you a victim of fraud.
Loan Amount Required: Take a loan only for the amount you really need. Taking more loan can increase your financial burden.
Repayment Capacity Assessment: Before taking a loan, make sure what your repayment capacity is. If you are not able to repay the loan on time, it can have a negative impact on your credit score.
Getting a loan through Aadhar card has become very easy in today’s time. Not only is it a simple process, but it can also be done digitally. The facility of getting a loan with Aadhar card has made financial services more accessible. If you have an Aadhar card and you need a loan, follow the steps mentioned above and meet your financial needs. Use loan wisely and with proper planning and secure your future.
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