Get an instant loan with your Aadhar card

ByNafas

Instant loans are unsecured loans that can be availed to fulfill any emergency need for funds such as medical emergencies, wedding plans, vacation plans, etc. You can even get 50,000 loan on aadhar card without  providing any security or collateral unlike other types of loans such as gold loans. These types of loans are more convenient because of minimal paperwork and the fast verification process. However, lenders usually check for credit scores to know the risk that they bear while lending you money. Likewise, Buddy loan is one of the best third-party aggregator platforms that offer instant loans online for different categories such as personal loans, marriage loans, medical loans, etc. to meet different needs and requirements of the people.

In this article, we will explain how to get an instant loan on aadhar card. Continue reading to know more about it.

Before that, let’s first understand what an Aadhar Card is.

What is an Aadhar Card?

An Aadhar Card is a 12-digit number issued by UIDAI (Unique Identification Authority of India) launched by the Government of India in 2009. The main purpose of the Aadhar card is to have a universal identity for all its citizens of India. An Aadhar Card is created based on the demographic data (such as their date of birth, address, age,

etc) and the biometric data (such as their fingerprints, and scan of their iris) of the citizens.

An Indian citizen should mandatorily link their Aadhar Card to their bank accounts and other mutual funds. If you want to avail of any benefits of the Government welfare schemes such as PMAY (Pradhan Mantri Awas Yojana), LPG subsidy, you should submit your Aadhar Card details to the service provider.

Main Objectives of an Aadhar Card:

  1. It acts as a universal identity to all its citizens of India.
  2. It can be used as proof of residence, age proof, and proof of identity. 3. It can be used to avail Government welfare services without any mediators.

Eligibility Criteria:

Before you apply for an instant loan, make sure that you meet the following eligibility criteria.

  1. The age of the person should be between 23 to 55 years.
  2. Should be a citizen of India.
  3. Should be an employee of a private sector company or public or an MNC.

Steps to apply using an Aadhar Card:

Follow this step-by-step process to avail of a personal loan using your Aadhar Card.

  1. Visit your lender’s official website or app and apply online.
  2. Check your credit score and eligibility and apply.
  3. Fill in all your details in the application form
  4. Now submit your Aadhar Card.
  5. The verification process will take place.
  6. After completion of your verification process, your loan amount will be disbursed to your bank account within 24 to 48 hours.

Conclusion

Aadhar Card is linked to all your essential documents such as bank account, mobile number, and PAN card. This may increase the risk of data theft. That is the reason why the Government of India introduced virtual IDs which generate a unique ID every time you use them to protect the privacy of citizens. Hence, it is very easy to avail of an instant personal loan with just your Aadhar Card as it already has all your KYC details such as an address, fingerprints, and iris scan which in turn makes the verification process faster.

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