With the increase of loan applications online and new fintech firms borrowing money is now much easier than it was previously. Fintech companies have revolutionized the way that financial services are offered in the market, providing individuals the convenience of not having to visit traditional banks physically. You can apply for an online loan using your Aadhar card without submitting a lot of documents . It takes less time to obtain acceptance for the loan when compared to traditional loans.
There is no doubt that the Aadhar card is the most important document that all citizens of India should have as it is needed practically everywhere, regardless of whether you do official or professional work. Financial institutions and banks also take Aadhaar-based loans into consideration as among the best secured financing options that could be provided to customers. If you own an Aadhar credit card, you can get an personal loan with ease and without difficulties.
Find out more about how to apply for the online loan on Aadhar card and dive further into the process.
What are the essentials required to obtain an Aadhar card loan?
Aadhar card is referred to as a paperless KYC document. Aadhar card is described as an electronic KYC document that meets all requirements to qualify in biometric authentication. It is without doubt one of the most crucial documents required for obtaining loans. But, it is important to be aware that having an Aadhar card isn’t enough to qualify for loans as banks and lenders always conduct background checks of you prior to approving the loan request..
If requesting an Aadhar Card loan one does not have to show any documents in physical form. Numerous banks offer quick loans to those who provide a scan of their Aadhaar ID card. People who want to avail financial services should first complete Know Your Customer (KYC) paperwork.
Alongside the Aadhar cards and the Aadhar card, you are also required to submit the PAN card to prove the authenticity of your income tax statement as well as your monthly earnings and work.
The eligibility criteria needed to be met to qualify for the loan on the Aadhar card:
It is necessary to be Indian citizen.
You’re employed as a salaried worker at an MNC or private or government work.
You must earn a minimum monthly income of 20000.
Your age should be 20 up to 67.
You must have a credit score of at least 750.
You cannot have a criminal report.
You can check your credit report in Buddy Score
The Aadhar ID card, which carries a person’s address identity and nationality in full is considered to be as one of the most important documents of identification. This is an essential document that lets you take out a personal loan within only a few minutes and with little difficulties. But, for more help it is advised to consult experts in finance like Buddy Loan prior to obtaining the loan.