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Know Everything about availing an online loan on aadhar card?

Due to the rise of online loan applications and new fintech companies, getting a loan has become easier than it used to be. Fintech companies have completely changed the face of financial services in the industry which gives convenience to the people by not visiting the traditional banks physically anymore. You can get an online loan on aadhar card without providing a bunch of documents and it takes less time to get approval for the loan as compared to the traditional loans.

You must know that nowadays the aadhar card has become the important document that every individual of India must hold as it is required almost everywhere whether you have professional or official works. Banks and financial institutions also consider aadhaar card loans as one of the most unsecured financing options that can be offered to the customers. Hence if you have an aadhar card, then you can obtain a personal loan easily without any hassle.

 

Lets know more about how to get an online loan on aadhar card and dig deeper into the process.

How are the things that are needed to get a loan on aadhar card?

The Aadhar card is known as a paperless KYC document that fulfills all the qualifying requirements for biometric verification. It is undoubtedly one of the most important documents that are required to avail a loan. However, you must also know that just  having an Aadhar card is not enough for you to get a loan as lenders and financial institutions always do a background research of yours before approving your loan application request..

When applying for a loan on aadhar card, the person does not need to present any physical papers. Various banks now provide fast loans to borrowers who submit a scanned copy of their Aadhaar card. Individuals who wish to utilize financial services must first fill out Know Your Customer (KYC) documentation.

Apart from the aadhar card, you also have to provide a PAN card to be proof of your income tax statements, monthly salary, and employment.

The eligibility criteria that are required to meet to obtain a loan on aadhar card:

  • You must be an Indian citizens
  • You should be a salaried employee at some MNC, private, or government workplace.
  • You must have a monthly income of at least 20,000.
  • Your age limit should be between 20 years to 67 years.
  • You must have a credit score of +750
  • You must not hold any criminal record.

Conclusion

The aadhar card, which contains an individual’s residence evidence and entire nationality, is now regarded one of the most crucial proofs of identification. The Aadhar card is a vital document that enables you to obtain a personal loan in a matter of minutes and with minimal difficulty. However, for greater help, it is always recommended to get advice from financial specialists like Buddy Loan before taking out this loan.

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