Loan With Aadhaar Card: Many people believe that an Aadhaar card can be used to apply for a loan in the same way that a credit card can. Actually speaking, though, you cannot obtain a loan simply by possessing an Aadhar card. Thus, phrases such as “loan against Aadhar card,” “personal loan against Aadhar card,” and “Aadhar card loan” may be deceptive.
On the other hand, one of the required documents for loan applications is the Aadhaar card.As long as you meet the bank’s additional requirements, you can apply for a loan with your Aadhar card.If you’re in need of a personal loan, you may view and compare the terms and interest rates of many major banks and lending organisations below to find the right one for you.
10 Lakh Loan Using Adhaar Card
Commercial banks, microfinance institutions (MFIs), small finance banks, and non-banking financial companies (NBFCs) are able to offer loans up to Rs 10 lakh, according to Indiatvnews.com.
You must present both your PAN card and your Aadhaar card as identification and proof of business in order to be eligible for a loan. Using your Aadhaar card, you can apply for a personal loan of up to Rs 12 lakh, according to Piramal Finance. A credit score of 650 or above, according to Piramal Finance, is sufficient to be eligible for an Aadhaar card loan.
Personal Loan Eligibility Criteria
- The applicant should be between the ages of 21 and 60.
- A minimum credit score of 750 is required.
- two years at least of experience working for the present company
- Net monthly salary of Rs. 15, 000
- It is necessary to have a minimum CIBIL or Experian score of 650.
Documents required for personal loan
- a properly completed application together with a passport-sized photo.
- KYC records
- Voter ID cards, Aadhar cards, passports, and driver’s licences serve as identity proof.
- Passport, Utility Bill, and Aadhar Card as proof of residency.
- Income Evidence: Pay stubs and ITR returns.
- Additional crucial paperwork that banks and lending organisations demand
- While most lenders take into account criteria like your credit score, ability to repay debt, and employment history before granting a loan, some banks or NBFCs view your Aadhaar card as the primary form of identification verification.
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