Aadhaar Card serves as an important document for availing various financial services. The 12-digit unique number also serves as an essential KYC document which has one’s biometric details. If you wish to avail any loan, it’s imperative to be KYC-compliant and submit the relevant documents to the lending institution.
Aadhaar Card has not only brought down the number of documents to be submitted, but also made the process faster and convenient. In this article, we will see how you can get an instant personal loan on Aadhaar Card.
e-KYC through Aadhaar Card
KYC is an important aspect of the loan process. Through KYC, lending institutions establish credentials of the borrower, which is important in underwriting. With digitalisation, it has become easy to apply for a personal loan online. Lenders have made provision of online application on their website where you need to fill up the form and provide the relevant details.
When you apply for a loan online, you need to undergo the KYC process, which is known as e-KYC. With Aadhaar Card, e-KYC is a breeze. All you need to do is to feed in your Aadhaar number and the details are directly fetched from the UIDAI server. You get an OTP on your registered mobile number which you need to enter. Once done, the lender verifies your credentials and the KYC process is completed.
Applying for instant personal loan on Aadhaar Card
Applying for a personal loan on Aadhaar Card is easy. You can do it online or offline. In case of online application, visit the official website of the lender and fill up the application form. Submit the relevant details and get e-KYC done with Aadhaar Card. Along with personal information, you might also need to furnish details related to your income and upload bank statement of previous months.
For instance, to avail Personal Loan you need to provide salary slips of the previous two months along with bank account statement of your salary account for the previous three months. Also, pre-approved offer on this loan ensures seamless access to finance. To know about your pre-approved offer, you must share a few basic details with lenders.
No need to submit multiple documents
Instant loan on Aadhaar Card eliminates the need to submit multiple documents. Submitting numerous documents is not only cumbersome but also prone to discrepancies in information.
Often in the past, it’s seen that there’s information mismatch in documents which delays the underwriting process and loan disbursal. Borrowers need to submit affidavits stating that both the information in different documents belongs to the same individual. However, Aadhaar Card eliminates such discrepancies to a great extent.
In case of offline application, visit the lender’s office with a copy of your Aadhaar Card along with other documents such as salary slips and bank account statement. Fill up the loan application form, attach the documents and apply for a Loan. At the same time, it’s important to furnish correct details as any wrong information can lead to rejection.
Aadhaar Card loan brings transparency in the entire process. While it establishes authenticity of the borrower, it also gives a holistic picture of your financial standing to the lender. This is because Aadhaar Card coupled with advanced algorithm has made it easy for lenders to know if you are serving any other loan or not. So, if you wish to address your varied needs with a personal loan, procure it instantly with the help of Aadhaar Card.