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Whether dealing with a medical emergency, aiming to pursue higher education, planning an overseas trip, or a grand wedding, everyone experiences financially tricky times at some point in their lives. An easy and efficient way to tackle such situations is opting for a personal loan from a financial institution at an affordable rate of interest. Offered without any security or collateral, a personal loan is an ideal solution to acquire funds in no time with minimal paperwork and additional benefits.
A handy option to acquire funds quickly and hassle-free, personal loans can be more conveniently accessed with the help of an Aadhaar card. Issued by the Government of India, the Aadhaar card helps complete the KYC (Know Your Customer) verification by acting as a single document that validates the citizenship, identity, and address of the borrower.
One can easily submit their loan application through the lender’s website and upload their Aadhaar card to instantly get the stamp of approval. While an Aadhaar card loan helps speed up the process of approval, it also acts as a safety measure that prevents any fraudulent activities in the financial landscape. Read on to know more about applying for a personal loan using an Aadhaar card in 2021
Aadhaar Card
An important document issued by the Indian government to an individual that acts as their proof of identity and address, certifying him or her as an Indian citizen. Each Aadhaar card has a 12-digit alphanumeric code, i.e. a unique identification number based on the individual’s demographic data (date of birth, residence address) and biometric data (fingerprints and iris scan). Distributed by the Unique Identification Authority of India (UIDAI), the Aadhaar card is a valid age, identity, and address proof for all the residents of India.
Before the issuance of Aadhaar, people were forced to provide numerous documents for obtaining a personal loan. There were many inconsistencies in the name and address section of the borrower in different documents. While the financial institution encountered and verified such discrepancies, the borrower had no other option than to wait for loan approval. With the advent of the Aadhaar card, it became pretty easy for a person to ascertain their identity and authenticity to the financial institutions during the KYC verification process.
Benefits of Applying for Personal loan through Aadhaar card
- It is the easiest and one of the most authentic ways to validate your identity and citizenship to any government or private institution. Whether it is applying for a personal loan or any other financial services, the Aadhaar card is considered to be a solid proof of the candidate’s individuality without a doubt.
- Aadhaar Card is a single certificate that validates your age, name, address, citizenship as well as a photograph.
- In the current era of digitization, Aadhaar Card helps in electronic-KYC, i.e. online verification process. You can provide the 12-digit UID of an individual, and the lender would require no other physical or hard copy of documents which saves the time and energy of both parties.
- Having an Aadhaar card linked to your bank account and Pan Card increases your chances of obtaining the personal loan instantly without any hassle. Along with your Aadhaar card, you need to submit income proof to the lender who might perform background checks. Upon successful verification, the loan amount shall be deposited in your account within a few days.
- It is an all-encompassing document that has allowed individuals to approach financial institutions directly without involving any middleman in the process, thus avoiding any extra expenses.
How To Apply For An Aadhaar Card Loan?
To avail instant personal loan using an Aadhaar card, one should follow the below-mentioned steps:
- Log on to the lender’s official website and navigate to the personal loan section. https://www.fullertonindia.com/personal-loan.aspx
- Enter your active mobile number and nature of employment. Upon successful OTP verification, the candidate will be required to select the loan amount and repayment tenure.
- Subsequently, you will be asked to share private, work, and bank details in the personal loan application form.
- Then, you shall be prompted to submit relevant documents of proof. If you possess an Aadhaar card, make sure to upload a softcopy of it as your identity proof without any hesitation.
- Upon submitting the application form successfully, you shall receive the loan-request acceptance message instantly, and the funds shall be deposited within a few days.
