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How Can You Avail a Personal Loan on an Aadhaar Card?

Aadhar is just a 12-digit unique number that is assigned to every citizen of India. However, its application has been manifold. A Personal Loan is one of them. Yes! You can get your loan instantly on your Aadhar card by following a simple procedure without submitting too many documents. 

You can apply for an Aadhar card loan with just a copy of your Aadhar card. No collateral is needed, and the best part is that it gets approved in less than 5 minutes, and the amount is disbursed to your account in less than 24 hours. In addition, this allows you to access and view the details of your loan from anywhere, at your convenience.

For instance, various well-known NBFC that provide personal loans, and more. Some of the fundamental documents needed for getting a personal loan from here include.

Document for Availing Aadhar Card Loan:

  1. KYC documents – include ID and address proof such as PAN and Aadhar
  2. Proof of employment like appointment letter
  3. Income record for the last three months
  4. Bank statements for the last half-year
  5. In some cases, Income tax returns or form 16 may also be required

Please note that self-employed individuals will have to submit proof of business existence and audited financials instead of #3 & #5 above. If your Aadhar card is correctly updated with your address which is also linked to your:

  • PAN, 
  • Bank account, and 
  • mobile number

Then it is possible to get a personal loan solely based on the Aadhar card copy, proof of employment, and income. However, the lender will ask you to enter the details of your PAN and exchequer account in the application form. If online verification via Aadhar is successful, the lender will not ask you to submit additional documents. Get a personal loan with low interest in a few easy steps.

Personal loans are the go-to emergency loans for many, as they are disbursed quickly with minimal formalities. However, the interest rates have a long-standing effect on your financial health, and hence it is critical to choose the lowest personal loan rates. But there are easy steps now available to get a loan at the lowest interest rates.

Typically, if you need a personal loan, go with the institution you have been transacting for a long time, like where you would have had a salary account or an outstanding loan. Applicants now can also go to any leading online lending marketplaces and compare the interest rates side by side. Remember that interest rate and tenure of loan payout both are critical and need to be evaluated well. Choose a shorter term to pay minimum interest.

It is easy to conclude with this background that the lower your risk profile is, the lower your default risk premium. So:

  • if you have a good CIBIL rating (credit rating),
  • if you have a good and robust income source,
  • if you can throw in a co-borrower who also has a good rating and decent income,
  • if you have an excellent credit record and of course
  • know the lenders personally or have a significant business relationship with them,

Ultimately, it’s also about good negotiation skills and your ability to showcase your creditworthiness to the lender.

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The trick to getting the lowest rate on a loan is to have an excellent income and credit history. Especially in the case of unsecured personal loans, lenders consider applicants with good pay and credit scores. Personal loans are advised to take in some situations demanding any urgent cash crunch. Conditions like medical emergencies, Marriage, clearing other expensive debts, buying a vehicle, vacation, etc. Altogether, those with good credit health and income have maximum eligibility to get a loan at the minimum interest rate. There are some common factors based on which your rate of interest is decided, and these are as follows.

Factors that Decide your Interest Rates:

  1. Your monthly in-hand income
  2. Your savings or investments
  3. Your relationship with the lender
  4. Your credit health and score

Now with the internet, getting a personal loan is easier than ever. You don’t have to wait for your credit to get approved. Moreover, the interest charged on loans obtained through the internet is much lower than others. That’s why many people are availing of these facilities. It is a simpler and more convenient way to get money when you need it. With the service of financial institution, you can get a personal loan from any internet-connected device to meet many of life’s minor emergencies or essential needs.

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