The Aadhaar Card Loan is an unsecured loan, which means you are not required to put up any collateral to be approved. Any type of financial necessity may be covered by this loan. Aadhar Card Loan applications can be submitted by any Indian citizen between the ages of 21 and 60 years, either salaried or self-employed.
The introduction of the Aadhaar Card and digitization have made it simpler to submit an online loan application. Your Aadhaar Card is the sole document you need to present, and most banks now accept it as proof of identity, birth, and address. The documentation process, also called e-KYC, can be completed online with the borrower’s Aadhaar information. Since the borrower is not required to provide any physical documents for e-KYC, it is a great choice for saving time.
Overview of Aadhaar Card Loans
In India, choosing a loan with quick processing, little paperwork, and no collateral is a wise move. The features that make it easier for you to get an Aadhar card loan are listed below:
Flexible loan amount- With an Aadhaar Card, you can apply for an online loan between ₹5,000 and ₹5,00,000.
Fast eligibility check- You can provide all the necessary details and get to know your eligibility for the loan quickly.
Collateral-free loan- You can apply for your Aadhaar Card loans without collateral or guarantors. Loans without collateral give you a hassle-free loan procedure.
Affordable interest rates- You would want to select a loan that is affordable for you to repay.
Paperless Work- You can apply for a business loan online without going to the bank or waiting for days.
Easy Repayment- Your business or MSME loan can be repaid easily over a convenient term of one to five years.
Disbursal in 24 hours- Within 24 working hours of approval, the instant Aadhaar Card loan is transferred to your bank account.
Loans on Low Credit Score- Individuals with low CIBIL scores can also apply for loans through Aadhaar Card.
Documents Required for Instant Aadhaar Loan:
There are some documents required for an instant Aadhaar Card Loan for both salaried and self-employed individuals. If these documents are valid, the process of making a loan application becomes much easier.
Identity Proof (Anyone):
- PAN Card (This is the most important ID proof)
- Aadhaar Card
- Valid Voter ID
- Valid Indian Passport
- Valid Driver’s License
Address Proof (Anyone):
- Aadhaar Card
- Valid Indian Passport
- Valid Driver’s License
- Valid Voter ID
- Electricity, gas, or water bill dated within the last 60 days.
Income Proof:
- Bank statements for the last three months of your payment account in PDF format, indicating salary credits.
Please verify that the documents in the above list are valid when you submit your loan application. Additionally, the amount of documentation needed will be minimal if you are able to complete the KYC process during the application flow.
Eligibility for Instant Aadhaar Loan
To obtain a business loan through Aadhaar, you must meet the below-mentioned eligibility criteria.
| Nationality | Indian |
| Age | 21 to 60 years |
| Work Status | Salaried or self-employed |
| Employment | MNC, public, or private company, or self-employed |
| Salary | ₹20,000 or higher |
Interest Rate for Aadhaar Card Loan
A favorable interest rate is available when you apply for an Aadhaar Card loan online. Your entire borrowing experience will be convenient because of the loan’s zero hidden fees, complete transparency, and reasonable Aadhaar loan interest. About 2% to 8% of the approved loan amount is taken as the loan processing fees. The processing charge is subtracted upfront from the approved loan.
How to Apply for an Instant Loan Online with an Aadhaar Card?
You can start your online application for a business loan by following the given instructions.
Check Aadhaar loan eligibility-
Check your eligibility for Aadhaar Card loans in a few minutes by providing a few simple details.
Select loan amount-
Set the loan amount and repayment period.
Upload your documents-
Enter your information, complete KYC, and verify your income.
Get your loan-
The amount will be transferred to your bank account in 24 hours.
EMI Calculator for Aadhaar Card Loan
You can quickly calculate your monthly EMI for Aadhaar card loans online using an EMI calculator by entering the loan amount you want to borrow, the interest rate, and the tenure for repayment.
The EMI can be changed to fit your ability to repay. Your EMIs will decrease as your tenure lengthens, and vice versa. The EMI calculator also displays the breakdown of the principal and interest amounts.
A business loan is a financing product that provides funding to a business for various operational needs, like expansion, working capital, equipment purchases, or inventory management. It can be obtained from banks, NBFCs, online lenders, or financial institutions with mutually agreed terms of amount, interest rat,e and repayment tenure.