Are you applying for a loan on Aadhar Card? Here are some documents you must submit for the loan application process.
To get a loan on Aadhar Card, you must authorize the Aadhar e-KYC and submit other documents such as a PAN card, passport, driving license, voter’s ID, etc.
For proof of address, you can submit your Aadhar card, driving license, passport, voter’s ID, etc.
If you’re a salaried individual, you must provide the bank with certain documents such as the bank statement for the last 6 months of your salary account, Form 16, income tax, and a salary certificate or your salary slips for the last 3 months. However, if you’re self-employed, you must submit financial statements such as your balance sheet, P/L statement, income tax returns, GST registration certificate, and trade license.
Piramal Finance offers a personal loan on an Aadhar Card with competitive interest rates that start at 12.99% p.a. These interest rates are based on certain factors such as age, employment status, and credit score. Let’s look at each of them in detail.
To apply for a personal loan on an Aadhar Card, you must be between 21 to 60 years of age. Banks or financial institutions often consider younger applicants more creditworthy to repay the loan and are offered lower interest rates. However, on the other hand, older adults between 50 to 60 years of age may be offered a higher interest rate due to the risk of defaulting on a payment.
You must have a steady income to apply for an instant loan on Aadhar Card. This will help you get the loan faster and at a lower interest rate.
Your credit score helps decide your interest rate. Having a higher credit score means that you’re more creditworthy, which could result in you being offered a lower interest rate. However, Piramal Finance offers applicants loans with competitive interest rates even if they have low credit scores.
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An individual can take a personal loan on Aadhar Card. Personal loans are considered unsecured, so you do not need to provide collateral. However, submitting certain KYC documents to take a loan on an Aadhar Card is important.
It is now easy to get a small cash loan on an Aadhar Card. For this, you need to fill out the loan application form and submit it along with a copy of your Aadhar Card, and other documents that your lender may ask for. The bank/financial institution will verify your application and complete the KYC process.
An individual can avail of an INR 10000 loan on an Aadhar Card by submitting a copy of the Aadhar Card along with the loan application form. Here, the Aadhar Card acts as a KYC document that helps banks/lenders quickly verify all the relevant details about the applicant. Once verified, the loan amount will be disbursed into your bank account.
An individual can apply for a personal loan that ranges between INR 25,000 to INR 40 lakhs via an Aadhar Card.