Little needs to be said about the importance of the Aadhar card. It is an official document identifying you as a resident and citizen of India. But this is just not what it can be used for.
Your Aadhar card can also serve you to get an instant loan from a financial institution. This loan, commonly called Aadhar card loan facilitates instant sanction of the loan amount to your bank account.
You can get a loan approved just by verifying your Aadhar card number with a lender. For instance, if you want an Rs.10000 loan on Aadhar card or more you can easily do that by just giving your Aadhar card number to the financial institution.
However, there are some prerequisites which you should keep in mind before applying for an Aadhar card loan.
The eligibility criteria for an Aadhar card loan is not strict but requires basic guidelines to be followed. They are as follows:
- The minimum age requirement for an Aadhar card loan is 18 years. If you are younger than this then you cannot apply for a loan. In fact, some lending institutions go as far as setting the minimum age requirement to 21. The maximum age, on the other hand, goes between 65 to 70 years of age.
- You have to have an income or a fixed salary to get the loan approved. This ensures the bank of your solvency to pay the debt. Depending on your salary, the lending institution will allow you a maximum limit up to which you can avail an Aadhar card loan.
- A credit score of anywhere above 650 is considered good enough for the approval of an Aadhar card loan.
Once you have passed all the eligibility criteria, the next important step would be ready with the necessary documents. Some of the important documents required for the approval of Aadhar card loan are:
- Your income Proof
- Your identity Proof
- Your address proof
- Your coloured photograph (should be recent)
However, in the case of an Aadhar card loan information such as identity proof and address proof can be verified with the help of Aadhar card only. You will only have to submit documents pertaining to your income proof, PAN card and coloured photographs.
Advantages of Aadhar Card Loan
Getting an Aadhar card loan is not just easy but also highly beneficial. No matter what the situation and how urgent it is, you can always take the help of this loan. Here are some advantages of getting an instant Aadhar card loan.
- You can facilitate an instant loan amount for yourself with the help of an Aadhar card loan. You can get the loan from the lender by showing your Aadhar card. This significantly reduces a lot of paperwork which otherwise makes the entire process quite lengthy and hectic.
- The Aadhar card loan is ideal for a situation when you have an urgent need for the funds. By saving up on the time of extended paperwork you will be getting the loan immediately by a lender with the help of your Aadhar card.
- You can get a loan of up to Rs. 5,00,000 with the help of your Aadhar card.
- With the help of an online Aadhar card, you can also apply online for getting an instant loan.
- You can choose a different repayment structure as this loan option would provide enough flexibility for the dues to be covered within the prescribed tenure.
With this information at hand, you will be able to reap the advantages of an instant Aadhar card loan the most. Since most individuals generally carry the Aadhar card, the facility of getting an instant loan with the help of it is easily extended to the masses.