How To Get A ₹50,000 Loan Using Your Aadhaar Card?

Most users find Aadhaar card loans appealing because digital finance has gained widespread acceptance in the market. The loan process needs minimal paperwork and does not require borrowers to present collateral thus making it convenient for employed individuals and self-employees. Aadhaar card loans act as a fast and process-efficient way to secure money for hospital emergencies, school expenses along with personal necessities.

What Is An Aadhaar Card Loan?

An Aadhaar card loan is a type of personal and collateral-free loan that can be availed of using an Aadhaar card as one of the requisite documents. Aadhaar being mapped to the biometrics, the process of KYC, that is, ‘Know Your Customer,’ proves to be advantageous to both sides, the lenders as well as the borrowers.

However, if you're looking for quick and easy loan options for those instant needs, you can apply for a loan in just minutes. With a fully digital process, the best part is—you don't need bank statements or collateral, just your PAN and Aadhaar. Get your loan approved in as little as 7 minutes with simple repayment options along with free accidental insurance worth ₹1 lakh. The attractive points about this loan facility are:

• Quick and hassle-free loan application for last-minute needs.

• The loan was approved in just minutes.

• Only PAN and Aadhaar cards are what you need.

• No bank statements or collateral are needed.

• Get accidental insurance worth up to Rs 1 lakh.

Read more: Ayushman Card

What Are The Eligibility Criteria For A ₹50,000 Loan On An Aadhaar Card?

To apply for a ₹50,000 loan using your Aadhaar card, you need to meet the following eligibility criteria:

• To avail of the service, one must necessarily possess a UIDAI-issued Aadhaar card.

• You should also be an Indian citizen and should be between the age of non-resident Indians born and brought up in India and between the age group of 20 to 60 years.

• To apply for the loan scheme, you must have an income of ₹ 15,000 per month, either through employment or otherwise.

• It means that your credit score should be at least 600 points.

• You should have been working for at least one year, although preferably more.

Read More: Pradhan Mantri Mudra Yojana

Application Process

Applying for a ₹50,000 loan using an Aadhaar card is a simple and fully online process. By following a few easy steps, borrowers can get instant loan approval and receive funds directly into their bank account.

Step 1: Go to the official webpage of the lender (any financial institution or commercial bank of your choice) and apply for the loan.

Step 2: Input your personal information as well as that of the loan as required on the form.

Step 3: Scan the necessary documents, like the UID card and earnings proof and upload them to the portal.

Step 4: Wait for approval, as the lenders are usually in a position to approve your documents.

Step 5: Get approval of the loan and its disbursement after going through a validation process.

Step 6: Select a loan repayment period that is convenient for your financial plan.

Read More: Get a Loan Upto 50000 Under PM SVANidhi Yojna