A personal loan is one of the most versatile financial tools available today. It gives you access to immediate finances that you can use in any way you like. Generally, people take personal loans for a wide range of purposes like family vacations, medical emergencies, bill payments and home renovation projects.
There are many reasons for the popularity of personal loans today. These can be condensed into three reasons, which are:
- The financial institution that issues the personal loan doesn’t monitor how the funds are used. You can use it in any way you like.
- Personal loan applications require minimal documentation and no collateral.
- Once your loan application is approved, you can get the funds disbursed to your account almost instantly, in a matter of hours.
Getting a personal loan on Aadhar Cards further simplifies your loan application and documentation processes. Other documents used in place of an Aadhar card include Voter ID cards, passports, PAN cards and a driving license. All these documents are valid, but using an Aadhar card provides more benefits. An Aadhar card functions as a valid identity proof, residence proof and bank account proof. You can also take a personal loan on your Aadhar card for a variety of reasons. This includes:
- Family wedding expenses
- Buying expensive products like a second-hand two-wheeler, mobile phone or any other gadget
- Medical emergencies
- Vacation plans
- Home renovation
- Debt consolidation
- Higher education
Features of Personal Loan:
- A personal loan is an unsecured loan. You don’t have to offer any type of collateral before you can get approval for your loans.
- At interest rates starting from 11.99% per annum, provides one of the most competitive rates in the personal loan market today.
- You can choose to borrow a small or large amount, depending on your creditworthiness, income and requirements. Personal loans start as low as Rs. 20,000 and go up to Rs. 25,00,000. The tenure for loan repayment will determine your monthly payment or EMI to be paid and ranges from 12 months to 60 months.
- Once the loan has been disbursed and reached your account, you have no limitations on how you should use the funds. Meeting the eligibility criteria and completing the loan application process is the tough part of the journey. Using an Aadhar card for your documentation can help speed up the process since you can provide just one document instead of several unique ones.
- As an existing customer, you can apply for a personal loan and get immediate approval. The loan amount is then disbursed to your account in a matter of hours. This can be a lifesaver during times of emergenc
Eligibility Criteria for a Instant Personal Loan:
Meeting the eligibility criteria for a personal loan is the first step along the personal loan journey. There are several factors to consider.
- Age: You must be 21 years or older when you apply for a personal loan. You should also not be older than 60 years old when the loan matures. This means if you are 58 while applying for a personal loan, your tenure won’t be longer than 2 years or 24 months.
- Credit score: You need a minimum credit score of 750 when you apply for a personal loan.
- Minimum salary: You need to earn a minimum monthly salary of Rs. 25,000 if you reside in Mumbai or Delhi. For all other parts of India, the minimum requirement is Rs. 20,000 per month.
- Residence: You should have stayed at your current residence for at least one year.
- Job experience: For a salaried individual, you must have at least three years of work experience with one year’s experience at your current organisation. For self-employed professionals, you need at least two years of experience.
How to Apply for a Personal Loan on Aadhar Card
Aadhar cards have made it very simple to apply for personal loans and complete the documentation process. By following these steps, you can complete your loan application process hassle-free and seamlessly.
- Head to the lenders website and go to the personal loan page.
- Check your loan eligibility immediately to see if you qualify for a personal loan.
- If you are eligible, go ahead and fill out the online loan application form and add your Aadhar card details.
- Attach any additional required documents besides your Aadhar card to the application form and submit it.
- Once your loan application is approved, you can get the loan amount disbursed into your account within 1 to 4 days.
You can also use personal loan EMI calculator to calculate how much you need to repay each month in the form of EMIs. To start your loan application process, head to their website today.