Aadhar card is one of the most important documents in India. It contains several important details of an individual like biometrics, demographic data, etc, and is represented by a 12 digit unique identification number. Aadhar is the largest biometric identification system in the world and is also lauded by many important figures around the globe. However, the best feature of the Aadhar card is that it can help individuals to avail a cash loan easily. A small cash loan on Aadhar card comes in handy when there is an immediate need for money and one cannot wait for complicated formalities that come along while applying for a loan.
However, while applying for a small cash loan on Aadhar card, you should keep several things in mind.
Small Cash Loan on Aadhar Card: Things to Keep in Mind
Keep Eligibility Criteria in Mind
A small cash loan on Aadhar card does not mean that you do not need to meet other eligibility criteria for the loan. An Aadhar card is preferred by lenders as it helps to complete the KYC process and verify the applicant easily. You do not need to produce any other document for KYC verification like PAN or other. The best part is that most lenders these days avail the e-KYC feature to their customers. One can complete KYC verification within a minute and get the loan approved as quickly as possible.
Once the verification is done, the loan gets approved based on the eligibility criteria. The amount of loan, time period, and interest rate, however, depends on several factors like the applicant’s monthly income, credit record, etc.
Few Documents Required
When an individual is in dire need of cash, he/she may not able to furnish all required documents at the moment. Aadhar card, in this case, serves several purposes. Apart from being an identification proof, it can also be used as address proof, age proof, photo, etc., and thus, eliminates the need for several documents.
You need to submit only a few documents to avail a small cash loan on Aadhar card
The eligibility criteria to avail of a small cash loan on aadhar card is as follows:
- The applicant should be an Indian resident.
- The applicant should be above 23 years of age. This however varies from lender to lender.
- There should be a minimum monthly income of Rs 10,000. This also varies from lender to lender.
One of the most cherished features of small cash loans on Aadhar card is that the individual can apply for the loan online. The process is completely hassle-free and can be completed within a few minutes at your convenience. Additionally, the presence of several online lenders has made the interest rate competitive that allows you to enjoy the best loan offers.
The individual only needs to keep a few documents with him while applying for a small cash loan on Aadhar card.
- Valid Aadhar Card
- Bank Statement of last 3 months for income proof
Some lenders may ask for other documents as well.
The process to apply for a cash loan using Aadhar card is very simple. You need to follow a few basic steps to get the loan approved:
- Visit the lender’s website and click on the ‘Apply’ section
- Fill in your personal information like Name, Mobile Number, Email Address, etc.
- Enter the loan requirements- loan amount and the repayment period
- Check and confirm the offer and fill in other details as asked on the next page
- Complete the KYC process using your Aadhar
- Upload the necessary documents like income proof, photo, etc. and submit the application
- Once the loan gets approved, the amount will be disbursed and credited to your bank account
Keep a Good Credit Report
Although lenders approve a small cash loan on Aadhar card even for applicants who have average credit scores, it is still recommended to keep a healthy credit history and good credit score to enjoy the best offers. A high credit score allows you to avail the loan at a lesser interest rate, which reduces the EMI and the total payable interest.
Benefits of Small Cash Loan on Aadhar Card
There are several benefits of availing of a small cash loan on Aadhar card. You can enjoy hassle-free loan approval, longer repayment tenure, instant loan approval, and loan amount disbursal. Moreover, such loans are unsecured, which means, you do not need to pledge any collateral with the lender to apply for the loan.
You can easily apply for a small cash loan on Aadhar card by following the link:
Hence, we learned how an Aadhar card can help you get a small cash loan instantly and hassle-free during times of need. Keep the aforementioned things in mind while applying for a cash loan on Aadhar card so that the loan application process becomes easy and you do not have to wait longer for the approval.