How to Avail a Personal Loan on Aadhaar Card?
Ms. Amartya Chatterjee, a resident of Kolkata, has recently moved to Pune for her first job. Owing to some urgent financial requirement, she wants a personal loan, but can't furnish all the documents. She learns through an acquaintance about availing a personal loan, which is possible by merely submitting the Aadhaar Card and PAN Card. She then researches it on the internet and finds that few lending apps disburse quick cash into the applicant's account, based on the e-KYC documents only.
Are you one of them who need funds and would like to avail it in a hassle-free way?
Then you have landed at the right place. You can avail of personal loan even with your Aadhaar Card and PAN Card.
How can you apply for Personal Loan using Aadhaar Card?
Aadhaar Card has made the process of availing loans much simpler. Online finance providers have launched paperless electronic KYC, known as e-KYC, which has drastically reduced the time and effort taken for the verification of the documents. The online personal loans, better known as instant personal loans, can be availed by simply uploading the scanned copy of the document. The modern practice of lending loans only by submitting Aadhaar Card has taken the financial world by storm, catering to the need of the common man in need of urgent cash. The instant disbursal of online loans is made possible because of the online verification of the applicant, via e-KYC.
We at Afinoz will connect you to the online lender offering a personal loan on furnishing just Aadhaar Card and PAN Card. Download the Afinoz App from the Google Play store and apply for the loan. You also avail the following benefits:
- Simple and complete end to end the digitalized loan application process
- There are additional benefits like cashback up to Rs 5,000 on disbursal
- With a single application, you can compare and apply to the best suitable lender
- There will be complete security of your financial data.
- You get real-time updates about different financial products.
- You can enjoy access to all your records anytime, anywhere.
How has Aadhaar Card simplified the loan process?
Usually, a borrower applying for a personal loan is in urgent need of funds and can't wait for the lengthy verification processes. In this regard, we should note that the introduction of Aadhaar card and the digitization of the KYC process has made the personal loan application process easy. The Aadhaar Card database contains all information about an applicant's age, name, and address. This assists in quick cross verification of the details, by the lender and works in favour of the borrower in availing quick cash. The applicant is saved from the lengthy verification processes.
Benefits of availing personal loan on an Aadhaar Card
- The single document can be used for age, photo, identity, address, and citizenship proof.
- It makes online verification easy and fast.
- You can have access to loans and other financial services.
How the Aadhaar Card has revolutionized the financial prospects?
For years, the Indian financial institutions were facing challenges in their expansion to reach a wider audience because it involved higher operating costs due to paper-based- verification. The launch of Aadhaar Card solved this problem, as the manual verification now can be taken care via, e-KYC. This came as a significant relief for the common man, who became eligible to apply for a loan, merely by furnishing the KYC documents.
The government had formulated strict guidelines for financial institutions regarding the KYC to reduce cases of money laundering. Due to a lot of paperwork, before the introduction of Aadhaar Card, KYC compliance was a time -consuming procedure. With Aadhaar card coming into the picture in the year 2010, the whole process was made digitized, and the Aadhaar card was linked to the bank account of the individuals. The Aadhaar card database has all the information about an applicant’s biometrics and fingerprints. This information is being made use for easy verification and completion of the KYC process. Aadhaar card is now being used not just as a KYC but also to avail of various services like opening a bank account, availing a personal loan, getting a new SIM card, or a PAN Card or filing Income Tax Return.
Impact of the Aadhaar Card on Private Sector
As per new Government laws, it has now been made mandatory for all citizens to have Aadhaar Card to avail Government services. Aadhaar card is also an important document, which the private sector is also relying on, in providing various services. Almost all the online lenders ask you to provide Aadhaar Card to avail hassle free instant funds.
So, don’t lose hope if you don’t have all the documents for availing a personal loan. Your Aadhaar Card is your new ticket to quick cash in a hassle - free way.
Read here how to download an Aadhaar Card