Personal Finance

Detailed Guide to Get Loan Against Aadhar and PAN Card in India

Personal loans have become more accessible and convenient to acquire than it was a decade ago! Government policies and RBI intervention have played a tremendous role in this change. With the new policies, the banks and NBFCs get to offer different types of personal loans against PAN card and Aadhar card. Yes, these two documents are enough to let one acquire a loan to fund financial emergencies. The constitution of India has vested a lot of information and importance on these documents. So, one can easily consider an Aadhar card loan as an option to get finances through a hassle-free process. It is one of the least documentation methods for using the money market facilities.

An Aadhar card loan is available only for salaried or self-employed individuals only. Every Indian must possess this card, but not all of them can go up to the financial institutes demanding a loan! There are certain rules and ordinances that individuals need to follow without missing out on any opportunity. With the NBFCs stepping up with these personal loan mobile applications, getting an Aadhar card loan has become much easier. Click here to know more about how it works.

Digital devices are enough these days to acquire an Aadhar card loan.

Aadhar Card and Pan Card: Two Pillar of Documentation

The Aadhar card and PAN (Permanent Account Number) are the two most crucial documents in the money market. These two pieces of government certified cards render all the information that the financial institutes demand to verify a customer. Indians with Aadhar PAN card ownership stand in this unique place where they get access to many government projects and schemes, including monetary policies. One can get an Aadhar card loan with the help of these documents because they serve as:

  • Proof of Identity: An Aadhar card has a clear picture of the cardholder with computerised data of his retinal scans and fingerprints. PAN card also has a picture of the name bearer.
  • Proof of Address: Aadhar cards have the detailed address of the cardholder with PIN Code.
  • Proof of Income: Since the PAN card number is present on the ITR data of each individual, NBFCs and banks can evaluate the recent records to verify the income of the applicant.

An Aadhar card loan is also easily available because it is the prime document for the e-KYC process banks conduct to verify the customer. So, there is no need to photocopy a bunch of documents and go through a tiresome application process when the mobile applications are available for instant funds.

Where To Get An Aadhar Card Loan?

One should know his lenders and where to find the most reliable one! NBFCs are offering the easiest ways of acquiring a personal loan using the mobile applications available. One should opt for it after choosing the best and most reliable service provider available! Go through the ratings and reviews of each top-rated application to realise the quality of service. Although some banks are also offering an Aadhar card loan under government schemes, the mobile application process is more manageable. One can just download the app, submit an online application using PAN and Aadhar card number and get approval!

Things To Know About Aadhar Card & PAN Card Loans

Before one applies for an Aadhar card and PAN card loan, there are a few things he must keep in knowledge.

  • The Aadhar card serves as a valid document for the KYC procedure, which is why there is no need for additional documents for getting instant loans. However, the loan amount is usually 5 lakhs or less. For large funds, one needs to go through a more detailed verification.
  • The loan applicant must have a regular income of INR 20,000/month or more as per the rules of the NBFCs and banks. Aadhar cardholders who are self-employed or salaried are eligible for these loans.
  • Individuals must have their Aadhar card linked to their existing bank account in which they want to receive the funds.
  • Some banks may demand any additional proof of address as RBI restricts the validation of Aadhar cards in this category. However, NBFCs offering loans through mobile applications do accept Aadhar as proof of address of the applicant.
  • The applicant must have a valid PAN card registered with other banks to be able to use it for instant loans. After all, failing to produce any of these two documents will become problematic for the bearer.

Money market instruments are for emergencies and financial purposes where the savings account balance is not an answer! With the Aadhar card loan and PAN card eligibility, one can easily get instant funds whenever in need. Salaried individuals can finance additional expenses of the month without taking credit from informal financial institutions. Pay a reasonable interest rate and loan amount through convenient EMIs without having to rush to banks and post offices. Use the documents to their fullest capacity and get instant emergency funds easily!

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