The Indian government launched the Aadhaar card in 2010 to help individuals avail few services in both the public and private sectors. The Aadhaar number is a distinctive 12-digit number that the government provides to all Indian citizens by collecting iris scans and fingerprints.
Aadhaar card not only serves as proof of citizenship but also helps individuals avail loans, open bank accounts, buy SIM cards, get a Permanent Account Number (PAN) card, apply for a passport and file income tax returns.
The main objectives of Aadhaar card are given below:
Impact of Aadhaar Card on Personal Loan:
Individuals who wish to use any financial services must submit their Know Your Customer (KYC) documentation. The government has made it mandatory for financial institutions and banks to collect customer KYC details to stop money laundering. Earlier, a lot of documentation was required for KYC, but nowadays it is very easy to complete KYC And Banks have also launched e-KYC where the entires KYC process is digitized or Since Aadhaar contains biometric data of individuals, verification is a simple and quick process.
> Fees and charges Billable amount
> Interest rate starts from 1.33% per month
> Loan processing fees They range from 2% to 8% of the approved loan amount.
> The processing fee is deducted in advance from the approved loan And Interest on overdue EMI 2% per month on loan amount EMI Or principal overdues.
> Check Bounce Rs.500/- every time.
> Cancellation of the loan
> No additional/hidden charges.
Processing fees will be maintained.
Personal loans are used by individuals mostly for emergency purposes And Therefore or they will need the verification process to be quick or the loan amount to reach their bank account as soon as possible And The main objective of Aadhaar card is to speed up the process or KYC verification has been digitized or availing a personal loan has become very simple and An individual’s personal details are in the Aadhaar database, so the loan approval is shorter.
How to use Aadhaar to apply for a personal loan online:
While it is not mandatory for an individual to provide their Aadhaar card, it is much easier to get a personal loan using one. The process is easier for the bank staff to complete the verification if the borrower provides the Aadhaar details. There is also a paperless mode where documents can be submitted online known as e-KYC. In case of e-KYC, the individual does not need to submit any physical documents And There are various banks that also provides instant loans if the borrower uploads a scanned copy of the Aadhaar cards.
આ લિંકથી આધારકાર્ડ થી લૉન કઈ રીતે લઈ શકાય જાણો અહીં
List of non-banking financial companies (NBFCs) and banks that use Aadhaar card as their primary identity proof
* HDFC Personal Loan
* SBI Personal Loan
* Indiabulls Personal Loan
* ICICI Personal Loan
* PNB Personal Loan
* First personal equity loan
Frequently Asked Questions (FAQ)
1. Can I gets personal loans on my Aadhaar card?
Yes, you can use your Aadhaar Card to apply for a personal loan from any bank or NBFC.
2. Can I apply for personal loans on my Aadhaar Cards online?
Yes, you can apply for Aadhaar Card personal loan online.
3. Is it possible to apply for personal loan on Aadhaar Card without having PAN card?
Yes, you can apply for Aadhaar Card personal loan without having a PAN card. However, in such cases, you will need to provide several other documents such as voter ID card, passport, driving license, pay slips and so on. The list of documents will be subject to the request of the credit provider.
4. How long does the loan application process take when applying for an Aadhaar personal loan?
It is usually a quick process as the Aadhaar card contains the biometrics data of the applican or Biometrics enables faster and simpler verification process and thus enables a faster application process.
5. How long does it take to pay off the loan amount?
You will need to meet the eligibility criteria for the loan application And The verification process does not take too long or if all documents are submitted and verified on time, the loan amount is usually disbursed within 2 to 3 days.
6. Will I need a co-applicant for an Aadhaar personal loan?
In general, you will not need to apply for a personal loan together with a co-applicant.
From July 1, 2017, GST rate of 18% will be applicable on banking services and products.