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How to Get a ₹50,000 Loan on Your Aadhaar Card?

Submitted by admin on September 12th, 2024

Not everyone knows that their identity card, the Aadhaar card can double as a safety net. Yes, your Aadhaar card with its unique 12 digit number is an identity card that you can use to avail a loan of up to ₹50,000 in an emergency situation. In fact, for borrowers who do not use their Aadhaar card to get a loan, applying for a loan involves several visits to a bank, a lot of paperwork, and multiple weeks of waiting.

Even though all banks/financial institutions do not offer loans based on an individual’s Aadhaar card, there are several banks that rely on the Aadhaar card’s inherent security and trust to offer borrowers quick and easy access to money.

Let’s explore how.

How to get a ₹50,000 loan using your Aadhaar card?

• Download a reputable instant loan app or visit your preferred loan provider’s official website.
• Make your account using your email address and a mobile number linked to your Aadhaar card. Doing so will verify your identity and address.
• Input your Aadhaar and PAN details as they function as your KYC proof.
• Upload necessary documents such as income-related documents and a scanned image of your Aadhaar card to provide information about your finances.
• After verification is completed and the loan is approved, the money is credited to your linked bank account.

Factors to keep in mind

• Different lenders have different eligibility criteria and offer different interest rates
• Before taking a loan, compare your options and choose one which fulfils your financial needs
• To maintain your credit score, always make full and timely repayments of your instalments

Benefits of the ₹50,000 Aadhaar card loan

When using this identity card to get a loan, you actually get much more than just a loan. There are various benefits and features that are offered alongside your loan. They are:

Minimal documentation

You only need your KYC documents and income proof. They are verified and your loan amount is quickly disbursed by your lender.

Instant approval 

Due to the minimal documentation needed, loans are sometimes approved within a few minutes or at most in a few hours.

Flexible loan quantum

While some banks offer loans of up to ₹50,000, some premier financial institutions offer loans of up to ₹40 lakhs as well.

Flexible repayment tenure 

Loans taken using one’s Aadhaar card can be paid off in a flexible tenure ranging from 84 months to 7 years. This tenure varies according to a borrower’s eligibility and the financial institution.

Collateral free loan

Taking this unsecured loan requires no collateral in the form of pledging an asset or mortgaging, as it is offered based on one’s eligibility criteria.

Eligibility criteria of the ₹50,000 Aadhaar card loan

• Borrower’s must be Indian citizens employed in the private sector with a monthly salary of ₹15,000
• Borrowers must be aged between 23 and 58 years
• Their credit score must 750 or over

Documents required

• Passport or Voter identity card for address verification
• PAN card
• Bank statements of the last three months as proof of income

To gain more information on how to avail this loan, consult the financial experts today.