Aadhar card is one of the most important documents for Indian residents. It helps them to avail themselves of a number of benefits given by the government and also serves as the main identity proof. Aadhar contains several important information of the individual such as his/her address, biometric details, etc. This makes verification of the individual’s identity extremely hassle-free. Thanks to all these features that the Aadhar card can also help you to get credit easily. Yes, now you can easily avail a small cash loan on Aadhar card to meet your immediate monetary needs. Curious to know how? Let us discuss the same in detail.
Aadhar card can help you to avail of cash loan easily
How to Apply for a Small Cash Loan on Aadhar Card?
Applying for a small cash loan on an Aadhar card is extremely easy. You just need to follow a few basic steps to get the job done. The best part is that you can apply for such a loan online within a few minutes. Let us learn the process step by step.
Step 1: Choose the Lender
Although there is a pool of lenders offering a small cash loan on Aadhar card, you should go for the one that gives you the best loan offer and a hassle-free process to apply for the loan. Navi is one such online lender where you can easily apply for a loan using your Aadhar card. Going for such a lender allows you to enjoy the perks of easy loan approval with minimum documentation and formalities. This first step of applying for a small cash loan on Aadhar card is also very important. Your entire loan availing experience depends on the lender you choose.
Step 2: Check Your Eligibility Criteria
You must keep in mind that making a loan inquiry affects your credit score. Thereby, it is very to ensure that you meet all the minimum eligibility requirements for the loan so that your loan application does not get rejected. The eligibility criteria required to apply for a small cash loan on Aadhar card is as follows:
- The applicant should be an Indian resident.
- The age of the applicant should be at least 18 years. However, many lenders ask for a minimum age of 21 years. You must check the minimum age requirement before applying for the loan.
- The applicant should either be salaried or self-employed.
- The credit score should be above 650. Some lenders may also ask for a minimum credit score of 700.
Step 3: Fill in Personal Information
The next step to apply for a small cash loan on Aadhar card is to provide your details such as Name, Address, Contact number, Email address, PAN, etc. You may also require to verify your mobile number/email address with an OTP. Make sure all the entered information is correct because the same will be used in your loan application.
Step 4: Complete KYC
Use your Aadhar card to complete the mandatory KYC process. Many lenders also offer the e-KYC feature to the customers so that they can verify themselves without any hassle and submit the loan application as quickly as possible.
Step 5: Enter Loan Requirements
After filling in the personal information, you have to provide the loan requirements on the next page. Enter the required loan amount and select the repayment tenure as per your preference. Check the EMI and the total payable interest amount. Double-check all the details before applying.
Step 6: Submit Necessary Documents
Now you need to submit all the necessary documents required to process your loan application. A small cash loan on an Aadhar card comes with minimum documentation. You only need to upload a few documents to proceed with the next step. The following documents are required to complete this step are:
- Recent Photograph
- Identity Proof (Aadhar Card / PAN Card / Voter Id Card, etc)
- Age Proof (Aadhar Card)
- Address Proof (Aadhar Card)
- Income Proof (Payslip given by the employer / Bank Statement)
- PAN Card
Step 7: Submit Loan Application
Once you have filled all the asked details and submitted the required documents, submit the loan application. Make sure that you have entered all the details correctly and then submitted documents are properly readable. This ensures that your loan application will not get rejected because of minor issues.
Applying for a small cash loan on an Aadhar card is completely hassle-free
Once you have applied for a small cash loan on an Aadhar card, wait for some time. The loan will get approved if you meet all the eligibility criteria. Post-approval, the sanctioned loan amount gets disbursed instantly and will be credited to your bank account.
Benefits of Applying for a Small Cash Loan on Aadhar Card
- Aadhar card helps the lender to complete the KYC easily only within a few minutes. It can also be used as age proof and address proof. All these save time and reduce the documentation required to apply for the loan.
- A cash loan on Aadhar card is an unsecured loan. This means you do not need to pledge any collateral with the lender to apply for the loan. You also do not have to specify where you are going to use/spend the loan amount.
- You will get the flexibility to choose a repayment tenure based on your convenience. Check your loan repayment ability and choose a tenure that suits your financial plans.
- The loan gets approved easily if you meet all the eligibility criteria. Once the loan is approved, the amount will be credited to your bank account instantly.
- You can avail as low as Rs 10,000 and get your small monetary needs fulfilled without any fret.
- While applying for a small cash loan on Aadhar card, you do not have to go through time-consuming formalities. The loan sanctioning process is very simple and smooth.
- You can avail of a small cash loan on Aadhar card with a monthly income as low as Rs 15,000. Moreover, even a credit score of 650 will do the work.
So, as we saw, how easy it is to apply for a small cash loan on an Aadhar card. You can meet your immediate fund needs just by having a valid Aadhar card. Not only the process, but the benefits of a cash loan on an Aadhar card is also unmatched.