Paul Romer, World Bank’s Chief Economist once said that “Aadar is the most sophisticated ID programme in the world.” And he is not wrong. Aadhar contains your important biometric data, personal information, demographic data, etc., and is used to avail several benefits from all government schemes. Furthermore, not only for government-sanctioned benefits, an Aadhar card is demanded by many private institutions as well, particularly by the NBFCs and banks to eliminate hassle from the credit lending process.
But can an Aadhar card be used to avail of a personal loan? Certainly, Yes! And there are several benefits of Rs 10000 loan on Aadhar card or even of a greater amount. Let us learn these benefits in detail.
Aadhar card is one of the most important documents for Indian residents that can also help a lot to avail personal loans
Benefits of Personal Loan on Aadhar Card
A Rs 10000 loan on Aadhar card or a personal loan on Aadhar card of any amount has several perks.
Hassle-free Application Processing
The first and foremost benefit of a personal loan on Aadhar card is the easy application process. You can apply for a Rs 10000 loan on Aadhar card online and get the loan approved in a few minutes. Most lenders have web portals to take online loan applications. An individual can provide all the required details and submit the necessary documents online. Once approved, the loan amount gets disbursed immediately to the applicant’s bank account.
Rs 10000 loan on Aadhar card is preferred by many because of its easy KYC verification process. Although an Aadhar card is not mandatory to avail of a personal loan, it gets the job done easily. Using your Aadhar number, the lender can instantly verify your identity and process the loan application. This reduces the loan approval time and you can get money as quickly as possible. Moreover, with an Aadhar card, you do need to produce PAN.
No Collateral Required
Personal loans are unsecured, which means you do not need to pledge any collateral with the lender to apply for Rs 10000 loan on Aadhar card. This helps several individuals who do not have any assets to keep as a mortgage to avail credit facilities. The loan is approved based on your credit score, monthly income, etc.
Up to Rs 25 Lakhs
Not only Rs 10000 loan on Aadhar card, but you can avail up to Rs 25 lakhs as a personal loan. This allows you to meet all the big expenses or any urgent monetary need without any worry. You can use the loan amount to pay medical bills, travel someplace, cover wedding expenses, buy expensive items, or do anything you want to. Unlike, most secured loans, you do not have to give any specific reason to the lender to get the loan approved.
You do not need to go through a lengthy and tedious documentation process to avail a Rs 10000 loan on Aadhar card. Apart from being identification proof, the Aadhar card can also be used as address and age proof. This reduces the documents required and makes the loan application process completely hassle-free.
Flexible Repayment Tenure
Every borrower has a different payment ability and hence should be allowed to choose an amortization period freely. A personal loan on Aadhar card gives you the utmost flexibility of choosing a repayment period based on your EMI payment capacity. You can choose a period of up to 5 years to repay the borrowed amount. In case, you earn enough monthly income to pay higher EMIs, opt for a lower repayment period to reduce the payable interest. Whereas, if you want lower EMIs, go for a higher time for repayment.
The main purpose of a personal loan is to provide funds immediately to the borrower. Thanks to the absence of unnecessary paperwork, documentation, and formalities in a personal loan on Aadhar card, the loan approval process gets completed quickly. Moreover, since there is no collateral requirement, lenders do not have to go through background checks, property valuation, and other time-consuming work. This allows the lender to sanction the loan and disburse the loan amount as quickly as possible.
Minimum Eligibility Criteria
A Rs 10000 loan on Aadhar card or any such personal loan has minimum eligibility requirements. Any individual with a fair credit score, and even average monthly income is eligible to apply for a personal loan on Aadhar card. This allows lenders to extend the credit facility to a large part of the working population.
To conclude, Aadhar card is a very important document to avail several credit facilities. It should not be only treated as a document for identification but a tool that can be used to get monetary help when needed. It is recommended that you should always use your Aadhar card while applying for a personal loan to pace up the loan approval process and get money in your bank account without delay.