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How to Apply Personal Loan Using Aadhaar Card?

Apply personal loan using aadhar card
A personal loan application is made easy since the instant loan apps were launched. Financial institutions in India migrated the traditional loan application process to the online platform via instant personal loan apps available for FREE download on Google Play Store or the website. So, how does the verification happen for personal loans online?

The documentation for instant loans online is minimal, accepted in a paperless format. Aadhar cards and PAN cards are mandatory KYC documents to apply for a personal loan online. Even though your credit score is good, an aadhar card becomes essential when a loan application is initiated. E-KYC verification is conducted online when the borrowers submit a personal loan application on loan apps. Aadhar card confirms the borrower’s Name, Age, Nationality, Age, Photo, and Address.

HeroFinCorp is a reliable instant loan app offering borrowers small cash loans up to 1.5lakh. Real-time document verification is processed in a paperless format via Aadhar card and PAN card details. Collating a bunch of mandatory documents for loan approval is tedious. Instead, go the easy way to avail an instant loan online.
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Why Personal Loan with Aadhar card?

Aadhar card number linked to your mobile number approves the loan faster. It is mainly a personal identity proof required mandatorily for a background check of the borrower. Here are some key benefits of applying for personal loans online via an Aadhar card:
  • Real-time verification enables instant approval within minutes
  • Quick disbursal of the personal loan amount within 24 hours
  • Multiple instant personal loan requests can be submitted with an Aadhar card
  • Flexible repayment policy as per your convenience within 6 - 24 months
  • Aadhar is verified in a paperless format that is only the unique Aadhar number is entered and submitted for verification. It saves a considerable amount of time.
  • A collateral-free instant loan that doesn’t require a guarantor or an asset for loan approval.

Borrower’s Eligibility Criteria for Personal Loan with Aadhar

  • Age should be between 21-58 years
  • Must be a resident of India
  • Must be employed with a private or public sector company
  • Must have a minimum income of Rs.15,000/-monthly
Finally, an Aadhar card is considered a significant document for an instant personal loan. Aadhar card introduced in April 2010 changed the loan scenario completely. Borrowers struggling for cash in hand to manage financial emergencies can now opt for an instant loan via Aadhar card. Once the required documents are approved, the loan is disbursed instantly into your accepted bank account.

Besides the Aadhar card, income-related documents are also submitted for loan approval. Salaried and self-employed individuals are required to submit their last 6 months of bank statement. This has reduced the hassles of submitting multiple documents for loan approval.
 

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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