Aadhaar Card Loan is a term which refers to any form of financial credit that an Indian applicant secures from an Aadhaar Card identity standard.

What Is An Aadhaar Card Loan?

An Aadhaar card loan is a type of personal and collateral-free loan that can be availed using an Aadhaar card. Aadhaar being mapped to the biometrics, the process of KYC that is, ‘Know Your Customer,’ proves to be advantageous to both sides – the lenders as well as the borrowers.

Read More: Benefits Of Making Women A Co-Borrower In The Loan

How Much Can A Borrower Borrow In Regards To An Aadhaar Card Loan?

If you want to avail of a loan with the help of an Aadhaar card alone, the amount ranges from ₹5,000 to ₹25 lakh based on the lender’s evaluation of your information on an Aadhaar card. To procure a salary-less loan no salary slip is required and instead, the bank account statements for the last six months have to be submitted. The lender will consider these aspects to determine the amount of loan you can be approved for.

Read More: Claiming 80EEA: A Guide For Home Loan Transfers

What Are The Eligibility Criteria For A ₹50,000 Loan On An Aadhaar Card?

To apply for a ₹50,000 loan using your Aadhaar card, you need to meet the following criteria:

• To avail of the service, one must necessarily possess a UIDAI-issued Aadhaar card.

• you should also be an Indian Citizen and should be between the age of Non-Resident Indians born and brought up in India and between the age group of 20 to 60 years.

• To apply for the loan scheme, you must have an income of ₹ 15,000 per month either through employment or otherwise.

• It means that your credit score should be at least 600 points.

• You should have been working for at least one year although preferably more.

Read More: PM Mudra Loan Scheme Eligibility & Application Guide | Pradhan Mantri Mudra Yojana

What Documents Do You Need To Apply For A ₹50,000 Loan On An Aadhaar Card?

To apply for a ₹50,000 loan using your Aadhaar card, you’ll need the following documents:

• Aadhaar Card: Verified the users’ identity and their residence.

• Income Proof: This can be bank statements, income certificates or pay slips of the family head or any other member of the family unit.

• Passport-sized Photograph: A recent photo may be necessary with some lenders they need a current picture of the borrower.

• Age Proof: This could either be your birth certificate, passport or voter ID.

How Can You Get A Loan On Your Aadhaar Card In 6 Simple Steps?

To get a ₹50,000 loan using your Aadhaar card, follow these easy steps:

• Go to the official webpage of the lender, (any financial institution or commercial bank of your choice), and apply for the loan.

• Input your personal information as well as that of the loan as required on the form.

• Scan the necessary documents like the Aadhaar Card and earnings proof and upload them in the portal.

• Wait for approval as the lenders are usually in a position to approve your documents.

• Get approval of the loan and its disbursement after going through a validation process.

• Select a loan repayment period which is convenient for your financial plan.

Read More: Get a Loan Upto 50000 Under PM SVANidhi Yojna Scheme: Helping Street Sellers And Strengthening India's Economy

Conclusion

A personal loan can thus be useful for cases where one has unforeseen circumstances or events which require one to make some payments. Utilizing the Aadhaar card to apply for a loan, eliminates some of the formalities therefore suitable for people who do not have formal documents such as salary slips. In fact, with the Aadhaar card and a few other documents, you can obtain ₹50,000 for your needs without any difficulty.

For any request or Article Research, visit the Community Page of Jaagruk Bharat.