How to Get a Personal Loan Using an Aadhaar Card

Applying for a personal loan used to mean gathering documents, visiting a branch and dealing with a fair amount of paperwork. Today, much of the process can be handled online, which makes things a little easier when you need to apply.

As you go through the application, you may be asked for your Aadhaar details to complete the required checks. But having an Aadhaar card alone doesn’t mean you’ll automatically get an instant cash loan. The lender will still look at things like your income, credit history, age, and ability to repay.

So, if you’re considering a Personal Loan on Aadhaar Card, here’s what the process usually looks like and what you should keep in mind.

Can You Get a Personal Loan on Aadhaar Card?

Yes, Aadhaar can be used for verification when applying for a personal loan, provided the lender accepts it as part of the required documentation.

It can help confirm your identity and address, but it is not the only thing a lender looks at. Your application will usually be assessed using several details, including your income, employment, existing credit commitments and credit history.

So, when someone says “personal loan on Aadhaar card,” it doesn’t mean the loan is given just because you have an Aadhaar number. You might have to still need to meet the lender’s eligibility requirements.

What Other Documents Do You Need for a Loan on Aadhaar Card?

The exact requirements might be different from one lender to another. In many cases, you may need some basic personal and financial details along with your Aadhaar.

You may be asked for:

• Aadhaar card or Aadhaar details

• PAN card

• Mobile number

• Proof of income

• Salary slips or bank statements

• Employment or business details

• An active bank account

If you’re salaried, your salary and employment information may be checked. If you’re self-employed, the lender may ask for details that help them understand your income.

It’s worth keeping the required documents ready before you start, especially if you’re applying online.

How Will You Apply for a Personal Loan on Aadhaar Card?

The process can be completed online with many lenders and digital lending platforms. While the exact steps can differ, it generally goes something like this.

Step 1: Check the Basic Eligibility

Begin by seeing whether you meet the lender’s basic requirements. Age, income, employment, residence, and credit history can all be part of the eligibility check.

Step 2: Enter Your Details

You’ll usually need to provide information such as your name, mobile number, PAN, income and employment details. Make sure everything matches your documents before submitting it.

Step 3: Complete Aadhaar Verification

Your Aadhaar details can be used to confirm your identity and address. You may also need to complete an OTP or another online verification step, depending on the lender. 

Step 4: Submit the Required Documents

You may need to upload or provide additional documents related to your income, employment or bank account. The lender may look at these details when reviewing your application. 

Step 5: Review the Loan Offer

If you receive an RBI-approved loan offer, don’t skip the details. Check the amount, interest rate, APR, processing fee, repayment period, and other applicable charges before deciding whether to accept it.

What to Know Before Taking a Personal Loan? 

Getting the application done is just the beginning. Before accepting a loan, take a proper look at what you’ll have to repay.

Check things like:

• Interest rate and APR: Understand the overall cost.

• Processing fee: See what you’ll be charged.

• Repayment period: Make sure the tenure works for you.

• Monthly repayment: Check the tenure if it fits comfortably into your budget.

• Other charges: Go through the loan terms for any applicable fees.

It may be easy to apply online, but the loan still becomes part of your monthly expenses. Make sure you’re okay with that before going ahead. 

Can You Apply for a Loan on Aadhaar Card Online?

In many cases, yes. Digital lending platforms can let you begin the application, share your details, and complete verification online instead of starting at a branch.

Platforms such as Rupee112 offer a digital way to explore personal loan options, with eligible applications being assessed by the applicable lending partner. The loan amount, terms and approval can vary based on the lender’s requirements. 

If you’re applying online, use only the official platform, provide accurate information, and read the small personal loan details before accepting an offer.

FAQs

1. Can I use my Aadhaar card to apply for a personal loan?

Yes, Aadhaar can be used during the verification process. You’ll usually need to share a few other details as well, depending on the lender.

2. Can I get a loan with just my Aadhaar card?

Aadhaar by itself isn’t enough. The lender may also check your PAN, income, job or business details, and credit history before making a decision.

3. How do I apply for a personal loan using Aadhaar?

You can start the application online by entering your basic details and following the verification steps. You may also need to use your Aadhaar for verification. 

4. Does having an Aadhaar card mean my loan will be approved?

No. Aadhaar only helps with verification. Your other details will also be checked before the lender makes a decision. 

5. What documents do I need along with Aadhaar?

You may need your PAN, bank details, and some proof of income. The documents can be different for salaried and self-employed applicants, so check what the lender asks for.