Due to the fact that it is required for so many different activities, such as opening a bank account and enrolling in school, the Aadhaar card is an essential piece of identification. However, not many people are aware that the same Aadhaar card may also assist you in obtaining a loan.
Everything, including your mobile phone numbers, is linked to your Aadhaar card, including bank accounts and Pan Card. The Income Tax department has also issued a public notice in a recent update requiring Pan Card holders to link their Aadhaar cards by April 1, 2023. For a fee of Rs, Aadhaar and PAN can be linked on the tax department’s website (www.incometax.gov.in). 1000.
Using your Aadhaar card to apply for a personal loan is simple. A number of Indian financial institutions, including the State Bank of India, HDFC Bank, and Kotak Mahindra Bank, offer Aadhaar cardholders loans.
Before making any final decisions, you should check your credit rating. A consumer must have a credit score of at least 750 in order to qualify for an Aadhaar card loan. In particular, financial institutions charge a relatively low interest rate in these circumstances.
Financial institutions, including banks, frequently offer personal loans quickly after completing KYC.
Here’s how to apply for a personal loan via Aadhaar card
To apply for a loan using your Aadhaar card, go to the bank’s official website. Notably, you may also apply for a personal loan using the bank’s mobile app.
Enter the OTP that was sent to your cell phone.
Choose the personal loan option.
Enter the loan amount and any other required information, as well as your birth date and address.
Following that, you must submit a copy of key identifying papers such as your PAN card and Aadhaar card.
After the banks cross-check the information you provided, they will authorise your loan.
