Aadhaar card is a commonly used document to avail various banking services offered by selected financial institutions, such as to apply for a personal loan, file ITRs, avail government subsidy, apply for PAN card, etc. However, there is a lot of confusion about the use of Aadhaar card for availing personal loan. Read on to get an insight into the same:
Aadhaar card is one of the primary documents required by most of the banks/NBFCs for personal loan approval. Ideally, there is no term called Aadhaar card personal loan. Applicants can get instant personal loan against credit cards, fixed deposits but not against Aadhaar card. Few people have a misconception that they can avail personal loan on their Aadhar card. However, no such product exists as of now in the banking and financial sectors.
Yes, you can apply for a personal loan by using your Aadhaar card as a supporting document along with the other required by your lender. Further discussed are the basic features of personal loan, interest rates and other related aspects. Check and compare the loan options offered by leading banks & NBFCs.
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | Up to 28% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.70% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Apply for a Personal Loan online with minimal documentation Apply Now
Eligibility Criteria for Aadhaar Card Loan
- Applicants between 21 and 60 years of age
- Credit Score should be 750 or above
- Minimum work experience of 2 years and minimum of 1 year with the current company
- Net monthly salary of Rs. 15,000
Document Required
- Duly filled personal loan application form with passport-sized photographs
- KYC documents
- Identity proof: Passport, Driving License, Voter’s ID card, Aadhar card
- Address Proof: Utility Bills, passport, Aadhar card
- Income Proof: Salary slips and ITR returns
- Any other document required by the lender
Banks/NBFCs using Aadhaar Card as Primary Identity Proof
Very few to nil lenders might consider Aadhaar card as primary source to offer personal loan. Rest, most of them consider your income, credit score, repayment capability as the basic eligiblity criteria for offering personal loans.
How to Apply for a Personal Loan with Paisabazaar using your Aadhaar Card?
To apply for a personal loan online with Paisabazaar.com, you need to visit the Paisabazaar website, click on the “Personal Loan” button on the home page and follow the steps given below:
Step 1: Fill in your personal details including your occupation type, monthly income, current city, mobile number along with the required loan amount and click on “Proceed”.
Step 2: To know the best-suited personal loan offer, enter your company name, work experience, PAN and current loan EMI amount (in case any).
Step 3: Various personal loan offers that you are eligible for from different lenders will be displayed as per your chances of approval. Choose the loan offer that suits your requirements the best and fill out any additional details that may be required.
Step 4: Submit a scanned copy of your Aadhaar card and other relevant documents online.
Step 5: After this, a representative will contact you to verify your details.
Once all the required documents are received and verified and the loan is approved, the loan amount is disbursed to your bank account.
Benefits of Applying for a Personal Loan using your Aadhaar Card
Some key advantages of applying for a personal loan using your Aadhaar card are:
- Since biometric data is linked to your Aadhaar card, lenders can verify your authenticity and identity much more quickly and easily.
- Aadhaar card also serves as a valid identity and address proof and can help you secure a loan with minimum paperwork. However, do remember that you need to submit valid income proof(s) along with other relevant documents as required by your prospective lender to get a personal loan.
- It also serves as a valid KYC document and helps complete the KYC formalities (in person or online/ e-KYC) which in turn helps in preventing fraud. Having an Aadhaar card can thus help increase the chances of approval of your personal loan.
Thus, Aadhaar card helps make the loan application, verification and approval process much easier and faster.
Kindly note that Aadhaar cash loan or small cash loan is not a personal loan category.
FAQs
1. Can I avail a personal loan without an Aadhaar card?
Ans. Yes, you can avail a personal loan without an Aadhaar card as long as you submit the necessary documents as required by your prospective lender including your identity, address and income proofs, etc. However, as your biometric data is linked to your Aadhaar card, submitting a copy of your Aadhaar card when applying for a personal loan can help make the verification process much smoother and faster and may minimize the documentation requirement.
2. Which banks and NBFCs accept Aadhaar Card as a valid identity and income proof?
Ans. All banks and NBFCs in the country accept the UIDAI-issued identity card as a valid identity and income proof.
3. I have an Aadhaar Card but do not have salary slips. Can I get a personal loan?
Ans. Aadhaar card is a KYC document, which is used by the lenders as identity proof and residence proof document. Salary slip, on the other hand, is one of the income documents that banks and NBFCs require to evaluate an applicant’s repayment capacity. However, some banks and NBFCs assess income and repayment capacity on the basis of bank statements and other financial statements. Thus, personal loan applicants having Aadhaar card but not salary slips can approach such lenders for availing personal loans.
4. Do I need to submit a collateral when I apply for a personal loan using my Aadhaar card?
Ans. No, there is no need to submit any collateral or security with any bank or NBFC to avail personal loan.
5. If I am unemployed so can I get a loan without a salary slip?
Ans. Few lenders do consider offering loans to unemployed people, so you will have to check for the particular lender offering this type of loan. However, the interest rates offered shall be high as compared to other types of personal loan.