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Monday, January 10, 2022 • Güncelleme Tarihi :

How To Get a Loan of Rs 2,00,000 Using Your Aadhar Card.

At present, the Aadhar card has become necessary for many things like paying income tax, availing of any government subsidy and etc. However, there is confusion among people about whether a personal loan is given on an Aadhar card or what is Aadhar card loan.

Information about the Aadhar card loan with all necessary details is given below in this article.

Loan with addhar card

What is Aadhar Card Loan?

Many people think that just like getting a loan against a credit card, one can also take a loan using an Aadhar card. However, the reality is that there is no loan that you can get just because you have an Aadhar card. Hence, terms like “Aadhaar Card Loan”, “Loan Against Aadhar Card” or “Personal Loan against Aadhar Card” can be misleading. However, the Aadhar card is one of the essential documents that are used while applying for a loan. You can get a loan using your Aadhar card, provided you fulfill other bank conditions. If you are in need of a personal loan, then below are the personal loan interest rates and terms and conditions of major banks/lending institutions, so you can browse through them and compare and choose a personal loan for yourself.

Personal Loan Interest Rates from Top Banks and Other Lending Institutions-

  • State Bank Of India      9.60%
  • HDFC Bank                 10.25%
  • PNB                              7.95%
  • ICICI Bank                   10.50%
  • Axis Bank                     10.49%
  • Kotak Mahindra Bank  10.25%
  • IndusInd Bank              11.00%
  • IDFC First Bank           10.49%
  • Bajaj Finserv                13.00%
  • Tata Capital                  10.99%

Note: The interest rates given above are subject to change according to the banks, NBFCs, and RBI.

Personal Loan: Interest Rates and Other Fees

The interest rates and fees offered by banks and NBFCs vary depending on the profile of the applicant such as their credit score, income, and repayment capacity. However, the minimum interest rate for availing of a personal loan starts from 10.25% per annum.

Personal Loan: Eligibility Conditions

  • Applicant age should be between 21 to 60 years
  • Credit score must be 750 or above
  • At least 2 years and minimum 1-year work experience with current company
  • 15,000 Rs. net monthly salary 

Personal Loan: Documents Required

  • Duly filled application form with passport size photograph

  • KYC Documents

  • Identity Proof: Voter ID, Aadhar Card, Passport, Driving License.

  • Residence Proof: Passport, Utility Bill, Aadhar Card.

  • Income proof: Salary slip, ITR return.

  • Other Required Documents as demanded by Banks/Lending Institutions

How to apply for a personal loan using your Aadhar card?

You can apply for a personal loan online at many platforms, but we suggest you to use Paisabazaar.com by following the following steps: 

Step 1: Click here to start the personal loan application process 

Step 2: Enter the required information and agree to the given terms and conditions 

Step 3: After this OTP will be sent to your number, enter it and know which personal loan offers you that you are eligible 

Step 4: Compare personal loan offers and choose the best one that suits your needs and apply 

Step 5: Aadhar card will be one of the documents that the bank will ask for your verification, give the Aadhar card to the bank and prove your identity

Benefits of applying for a personal loan with your Aadhar card

Given below are some of the major benefits of applying for a personal loan using your Aadhar card:

Since the biometric data is linked to your Aadhar card, banks/ loan institutions can verify your authenticity and identity very quickly and easily.
Aadhar card also acts as a valid identity and address proof which will help you to cut down on paperwork and also help you in securing a loan. However, remember that you need to submit a valid income proof along with other documents required by your potential bank/lending institution to avail a personal loan.
It also acts as a valid KYC document and helps in completing KYC formalities (in person or online/e-KYC). This helps prevent fraud. Thus having an Aadhaar card can also increase your chances of getting a personal loan approved.
Thus, the process of a loan application, verification, and approval can be completed easily and quickly with the Aadhaar card.

Related Questions (FAQs)

Question. Can I take a personal loan without an Aadhar card?
Answer: Yes, you can avail of a personal loan without an Aadhar card. For this, you have to submit the required documents such as identity, address, and income proof as asked by your potential bank/loan institution. Since your biometric data is linked to your Aadhar card, submitting a copy of the Aadhar card while applying for a personal loan allows the loan application, verification, and approval process to be completed easily and quickly.

Question. Which banks and NBFCs accept Aadhar cards as a valid identity and income proof? 
Answer: All banks and NBFCs in the country accept the identity card issued by UIDAI as a valid identity and income proof.

Question. Do I need to submit any security or collateral when I apply for a personal loan using my Aadhar card?
Answer: No, there is no need to submit any security or collateral to avail of a personal loan.

Personal loan provider

  • HDFC Personal Loan / Personal Loan
  • SBI Personal Loan
  • ICICI Bank Personal Loan / Personal Loan
  • Bajaj Finserv Personal Loan / Personal Loan
  • Citibank Personal Loan
  • Tata Capital Personal Loan
  • Yes Bank Personal Loan
  • Canara Bank Personal Loan
  • IndusInd Bank Personal Loan
  • PNB Personal Loan
  • Bank Of Baroda Personal Loan
  • Indian Bank Personal Loan
  • Federal Bank Personal Loan
  • Bank Of India Personal Loan
  • Muthoot Finance Personal Loan
  • UCO Bank Personal Loan
  • Union Bank Of India Personal Loan
  • Central Bank Of India Personal Loan
  • Bank Of Maharashtra Personal Loan
I Hope you found this article helpful!

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