How to apply for instant loan with Aadhaar card: Step-by-step guide | Mint

In today’s fast-paced world, one can encounter sudden and unexpected financial requirements at any point in time. During such emergencies, such as unexpected travel expenses, significant home repairs, or a medical emergency, swift and reliable availability of finance plays a very significant role. This can be dealt with quite comfortably and effortlessly if instant loans, which are Aadhaar card-linked loans, are availed. Here’s a step-by-step guide on how to get an instant loan based on your Aadhaar.

Understanding instant personal loans

It refers to an instantaneous personal loan-the third type of unsecured loan. It offers quick liquidity with minimal documentary formalities as well as reduced procedures for providing the sanction itself. Unlike common loans, sanctions and disbursal of such monies are undertaken in hours or even minutes. It is suitable for last-moment travel needs, house fixes, medical, or any immediate monetary requirements.

What does instant personal loan on Aadhaar card mean?

During the loan application process, an Aadhaar card rapid loan identifies and verifies a person using their Aadhaar card as a primary source of identification and proof of address. With an Aadhaar card, one reduces the quantum of documents by a considerable extent because it is linked with both demographic and biometric details.

The lender uses it to accelerate the application process and quickly authenticate one’s eligibility. These loans, which are usually not secured, may be utilised to finance travel, education, medical costs, or any other use.

Eligibility criteria for instant personal loan on Aadhaar card

For applying for an instant personal loan on Aadhaar card, you need to meet certain eligibility criteria, which are as follows:

• Nationality: Indian
• Age: 21 years to 80 years.
• Credit score: A score of 685 or higher will be great.
• Income: Minimum income should be 25,001 (can vary according to different cities and lenders)

Documents required for instant personal loan on Aadhaar card

Here is a general list of documents you would be required to submit to apply for an instant personal loan on Aadhaar card:

A convenient and prompt financial solution through instant loans is achievable with the support of Aadhaar cards for any unexpected expenses a person may experience. Borrowing funds is instantly available and manageable by using this Aadhaar card process that has less documentation.

(Note: Raising a loan comes with its own risks. So, due caution is advised)