Aadhar Card Loan: Have you suddenly found yourself in need of cash? What if you need a little extra with a tiny loan of between ₹10,000 to ₹50,000 to meet immediate expenses? If so, perhaps you should be happy to hear that the Government of India has put in place a simple loan scheme that requires only an Aadhar Card from your end.
Yes, you got that right! This article will lead you step-by-step through everything you need to know about taking an Aadhar-card-based loan in the year 2025.
The Aadhar Loans: A Revolutionary Concept
Introduced in 2009, the Aadhar Card has become one of the most powerful identity documents, especially for citizens of India. If Aadhar serves a purpose as such, it is a golden key to many government schemes and financial services. Seeing the tough lives that low-income people lead, the government has allowed for lending even with just the Aadhar Card and one other identification, namely the PAN Card.
This loan scheme is conceived to ease the economically weaker sections to avail themselves of immediate assistance under the Cover Emergencies. The process is simple, fast, and requires very few documents. These loans serve an even bigger purpose: these loans are being afforded to many, with interest rates being low.
The Aadhar Card Loan–Some Benefits Worth Mentioning
his is a quick-disbursal loan approved within 24 hours.
Minimal Documentation: Just the Aadhar Card, PAN Card, and a few basic documents.
Though interest rates and Aadhar loan loans are also where public interest is drawn, they start from 12%, depending on your credit score.
Any income can serve as funding for poor people, small ventures.
Let’s Study Aadhar Card Loan Interest Rates
Simply put, they are unsecured loans dependent solely on the Aadhar Card and so easy and quick to apply for. But it is critical to understand the interest involved. At present, interest rates for loans through the Aadhar Card run from 12% to 15% based on the credit score of the applicant. If your credit score is excellent (above 750), you should be able to lean towards the lower end of that spectrum. If your credit score is very bad, you might pay up to 15% interest.
Eligibility Criteria for Aadhar Card Loans
To ensure that the loan process is smooth and hassle-free, the government has set certain eligibility criteria. Here’s what you need to qualify:
- You must be a resident of India.
- Your age should be between 21 and 60 years.
- A credit score of 750 or above is preferred.
- You should not have any negative records with banks.
- A minimum monthly income of ₹15,000 is required.
- Your mobile number must be linked to your Aadhaar Card.
- All necessary documents should be ready for submission.
Documents Required for Aadhar Card Loans
To apply for a loan, you’ll need the following documents:
- Aadhar Card (mandatory)
- PAN Card
- Income Certificate
- Address Proof (e.g., utility bill, rental agreement)
- Bank Account Statement (last 6 months)
- Mobile Number (linked to Aadhar)
- Two Passport-Sized Photos
Step-by-Step Guide to Apply for an Aadhar Card Loan
Applying for a loan using your Aadhar Card is a straightforward process. Follow these steps to get started:
- Visit the Official Website: Go to the official website of the bank or financial institution offering Aadhar Card loans.
- Select Personal Loan Option: On the homepage, click on the Personal Loan section.
- Enter Your Details: Fill in your personal information, including your name, mobile number, date of birth, Aadhar Card number, and PAN Card details.
- Submit the Form: Once all details are entered, click on the Submit button.
- Choose Loan Amount: On the next page, select the loan amount you need (up to ₹50,000).
- Eligibility Check: The bank will verify your eligibility based on the information provided.
- Loan Approval: If you meet the criteria, your loan will be approved instantly.
- Receive Funds: The loan amount will be transferred to your bank account within a few hours.