The Aadhaar card is a vital piece of identification since it's required for so many different purposes, such as enrolling in school and creating a bank account. But few are aware that the same Aadhaar card might also help you get a loan.
From bank accounts to Pan Card, everything is linked with Aadhaar card including your mobile numbers. Also in a latest update, the Income Tax department has also issued a public notice to link their Pan Card with the Aadhaar card before April 1, 2023. Aadhaar may be connected with PAN on the tax department's website (www.incometax.gov.in) for a fee of Rs. 1000.
It's simple to apply for a personal loan with the aid of your Aadhaar card. Loans are available to Aadhaar cardholders from a variety of financial institutions in India, such as the State Bank of India, HDFC Bank, and Kotak Mahindra Bank.
You should check your credit rating before making any final decisions. To acquire an Aadhaar card loan, a consumer has to have a credit score of 750 or above. Most notably, the interest rate charged by financial institutions is rather low under these circumstances.
After completing KYC, financial institutions, including banks, often provide personal loans quickly.
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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.
