The Aadhaar card is an important identification document because it is necessary to complete many tasks, including getting school admissions and opening bank accounts. However, not many people know that the same Aadhaar card can help you get a loan.
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With the help of your Aadhaar card, you can apply for a personal loan without any hassle. Many banks, including the State Bank of India, HDFC Bank, and Kotak Mahindra Bank, offer loans to their customers on Aadhaar cards.
It is important to know your credit score before you consider this option. Any customer having a credit score of more than 750 can easily apply to get a loan on an Aadhaar card. Notably, banks charge a low-interest rate in such situations.
Most banks and finance companies easily approve personal loans after KYC.
Here’s how you can apply for a personal loan via Aadhaar card
1. Visit the bank's official website to apply for a loan via Aadhaar card. Notably, you can apply for a personal loan via the bank’s mobile app too.
2. Enter the OTP that you have received on your mobile phone.
3. Select the option for a personal loan
4. Enter the loan amount and other necessary information along with your birth date and address.
5. Next, you have to upload a copy of important identity documents like PAN card and Aadhaar card.
6. Once the banks cross-verify the details submitted by you, they will approve your loan.
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