Personal loans have never been as easy to obtain as they are today, thanks to digital technology. Before digitalization, the entire process would take several days. Back in the day, people in need of urgent money had to look for relatives and friends who could lend them the amount needed. These days, the best personal loans can be availed of within 24-48 hours without you even having to take the day off from work.
No more must you run from bank to bank to find out about eligibility criteria, interest rates, and how to apply for and avail of the best personal loans. You can find the best personal loans online and apply for them online. The bank verifies your KYC with your Aadhaar card and transfers the money to your account within a couple of days. But what is KYC? Read on to find out.
What is KYC?
KYC stands for Know Your Customer and helps financial institutions fight financial crimes, money laundering, and establish authentic customer identification. It was introduced in 2004 when the Reserve Bank of India made it mandatory for all banks and financial institutions to verify their customers. When you apply for a personal loan, your bank uses it to validate your identity.
KYC comprises ID card verification, face verification, address verification, and biometric verification. Your Aadhaar card is the document that allows the bank to verify all these things about you and ensure that the information you furnish is genuine. Since the entire process is performed online, it is also referred to as eKYC or Electronic Know Your Customer.
If you want to apply for a personal loan on your Aadhaar card, you must first determine your eligibility.
Are you eligible for an Aadhaar Card Personal Loan?
● Minimum age limit is 21 years, and the maximum age limit is 60 years
● Monthly income should not be less than Rs. 15,000
● At least two years of total work experience, including one year with the current employer
● CIBIL/Credit score of 750 or above
Documents required for an Aadhaar Card Personal Loan
● Identity Proof: Aadhaar Card, Voter ID, Driving License, or Passport
● Address Proof: Aadhaar Card, Utility Bills, or Passport
● Income Proof: Salary slips, Bank statements, and ITR
● Passport-sized photographs
How to apply for an online personal loan with Aadhaar Card?
Know your eligibility
Before you apply for a personal loan on your Aadhaar card, you should check your eligibility online with a personal loan eligibility calculator. This will tell you how much loan amount you can apply for and comfortably repay. At the same time, you must check your potential EMIs with a personal loan EMI calculator to determine your overall monthly burden. Do remember that you can get the lowest interest rates if you opt for a Bajaj Finserv Personal Loan.
Select your amount and tenor
Apply for the amount you are eligible for and use online tools such as a personal loan EMI calculator to figure out the ideal tenor for your interest rates/ financial situation.
After you decide the amount and tenor, you should upload copies of all the documents requested by the bank.
Approved amount is credited to your account
If your application is approved, the requested amount will be credited to your account within 24-48 hours.
Even though we have informed you of the steps to apply for a personal loan with an Aadhaar card, we recommend you check offers from different banks online to get the lowest possible interest rate.
Are you looking for a personal loan on Aadhaar card? Our quick guide will provide you with information regarding the eligibility criteria, documents required to submit while applying, and steps to submit your loan application. Lenders like Bajaj Finserv offer customers Personal loans with just Aadhaar card.
The application process for a Bajaj Finserv Personal Loan on Aadhaar Card:
● Select the loan application form on the Bajaj Finserv website and click on the 'APPLY ONLINE' button
● Fill the online form with your personal, professional and employment details
● Submit your Aadhaar number and permit Aadhaar-based authentication
● On completion of the application, you will be contacted by a Bajaj Finserv representative for background verification
● Submit your income documents to complete the application process.
Existing customers can avail of their pre-approved loan offers to bypass these steps and get a personal loan in just a few clicks.