Need a personal loan? Here’s how to get instant cash via Aadhaar Card

New Delhi: Personal loans have never been easier to obtain than they are now, thanks to digital technology. The entire process used to take many days before digitalization. People in need of money had to hunt for family and acquaintances who could lend them the money they needed back in the day. The biggest personal loans can now be availed in as little as 24-48 hours, without the need to take a day off work.

You won't have to go from bank to bank looking for information on eligibility requirements, interest rates, and how to apply for and obtain the best personal loans. You may search for and apply for the best personal loans online. The bank validates your identity using your Aadhaar card and deposits funds into your account within a few days. But what exactly is KYC? Continue reading to discover

KYC stands for "Know Your Customer," and it aids financial organisations in combating financial crimes, money laundering, and proper customer identification. It was implemented in 2004 when the Reserve Bank of India made client verification mandatory for all banks and financial organisations. Your bank uses it to verify your identification when you apply for a personal loan.

ID card verification, face verification, address verification, and biometric verification are all part of the KYC process. Your Aadhaar card is the paperwork that allows the bank to check all of this information about you and ensure that it is accurate. Because the entire process takes place online, it's known as eKYC, or Electronic Know Your Customer.

You must first evaluate your eligibility before applying for a personal loan using your Aadhaar card.

Eligibility for an Aadhaar Card Personal Loan

-The lowest age requirement is 21, while the highest age requirement is 60.

-A monthly income of Rs. 15,000 is required.

-At least two years of work experience in total, including one year with the current employer

-A CIBIL score of 750 or above

Documents required

-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

Online personal loan with Aadhaar Card

Eligibility

You should use a personal loan eligibility calculator to evaluate your eligibility before applying for a personal loan using your Aadhaar card. This will inform you how much of a loan you can get and repay comfortably. At the same time, you should use a personal loan EMI calculator to calculate your overall monthly payment load. Remember that a Bajaj Finserv Personal Loan will provide you with the lowest interest rates.

Select your amount and tenor

Apply for the most amount you qualify for, then utilise online tools like a personal loan EMI calculator to determine the best tenure for your interest rates and financial position.

Documents

After you've decided on the amount and term, you'll need to upload copies of all the paperwork the bank requires.

Your account gets credited with the approved amount.

The loan amount will be credited to your account within 24-48 hours if your application is approved.