In India, the financial market is transforming with the integration of advanced technologies. Be it digital platforms or automation, making the process of loan application simple, easy and convenient for the users. Another use of technology is applying for personal loans using aadhar cards. These aadhar card loans are another simple convenience for the users.
We all know aadhar cards are nowadays being integrated into all the processes as per the government mandate, but you can leverage these for an easy aadhar card loan application. It can sound a bit confusing and complicated at this point, hence, we are going to discuss this in detail further in this blog.
What Aadhar Card Loan Means?
Aadhar card loan simply means that you can use your aadhar card as an identity proof while applying for your personal loan. It is now becoming a common practice with all the digital lenders that are available in the market such as FatakPay.
Once you have downloaded these mobile-apps from the lenders, you can simply use your aadhar card for verification and apply for a personal loan in easy simple steps. With these online apps and processes, your personal loan gets approved without the hassle of heavy documentation and waiting in queue for a long period of time.
Personal loans however are unsecured loans and are offered without the need of having any collateral. These can be easily availed from banks, credit unions or other lenders such as FatakPay.
Why Avail Personal Loans?
It is common to question the need and necessity of availing personal loans. Considering that these are an unsecured loan as they are being offered without any collateral, and low interest rates. Here are some of the reasons to avail a personal aadhar card loan.
- These loans are approved easily from the lenders, banks or credit unions.
- With online personal loan applications, there is no need for heavy documentations. The only thing that is required is an identification proof such as aadhar card and PAN card.
- Less processing time, making them an ideal solution in case of a financial emergency.
- Flexible repayment processes further helps to make personal aadhar card loans your solution in case of any financial crisis.
- When you apply for a personal loan with your aadhar card there are no hidden charges or interest rates, making the overall process transparent and simple for you.
Applying for Aadhar Card Loan
Now that we have discussed some of the most common basics of these aadhar card loans or personal loans. Let’s have a quick look at the overall process of applying for these loans.
- Research
First and foremost you are required to research the lending partners that are available in the market. These can be banks, credit unions or other lending institutions such as FatakPay. You are required to carry out a thorough research in terms of their offerings, available offers, interest rates, and loan tenure.
Researching about all these factors can help you make a better financial decision and manage your finances accordingly.
- Documentation
Next process is of required documentation. Offering aadhar card as your verification document in the loan application.
- Application Submission
Once you have attached your aadhar card along with your loan application, then submit the application to the lender and wait for the approval.
- Verification and Assessment
After the application is submitted to the lenders, it is thoroughly reviewed and assessed for financial risks, and other factors.
- Loan Approval
After the verification process, the lenders send the approval for the loan application. This is usually within the same day, with the help of these online processes.
- Funds Disbursement
Once you receive the approval mail, the funds are disbursed to your account for your use.
Key Factors of Consideration
Moreover, now that your aadhar card loan process is complete and funds are allocated to you, here are a few points that you need to consider:
- Timely Repayment
One of the most important things to consider after your loan application is approved is the timely repayment of the amount. It is required to repay the amount within the timeline to avoid any penalties. Once you plan to apply for a personal loan, ensure that you have a strong financial planning for the repayment of the loan amount as well.
- Check for Credit Score
While applying for your loan, make sure you check your credit score. With a higher credit score you can easily get better benefits and higher loan amounts approved. It is essential to maintain a good credit score as it can impact the offers that you are receiving from the lenders for the loan amounts.
- Interest Rate
Thoroughly check the interest rate of the loan amount and verify with other lenders as well. Pick a lender with the lowest interest rate for a better offer on your personal loan amount.
- Updated Documents
As you are required to submit your aadhar card as a verification document, make sure that the information that you have provided on your aadhar card and loan application are the same. If there are any discrepancies, ensure to update your documents or it can lead to disapproval of the loan application.
Concluding Points
Aadhar card loans are simple, easy and convenient for the users to avail and also have a positive impact on your credit score. With timely repayments, you can easily build your credit score and avail even better loan offers in the future.
Among all the lenders, FatakPay is one of the lenders available in the market with an easy and simple personal loan process. With the mobile friendly application you can easily access your loans on your smartphone.
For more information, get in touch with our customer services and get your personal loan approved today.
FAQs:
1.how to get loan on aadhar card
To get a loan on aadhar card, while filling out your loan application, attach your aadhar card as a verification document.
2.What is the maximum amount of loan you can get?
For maximum amount of loan, it depends on multiple factors such as your credit score, monthly income, and lenders as well. You can check your credit score and explore different lenders to get an exact value for the loan amount.
3.how to apply aadhar card loan
To apply for aadhar card loan, fill your loan application and attach your aadhar card, send your application to the lenders for verification. Once verified your loan will be approved and funds would be allocated to you.
