Aadhaar Card Loan

Aadhaar Card Loan:

With digitization, people in India have started relying on the online process of availing loans. There has been a revolution in the disbursement of quick and hassle free cash loans and availing loans sanctioned by banks. Availing loans was a time consuming process.  It required citizens to personally go to the bank and meet the loan officer, submit a number of documents and then wait for weeks to hear on the loan approval.

The process of availing loans has been revolutionized with the help of technology. The online finance providers are asking customers for details of their Aadhaar card. These loan providers then link the customers Aadhaar to the digital KYC process to authenticate the identity of the customer through Aadhaar. The customers need not submit physical documents for the approval of the loan. This has made the verification process extremely simple and has reduced the time for loan disbursals.

Instant Personal loan: these are the online loans that are also known as instant personal loans. These loans are hassle free and easy to apply. The instant loans can be availed by sharing the scanned copy of the Aadhaar. The Aadhaar card serves as the sole document for identity proof, address proof and age proof. With the help of the e-KYC, online loan aggregators quickly verify the applicant. There are certain mandatory documents that must be submitted after the digital approval process. This helps banks decide the amounts that should be sanctioned to an applicant.  The sanctioned loan amount is then directly sent to the account of the applicant.

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Aadhaar Card Loan

Documents Required for an Aadhaar Card Loan:

Personal loans are unsecured loans. An applicant must attach certain mandatory documents along with Aadhaar, to avail the personal loan. The amount of loan sanctioned, depends on the credit history and repaying capacity of the borrower. The following are the documents required to avail a personal loan:

Documents required for salaried professionals:

The list of salaried professionals includes doctors, engineers, and chartered accountants, employees of private companies and employees working for public sector undertakings.

• Identity proof: Aadhaar card, passport, voter ID card or driving license.
• Address proof: ration card, passport, telephone or electricity bill (not more than previous three month’s) or rental agreement
• Last three months bank statement
• Last 6 months passbook records
• Form 16 of the current year
• Salary slip of last three months

SEE ALSO: E-Aadhaar Card - Download, Print Online and Benefits

Documents required for self-employed individuals:

The list of people included under the self-employed group are the Self Employed including Individual Proprietors, Partnership Firms and Private Limited Companies and those involved in manufacturing, trading or services.

·       PAN Card: For Company, Firm or an individual

·       Identity proof: Passport/ Aadhaar Card/Voter's ID card/Driving License/Pan Card

·       Address proof: Aadhaar Card/Passport/Driving License/ Voter ID-Card

·       Latest 6 months Bank Statements.

·       Latest income tax returns along with the computation of income, most recent Balance sheet along with Profit and Loss statements certified by a CA.

·       Proof of continuation of the business

·       Apart from these documents, other compulsory documents are – Sole Proprietorship Declaration Or Certified Copy of Partnership Deed, Certified original copy of Memorandum and Articles of Association and Board resolution.

SEE ALSO:Child Aadhaar Enrolment

Eligibility Criteria for Aadhaar Card Loan:

To apply for online personal loan using the Aadhaar, the applicant must qualify to the minimum eligibility criteria of banks. The eligibility for instant personal loan is as follows:

• The age of the applicant must be above 18 years.
• The monthly income should be more than Rs 18,000.
• The applicant must not have defaults in the last 24 months.
• The applicant must be a citizen of the country.

Aadhaar card loan here's what you should know:

Before applying for instant personal loan through Aadhaar follow below mentioned points:

• Aadhaar linking is mandatory to avail these services: The Supreme Court has announced that is it mandatory to link the Aadhaar card with PAN and bank accounts. The Aadhaar is also needed to avail various government schemes and subsidies.
• Aadhaar can make your financial life easier: Having an Aadhaar card and registering your mobile number with the Unique Identification Authority of India (UIDAI), can make your financial life much easier. Here are three situations where having an Aadhaar and registering your mobile number with UIDAI can save a lot of hassle.

• Aadhaar not mandatory for mobile SIMs:  The Centre has directed telecom companies to start accepting alternative documents like driving license, passport and voter ID card. Aadhaar card is no longer mandatory to get a mobile SIM.
• Link PAN with Aadhaar: Whether you file income tax returns or not, you need to mandatorily link PAN with Aadhaar. The government in the last budget introduced a new law which has made it mandatory for every individual having PAN to link it with Aadhaar.

 Loan on Aadhaar card app:

This app is listed in the Finance category of app store. You could visit Loan Instant and Fast's website to know more about the company or the developer who developed this app. This application can be downloaded and installed on android devices supporting 14 API files and above. You can download the app using any of the browsers and click on install to install the app. However, you must note that the application provides original and pure APK files and also faster download speed than loan on Aadhaar card APK mirrors. The Version of this application available is: 2.1. You could also download APK of Loan on Aadhaar card- Loan online application and run it using popular android emulators.

App Permissions:

The Loan on Aadhaar card – Loan app online 2.1 requires the following mentioned permission on your android device:

·       Initiate a phone call without going through the Dialler user interface for the user to confirm the call.

·       Open network sockets.

·       Access information on networks.

·       See outgoing call numbers or redirect the call to a different number else abort the call.

·       Access information on Wi-Fi networks.

·       Read only access to phone state.

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