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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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:
The list of salaried professionals includes doctors, engineers, and chartered accountants, employees of private companies and employees working for public sector undertakings.
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.
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:
Before applying for instant personal loan through Aadhaar follow below mentioned points:
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.
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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