In India, a common search query is "Aadhaar Card Loan Scheme," with many believing it to be a government-sponsored initiative. Let’s clear the air: There is no official central government scheme specifically named "Aadhaar Card Loan."
However, the term is popularly used to describe instant personal loans
offered by banks, Non-Banking Financial Companies (NBFCs), and digital lending
apps. In these loans, your Aadhaar card serves as the primary document for e-KYC
(Know Your Customer), enabling paperless verification and lightning-fast
approval.
This guide covers everything you need to know about getting a loan using
your Aadhaar card, including eligibility, documents, interest rates, and safety
tips.
What is an Aadhaar Card Loan?
An Aadhaar Card loan is essentially an unsecured personal loan or a digital
loan where your Aadhaar number is used to verify your identity and address
instantly. Since these are unsecured loans, you do not need to provide
collateral (security) or a guarantor.
Who provides these loans?
- Public and Private Sector Banks
- NBFCs (Non-Banking Financial Companies)
- RBI-Registered Digital Lending Apps
- Fintech
Platforms
Because Aadhaar allows for digital e-KYC, lenders can verify your profile
and disburse money within minutes.
Types of Loans Available via Aadhaar
You can avail various types of credit using Aadhaar-based KYC:
- Instant Personal Loan: For general needs.
- Micro Loans: Small amounts ranging from ₹1,000 to ₹50,000.
- Medical Emergency Loan: For urgent hospital bills.
- Salary Advance Loan: Short-term credit before payday.
- Small Business
Loan: For street vendors or small shop owners.
Loan Amount: Depending on your profile, you can get anywhere from ₹5,000 to ₹5,00,000.
Eligibility Criteria
To get approved, you must meet these basic requirements:
- Citizenship:
Must be an Indian citizen.
- Age: Between 21
and 60 years.
- Aadhaar Link:
Your mobile number must be linked to your Aadhaar card (for OTP
verification).
- Income: Must
have a regular source of income (Salaried or Self-Employed).
- Bank Account:
An active account for money transfer.
- Credit Score:
A good CIBIL score is preferred (though some apps offer small loans to
those with lower scores).
Documents Required
One of the biggest benefits is minimal documentation:
- Aadhaar Card (Mandatory)
- PAN Card (Mandatory for financial transactions)
- Passport Size Photo (Selfie in case of apps)
- Bank Account Details
- Income Proof:
Salary slip or bank statement (Some apps may waive this for small
amounts).
How to Apply for an Aadhaar Loan (Step-by-Step)
Follow this process to get money in your account quickly:
Step 1: Choose a Trusted Lender Download an app or visit the website of a
Bank/NBFC. Crucial: Ensure the app is registered with the RBI.
Step 2: Registration Sign up using your mobile number and enter your basic
details (Name, PAN, Aadhaar number).
Step 3: Complete e-KYC Enter your Aadhaar number. You will receive an OTP
on your linked mobile number. Enter it to verify your identity instantly.
Step 4: Upload Documents Upload your PAN card, a selfie, and bank details
if requested.
Step 5: Approval AI-based systems will check your creditworthiness and
approve the loan limit instantly.
Step 6: Disbursal Once you accept the offer, the money is credited directly
to your bank account, often within 10 minutes to 24 hours.
Interest Rates & Terms
- Interest Rate: Generally ranges from 10% to 36% per annum, depending on your credit score.
- Tenure: Repayment period is usually between 3 months to 36 months.
- Processing
Fee: 1% to 5% of the loan amount.
Important Safety Warnings
While these loans are convenient, you must be cautious to avoid scams:
- Check RBI
Registration: Only apply through lenders regulated by the Reserve Bank of
India (RBI).
- PAN is
Mandatory: If someone promises a loan with only Aadhaar and no
PAN, it might be a scam.
- Data Privacy:
Do not grant excessive permissions (like gallery or contact access) to
loan apps.
- OTP Secrecy:
Never share your Aadhaar OTP with anyone over a call.
- Repayment:
Late payments will severely damage your CIBIL score, making it hard to get
loans in the future.
Conclusion
An Aadhaar Card Loan is not a specific government scheme, but a modern,
digital way to access credit quickly. It is a great tool for emergencies due to
the paperless process and fast disbursal. However, always compare interest
rates and verify the lender's authenticity on the Google Play Store before
applying.
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