Last Updated on 30/12/2021 by Deepak Singla
There are times when you might be in urgent need of cash and would not have the time to gather your documents, or you might have a few missing documents and still need some extra cash for your financial needs. If you are stuck in this sort of situation, you can consider borrowing a personal loan.
A personal loan is a convenient way of getting the desired amount without much paperwork and without submitting collateral. This loan is offered for lower interest rates as well. Personal loans are of different types. An instant personal loan benefits you because of its features like less documentation and no collateral. It can also be availed online, and you can also get the desired loan within a few minutes.
If you are looking for some extra cash to meet your financial needs and do not have a lot of documents, then this article is just for you. In this article, we will be sharing with you information about a small cash loan on Aadhar Card and how to apply for this loan. We will be discussing the eligibility criteria, interest rates and much more information related to the same.
Table Of Contents
In this article about loan on Aadhar Card, we will be discussing the following topics in-depth:
- What is Loaney?
- What is an Aadhar Card loan?
- Benefits of small cash loans on Aadhar Card
- Eligibility for a small cash loan on Aadhar Card
- Documents required for small cash loans
By the end of this article, you will be all set to choose the best Aadhar Card loan app for you and apply for the loan depending on your need.
What Is Loaney?
Borrowing loans has become a faster and easier procedure with online loan providing platforms and moneylenders. An instant personal loan can easily be availed online, but the user must make sure that the platform of their choice is reliable and trustworthy. One of the best platforms for borrowing a loan on an Aadhar Card only is Loaney.
Loaney is a reliable personal loan providing platform that offers small cash loans to its clients. Loans of up to Rs. 15,000 are offered by the platform at low interest rates. The repayment period of this loan is short, and the repayment plans are pre-generated by Loaney for user convenience. Loaney does not require the applicant to submit many documents or even pledge collateral for their small cash loans. If you are looking for a small cash loan on Aadhar Card without PAN Card, you might face a little problem applying for the same as the PAN Card and Aadhar Card are the only documents that the platform requires.
What Is An Aadhar Card Loan?
While borrowing a loan has become easier than ever thanks to online platforms and apps, there are still a few documents that you will need to apply for a loan for your verification and for the banks and loan providers to prevent money laundering issues. One such important document is the Aadhar Card. An Indian citizen can borrow a loan if they possess an Aadhar Card that is linked to the applicant’s mobile number.
A small cash loan on Aadhar Card is a type of personal loan that is an unsecured debt that the applicant can avail. The documentation required for this type of loan is minimum. The Aadhar Card is a document that can work as your identity proof or address proof as well.
It is mandatory for banks or loan providers to ask for Know Your Customer (KYC) documents. This is what your Aadhar Card is. It is a paperless KYC document and fulfils the need for biometric verification. You cannot borrow a loan on Aadhar Card only, but having this document makes the procedure faster and more convenient as not much paperwork will be required.
With the e-KYC process offered by banks, loan providers and moneylenders, it has become easier for the loan borrowers to apply for this loan. The Aadhar Card can be used for verification of the client, reducing the number of documents required and the time taken for loan approval. Another alternative for all companies that need to verify their customers’ identities is through KYC software like SEON.
Benefits Of Small Cash Loans On Aadhar Card
We have taken a look at what an Aadhar Card loan is. A lot of you might be wondering why you should be choosing this type of loan over any other loan. Well, there is a list of benefits of borrowing a loan on Aadhar Card. This list will help you understand how this loan suits your requirement and can be beneficial for you. The following are the advantages of an Aadhar Card Loan:
- The interest rates on which this loan is offered are low.
- The repayment plans are flexible, and the repayment tenure is short.
- You do not need to visit your bank and spend long waiting hours in a queue. This loan can be applied online using Aadhar Card loan apps or websites.
- You will not have to submit much paperwork.
- Since an Aadhar Card loan is an unsecured debt, you will not need to pledge collateral.
- If you apply on Loaney, you will also not have to present a guarantor while applying for your loan.
- A loan taken on your Aadhar Card is processed faster than most other types of loans.
Eligibility Criteria For A Small cash Loan On Aadhar Card
After looking at the multiple benefits of a small cash loan on Aadhar Card, you are surely looking forward to applying for the same. Before you apply for a loan, be it an Aadhar Card loan or any other type of loan, you must check the same eligibility criteria to make sure you qualify for that loan. The eligibility criteria also depend on the platform that you choose for borrowing your loan. If you wish to borrow your Aadhar card loan on loaney, the following are the eligibility criteria that you will have to meet to qualify for the loan:
- You must be at least 18 years old.
- You must be a citizen of India.
- You must be in possession of your PAN card, and your Aadhar card must be linked with your mobile number.
- You must have a bank account that offers internet banking facilities.
- You must have a monthly income of Rs. 25,000 to Rs. A verified organisation in India must approve 30,000 and the source of your income.
Documents Required For Small Cash Loans
After the eligibility criteria, the next most important factor is the documents that you will need to present to your loan provider while applying for a small cash loan on Aadhar Card. You must check this list of documents required by Loaney and keep them ready before you go ahead and apply for the same. The following documents are needed to get your instant personal loan on loaney:
- Aadhar Card linked with the mobile number that you will use to register on the platform.
- PAN card (You cannot get a small cash loan on Aadhar Card without a PAN card, and so you will have to upload the same.)
- A picture of yourself.
- A bank account with an internet banking facility.
With these few readily and easily available documents, you can apply for a small cash loan on Aadhar Card on Loaney. All you will have to do is provide your personal details and upload the documents as required. The platform will verify your details and approve your application. This is one of the fastest ways of getting an instant personal loan as your loan gets approved immediately and the amount is disbursed to your account right away.
As we conclude, we hope that you can now understand what an Aadhar Card loan is and how you can get a small cash loan on Aadhar Card. This type of loan is the best option for when you are in an emergency and need extra cash urgently.