Until a few years ago, taking a personal loan was a long process, which involved making several rounds to the bank and submitting a lot of documents. But now everything has changed. In today’s digital age, you can get an instant personal loan based only on your Aadhaar card and PAN card. If your necessary documents are ready, you can apply for a loan in a few minutes and get instant approval. This is a great option for those who need money suddenly.
You can complete the entire process for a personal loan from home by uploading a digital copy of your documents. Both Aadhaar and PAN are the most important documents for personal loans. But nowadays, some banks and lenders are also offering personal loans on an Aadhaar card only. However, it is important to keep some things in mind during this time, which we will explain in detail in this article.
What is an instant loan
An instant loan is a type of personal loan, but its biggest feature is that it is approved and disbursed very quickly. Its biggest feature is that it is completely digital, and there is very little hassle with documentation. This process is completed with the help of digital KYC, which requires only basic documents like Aadhaar and PAN. This loan is a great solution to meet your sudden needs, like a medical emergency, home repair, or any other personal expenses.
How to get a loan with an Aadhaar card
Nowadays, there are many lenders who are offering instant personal loans on the basis of an Aadhar card only. This is especially helpful for those who do not have any other identity or address proof available immediately. However, in some cases, lenders may also ask you for a PAN card and income proof. This is to ensure that you are able to repay the loan. The process of taking a loan with an Aadhaar card is very simple, as Aadhaar is both proof of your identity and address.
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Unmatched Benefits of Instant Loan
The most important need for a loan in an emergency is that it is available at the right time. Instant loan meets this need very well, and it has many benefits. You do not need to visit the bank branch. The entire process is completed online. The loan process can be completed in a few minutes, and you get instant approval. You can apply for a loan in just a few clicks through your mobile app or the lender’s website.
You do not need to provide bulky files or a long list of documents. In most cases, Aadhaar and PAN are sufficient. You do not need to pledge any of your property or anything else for this type of loan (it is an unsecured loan). This allows you to get help in an emergency without any risk. You can use this loan for any personal need, be it medical bills, education expenses, or any other unexpected expenses.
Who can take a loan on an Aadhaar card
If you meet the following conditions, you can be eligible for an instant Aadhaar card loan:
You must have a valid Aadhaar card.
You must be an Indian citizen.
Your age should be between 21 and 60 years (this may vary slightly according to the lender).
You must be a salaried or self-employed person.
You must have income proof.
Your credit score should be good. This plays an important role in loan approval.