Aadhaar Card is a crucial document used for identity and address verification when you apply for a personal loan. Banks, NBFCs and digital lenders use your Aadhaar while onboarding you as a consumer to verify your identity and address. Since Aadhaar is a digital identity linked to your mobile number, it is used by financial institutions for e-KYC (electronic Know Your Customer) or digital verification, through OTP. In some cases, lenders also need a self-attested copy of your physical Aadhaar card for documentation and physical verification.
Loan on Aadhar Card
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Wide Choice
Curated offers from 30+ lenders
Quick Disbursal
Money in your account instantly
SmartMatch
Offers ranked according to eligibility
Digital Process
Hassle-free & paperless
Find Best Personal Loan Offers
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End-to-End Digital Process
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
What is a Personal Loan on Aadhaar Card
Documents Required to Submit During Aadhaar Personal Loan Application
Aadhaar Card cannot be a standalone eligibility document for loan approval. Here are the other documents required by lenders for the loan application process:
Instant Personal Loan through Aadhaar Card
Aadhar Card allows most banks, NBFCs and fintech lenders to verify your identity and address for instant personal loan applications. For instance, IndusInd Bank (a Paisabazaar partner) offers an instant personal loan wherein no physical documents are required. The applicant needs to keep the PAN number and Aadhaar number handy to get started with the online application process. This is also useful for faster disbursal of pre-approved offers.
Aadhaar Card Loan Eligibility Criteria
| Credit Score | 750 or above preferred |
| Age | 18 to 60 years |
| Income | Minimum net monthly income: Rs 15,000 |
| Work Experience | Minimum 6 months to 1 year |
Fees & Charges for Aadhaar Card Loan
| Fees/Charges | Description |
| Processing Fee | 0.5% to 4% of the loan amount, capped by some lendersMost lenders (such as SBI, PNB, Central Bank of India) provide a 100% waiver on processing fees to defense sector employees and pensioners. |
| Stamp Duty Charges | As per actuals |
| Duplicate NOC | Usually around Rs 300-Rs 500 |
| Prepayment or Foreclosure Charges | Usually 2% to 5% on the principal outstanding for fixed-rate loans;NIL for floating rate loans |
| Document Retrieval charges | Usually around Rs 500 |
| Penal Charges on Late or Missed EMI Payments | Usually 2% to 3% per month on EMI overdue. Some banks (such as HDFC Bank) provide a grace period of around 3 to 7 days, during which late EMI payments may not incur charges. |
| Loan Cancellation Charges | Usually around Rs 3,000 |
| Loan Statement Charges | Up to Rs 500 per statement |
| Repayment Mode Swap Charges | Around Rs 500 per transaction |
| Documentation Charges | Around Rs 500 |
| GST | Applicable @ 18% to all processing fees and charges |
Considerations When Using Your Aadhaar Card for Applying Personal Loan
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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