Personal loans are life-savers and can help you afford things that your monthly salary may not permit. But the necessity to submit sets of personal loan documents may make the entire process undesirable and time-consuming for many.
Fortunately, Fullerton India lets you take personal loans on an Aadhaar card which eliminates the hassles of lengthy paperwork. Let’s take a look at what exactly Aadhaar card loans are.
What Is an Aadhaar Card Loan?
An Aadhaar card loan is basically a personal loan offered by financial institutions to their customers whose Aadhaar cards are updated with the current address and are linked to their bank account as well as mobile number. The key benefit of this kind of loan is that the documentation associated with them is minimal as compared to traditional loans.
As you probably know, the Aadhaar card is an e-KYC document that makes biometric verification a breeze. It provides a unique 12-digit alphanumeric code for each Indian citizen. Aadhaar cards are extensively used and accepted by the majority of institutions in India and are an excellent means to prevent frauds and identity thefts.
With its help, you can verify your identity, address, citizenship, age, and photo. While availing personal loans on Aadhaar card, you just have to submit other documents such as bank statements, salary slips, and PAN card.
Traditionally, personal loan used to require supporting documents to verify your identity, address, and more. This verification process could be time-consuming since it involves representatives to actually validate the documents against the information provided by you.
With the help of the Aadhaar card, the time associated with verification is significantly reduced. Financial lenders require lesser documents to verify your citizenship, identity, and eligibility. They can utilise the UIDAI Aadhaar biometrics to verify the borrower’s identity.
Eligibility Criteria for Aadhaar Card loan
As a prerequisite, your Aadhaar card must be linked with your bank account as well as your mobile number (for faster verification). The eligibility criteria for the Aadhaar card loan is the same as for traditional personal loans. Before applying for a Fullerton India personal loan, please ensure that you meet the basic loan eligibility criteria to improve the chances of approval.
- You should be at least 21 years of age at the time of loan application and not more than 65 years of age by the time of loan maturity
- You must be a resident Indian citizen.
- You should have a CIBIL score of at least 750.
- Should be working for a public or private sector company or an MNC with an experience of at least 1year at your current organization.
Due to the recent RBI circular, Aadhar card can no longer be utilized for verifying the address of an individual for loans and deposits. And so, while applying for an Aadhaar card loan, you will have to submit an alternate address proof such as rent agreement, utility bill, or driving license, etc,.
How to Get an Aadhaar Card Loan with Ease From Fullerton India?
With the help of your Aadhaar card, you can effortlessly apply for online loans at Fullerton India. Here’s how the process goes.
- Visit Fullerton India to apply for a loan.
- Given that your Aadhaar card is linked with your bank account, fill the online loan application, and enter your Aadhaar card number.
- If your Aadhaar card is linked with both your bank account and PAN, you will have to submit just a few documents afterward.
- Submit remaining documents such as address proof and income proof, and also give the financial lender your consent to initiate a background check using your Aadhaar card.
If found eligible, the loan amount will be transferred to your bank account even in just two hours. To make sure your loan application won’t be rejected, make sure you have a reliable loan repayment history, and your credit score is healthy. Visit Fullerton India to apply for an Aadhaar card loan and benefit from its quick approval and minimum documentation loan process.