Need a personal loan? Here’s How To Get Instant Cash Through Aadhar Card

New Delhi: With the advent of digital technology, getting a personal loan has never been easier. Before digitization, the whole process used to take several days. People in need of money had to look for family and acquaintances who could lend them the money they needed during the day. The biggest personal loans can now be availed in 24-48 hours, without a day’s work.

You won’t need to go from bank to bank in search of eligibility requirements, interest rates, and information on how to apply for and get the best personal loans. You can search and apply for the best personal loan online. The bank validates your identity using your Aadhar card and credits the funds to your account within a few days. But what exactly is KYC? Continue reading to find

KYC stands for “Know Your Customer,” and it helps financial organizations combat financial crimes, money laundering and proper customer identification. It was implemented in 2004 when the Reserve Bank of India made customer verification mandatory for all banks and financial organizations. Your bank uses this to verify your identity when you apply for a personal loan.

ID card verification, face verification, address verification and biometric verification are all part of the KYC process. Your Aadhaar card is the paperwork that allows the bank to check all this information about you and ensure that it is accurate. Since the entire process is online, it is known as eKYC or electronic Know Your Customer.

You should evaluate your eligibility before applying for a personal loan using your Aadhar card.

Eligibility for Aadhar Card Personal Loan

-The minimum age requirement is 21, while the highest age requirement is 60.

Monthly income Rs. 15,000 is required.

At least two years’ work experience in aggregate including one year with the current employer

-CIBIL score of 750 or more

Required Documents

Identity Proof: Aadhar Card, Voter ID, Driving License, or Passport

Address proof: Aadhar card, utility bill, or passport

Income Proof: Salary Slip, Bank Statement and ITR

-Passport size photographs

online personal loan with aadhar card

eligibility

You should use the Personal Loan Eligibility Calculator to evaluate your eligibility before applying for a personal loan using your Aadhar card. This will inform you how much loan you can get and repay comfortably. Also, you should use the personal loan EMI calculator to calculate your total monthly payment load. Remember that Bajaj Finserv Personal Loan will offer you the lowest interest rate.

Choose your amount and duration

Apply for the maximum amount you are eligible for, then use an online tool like personal loan EMI calculator to determine the best interest rates and tenor for your financial situation.

document

After you have decided on the amount and duration, you will need to upload copies of all the paperwork required to the bank.

The approved amount gets credited to your account.

If your application is approved, the loan amount will be credited to your account within 24-48 hours.

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