Aadhaar Card Loan: Aadhaar card has become an essential part of our lives today. With its help, not only proof of identity card and address is provided, but many financial services can also be availed through it. Recently, the process of availing loan through Aadhaar card has gained immense importance. If you are planning to take a loan up to Rs 2 lakh, this article will act as a guide for you.

Taking loan from Aadhaar card is not only easy but it is also becoming extremely popular today due to the quick and less documentation process. Let us understand this process in detail.

What is loan from Aadhar card?

Loan against Aadhar Card is a facility in which your Aadhar Card becomes the proof of your identity and address. Many banks and financial institutions provide services like personal loan, education loan, and business loan with the help of Aadhaar card. This type of loan takes less time to process and the documentation required is minimal.

Key Features of Aadhar Card Loan

• Quick Process: By applying online, you can get loan approval within minutes.
• Less Documents: Only basic documents like Aadhar Card and PAN Card are required.
• Digital Process: This entire process happens online, which saves both time and energy.
• no guarantee: In most cases, you do not need a guarantor or collateral.

How to take loan up to Rs 2 lakh?

If you want to take a loan up to Rs 2 lakh on Aadhar card, follow the procedure given below:

1. Check Qualifications

Things like your age, source of income and credit score are taken into consideration to avail the loan. Most institutions require you to meet the following qualifications:

• Your age should be between 21 to 60 years.
• There should be a steady source of monthly income.
• Good credit score (CIBIL score 750 or above) is required.

2. Keep the necessary documents ready

You may need to submit the following documents for loan application:

Document Name	Objective
Aadhar card	Proof of identity and address
PAN card	To check financial history
Bank statement or salary slip	proof of income
passport size photo	for verification process

3. Apply Online

• Visit the website of your preferred bank or NBFC (Non-Banking Financial Company).
• Go to the “Personal Loan” section and fill the application form.
• Upload Aadhar Card and other documents.
• After submitting the application, you will get information about the approval status within a few minutes.

Benefits of Aadhar Card Loan

1. Easy availability

The biggest feature of Aadhar Card Loan is its easy availability. Every person in rural and urban areas, whose identity is registered through Aadhaar card, can avail its benefits.

2. No complicated process

To take this loan one does not have to go through any complicated process. You don’t even need to go to the bank again and again.

3. Fast Approval

Loan approval takes just a few hours if you have all the required documents available.

4. Useful in emergency

This loan is especially useful for those who need immediate money in case of an emergency.

Is loan against Aadhar card safe?

The loan process based on Aadhar card is completely safe, provided you take it through a certified bank or NBFC. Due to government regulation and digital verification, the possibility of fraud in this process is very less.

Who will not get Aadhar Card Loan?

Although it is easy to get an Aadhar card loan, there are some cases where you may face difficulty in getting it:

• Having a bad credit score.
• If you do not possess the required qualifications.
• On submission of false documents or information.

Loan repayment process and interest rates

After taking loan on Aadhar card, you get the option of EMI to repay it. Interest rates generally depend on your income, loan amount and credit score. In most cases the interest rates can range from 10% to 18%.

Is loan of Rs 2 lakh on Aadhar card possible for everyone?

This loan is possible for everyone, but it depends on your income, credit score and bank’s policy. If you are a person with a regular income and fulfill your financial responsibilities on time, you will have no problem in getting the loan.

Things to keep in mind while applying for loan

• Always choose a recognized bank or NBFC.
• Assess your income and EMI capacity.
• Provide correct information while uploading the document.
• Read the loan terms and interest rates carefully.

How to use Aadhar Card Loan?

You can use this loan to meet a variety of needs:

• medical emergency
• wedding expenses
• Education
• Starting small business

Reasons for loan rejection

If your loan application is rejected, the possible reasons could be as follows:

• bad credit score
• submitting wrong documents
• no proof of income
• taking more loan than before