How to get a loan on an Aadhaar card?

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As you know, that aadhar card is your identity card in India. It has your address details, and it helps lenders verify your information quickly. Because of this, your loan application will be smoother and faster. Just having an Aadhaar card isn't enough for your loan approval. You need to provide correct information about income, credit score, repayment capacity, and other eligibility criteria. These are the things that the lender considers before approving your loan. 

How much loan can you get with the Aadhaar card?

Actually, the loan amount always depends on your eligibility. Before approving a loan, it is analysed whether you can repay it or not. If you do not have a salary slip or income proof, the lender can ask you for the last six months' account statement. This helps lenders to assess your income and repayment capacity. If you are a first time Borrower lender can approve only a small amount. You can get a loan on an Aadhaar card from 500. An Aadhaar card is for KYC purposes, if it doesn't guarantee your loan.

How to get 20,000 RS instantly?

There is not only one app that is used to get a loan on an Aadhaar card. You can get a loan on an Aadhaar card from various apps whenever you need urgent money. 

Process of getting a loan on an app:

1. Download a personal loan app from the Play Store. 
2. Open the app and select your preferred language.
3. Add your mobile number and tap on Get OTP. Then add that OTP on your mobile.
4. Now add your email ID and verify it too.
5. Now set a PIN, then confirm it.
6. Allow all permissions. 
7. Add your PAN Card number and tick on I have read it.
8. Now they will send an OTP to your phone number; you need to add that OTP and verify.
9. They do a selfie verification. Click your picture and tap on submit.
10. Next, add your name similar to the PAN card.
11. Tap on the bottom box and submit.
12. Now you have to add your income details.
13. Now you have to do bank verification. For that, click on “Add manually”.
14. Choose your bank account, account number, and confirm.
15. Now you will see the interface where different amounts are shown.
16. Choose the amount RS. 20,000  you want and click on Confirm.

Now you can choose your EMI amount. Then the loan amount will be transferred to your account. 

How to get a loan from the government on an Aadhaar card?

Pradhan Mantri Aadhaar Card Loan Scheme is not the real name of the scheme. Actually, this is Pradhan Mantri MUDRA Yojana (PMMY). This is a government scheme; it allows you and your business to get a loan on Aadhaar. You can use this loan for starting a business or expanding it. People also call this scheme the Aadhaar Card Loan Scheme. When you apply for a MUDRA loan, your Aadhaar card is mainly used as a KYC document. 

This scheme was launched in 2015. This is especially for micro and small businesses. You don't have to provide collateral for this. You can get this loan through banks, Regional Rural Banks (RRBs), Small Finance Banks, Microfinance Institutions (MFIs), and NBFCs. 

Important points:

• You can get this loan without any collateral.
• You can get this loan up to ₹20,00,000.
• If you have micro and small businesses in the non-corporate and non-farm sectors, you can apply for this loan.

Here too, your Aadhaar card isn't enough to get a loan. Lenders check other details too. 

How to stay safe from Aadhaar loan scam?

Most Aadhaar loans are instant and digital. The chances of getting scammed increase. People share their personal and banking details. 

• You should not share your OTP, ATM PIN, UPI PIN, or banking password.
• When you see some suspicious links through SMS, WhatsApp, email, or social media, do not click on them. 
• Apply only through official apps and websites.
• Do not trust those loans where lenders offer guaranteed loan approval without checking your eligibility or documents.
• You should always verify your lender's website, customer care number, and contact details before submitting your Aadhaar or other documents.

If you feel something suspicious on a website or loan amount, always verify that website as a priority. 

Which Factors Affect Aadhaar Loan Interest Rates?

You get a personal loan on Aadhaar, and its interest is dependent on several factors like the ones below.

• Your income should be stable because it is very important. You can get a loan easily if you have a stable income.
• Credit score also plays an important role. The lender sees your credit history and then decides whether to give you a loan or not. 
• Your lender checks your monthly salary, and according to that, they decide the amount of your loan. 
• Loan amount and tenure decide what your interest rate will be.

You get an Aadhaar loan because your Aadhaar plays the role of a KYC document. But it doesn't decide your interest rate. All the above factors are considered before approving your loan. 

Conclusion

Normally, you go to the bank and NBFCs, submit all your required documents, and if you are eligible, you get the loan. But there is a new option by which you can get a loan within a few minutes: a loan via Aadhaar card. Basically, here the Aadhaar card plays the role of a KYC document. But having an Aadhaar card doesn't guarantee you the loan. The lender decides whether to give you a loan or not by looking at your credit profile, repayment capacity, income, and employment status. 

If you are a first-time borrower, you are still eligible for this loan, but with a small amount. Even if this loan is easy to get and faster, you should not hurry. Always compare interest rates, processing fees, loan tenure, and the total repayment amount. Also, stay safe from fraudulent apps and if you want to get more such finance-related information, stay connected with Loansjagat. 

Frequently asked questions 

What are safe and RBI-approved loan Applications?

There are many RBI-approved loan apps where you can get an instant loan on your Aadhaar card. You can go for Kissht, PaySense, Freo, and KreditBee. 

What is a 40,000 loan on an Aadhaar card?

If you want an easily available and short-term loan for emergency or financial needs, you can go for an Aadhaar card loan. You don't need to visit the bank again and again; you don't have to provide a bunch of documents to get a loan. You can get a loan of 40,000 on an Aadhaar card. 

How to get a ₹10,000 loan on an Aadhaar card?

You can get a ₹10,000 loan on an Aadhaar card via various mobile apps. You can refer to the above method that I have mentioned in this blog. Another way to get a loan is through various UPI apps like PhonePe and gPay.

How to get 20,000 rupees urgently?

You don't need to collect documents for getting a 20,000 rupees loan. You can go to your UPI app like PhonePe or GPay; you will see the option “Loan”, and you can get an instant loan from here.

How much personal loan can I get on a ₹20,000 salary?

It depends on the bank or NBFC from where you are getting the loan. Like some NBFCs will give you a loan up to  ₹5,00,000. While some will give you ₹15,00,000. You need to check the eligibility criteria and the amount of loan you are eligible for. 

Can we take a loan by just an Aadhaar card?

Yes, you can apply for a loan just via Aadhaar card, but it doesn't guarantee you approval. Lenders check your eligibility criteria, credit history, and income details.

Can I get a loan on Aadhaar if I am unemployed?

No, you can not get a loan on Aadhaar if you are unemployed. 

Who is not eligible for an Aadhaar loan?

There are no specific guidelines for this, but people with no stable income, minors, low credit score, and NRIs generally do not get an Aadhaar loan.

Can I get an Aadhaar personal loan without CIBIL and income proof?

You can apply for the loan, but it's not guaranteed that the lender will approve. 

Are online Aadhaar loans safe?

Yes, but they charge high interest, plus there are chances of getting scammed. That's why you need to confirm that the website or mobile app is registered with the state government.