Financial emergencies can strike at any point in your life, such as unexpected medical expenses, urgent home repair costs, or unemployment. In such situations, you can opt for loans to meet those sudden financial needs. With the advancement of technology, it's now possible to get a Small Cash Loan on an Aadhaar Card online and fulfil your monetary requirements instantly.
Explore the process of availing of an instant Small Cash Loan on an Aadhaar Card, along with its features, benefits, and eligibility criteria in this blog.
A loan on an Aadhaar Card is a type of personal loan that can be applied for by Indian citizens. All you need to do is to meet the minimum eligibility criteria. The maximum loan that you can get through your Aadhaar card depends on your income, credit history, and other factors.
To avail of a Small Cash Loan on Aadhaar Card, you need to find a reliable lender or financial institution that offers this service. Major NBFCs leverage the Aadhaar Card's unique identification features to expedite the loan approval process. By linking your Aadhaar Card to your loan application, you can enjoy a seamless and swift borrowing experience.
Let's walk through the process of availing a Small Cash Loan on an Aadhaar Card using an example. Suppose you need a ?20,000 loan. You have explored various options and found a lender offering Small Cash Loans on an Aadhaar Card at an annual interest rate of 9.9% and a loan tenure of up to 24 months.
After that, you will need to go through the steps below to complete your application process:
Visit the lender's website and initiate the loan application process. Fill in your personal details, including name, Aadhaar Card number, contact information, and loan amount, which in this case is ?20,000.
To simplify the verification process, the lender utilises Aadhaar-based e-KYC verification to authenticate your identity. This eliminates the need for extensive paperwork, allowing for a faster loan approval process.
In most cases, Small Cash Loans on Aadhaar Cards require minimal documentation. You may need to provide some additional information, such as bank statements, proof of income, and address verification documents, to support your loan application.
After a quick evaluation, you will be approved for a loan of ?20,000 at an annual interest rate of 9.99% based on the terms offered.
You must carefully review the loan agreement, including the repayment tenure and interest rate. In this example, you can choose a repayment tenure of up to 24 months (2 years).
Once you accept the loan offer and loan terms, the lender disburses the loan amount of ?20,000 directly into your registered bank account.
With a loan tenure of up to 24 months, you now have the flexibility to choose a suitable repayment plan that fits your budget.
You can now get a small Cash Loan on an Aadhaar Card quickly due to the absence of extensive paperwork or documentation. All you need to do is upload a clear scanned copy of the required documents and complete your e-KYC to get a loan.
Before applying for a small Cash Loan, you should link your PAN Card and Aadhaar Card with your contact number. This will help you to get your loan application approved quickly.
By following this process, you can successfully avail yourself of a Small Cash Loan on an Aadhaar Card. Furthermore, with responsible borrowing and disciplined repayment, you can manage your financial obligations effectively while meeting any immediate cash requirements.
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Obtaining a Small Cash Loan on your Aadhaar Card comes with several features and benefits, such as:
The loan approval process is quick, and funds are disbursed into your account within a short period.
Since your Aadhaar Card serves as a primary form of identification, the documentation requirements are minimal, eliminating the need for extensive paperwork.
Small Cash Loans on an Aadhaar Card are typically unsecured loans, meaning you don't have to pledge any collateral or assets as security.
You can choose the loan amount based on your requirements, ensuring that you borrow only what you need and can comfortably repay.
Lenders often offer flexible repayment tenures and easy repayment options, making it convenient for you to manage your loan repayments.
There are certain things you must consider before applying for a small Cash Loan on an Aadhaar Card. Here’s what you must know:
Failing to make on-time repayments could impact your CIBIL score negatively. Thus, you should only apply for the loan amount that you will be able to repay without defaulting on repayment.
Small Cash Loans on an Aadhaar Card come with a relatively shorter repayment period. It is important to plan your repayment schedule carefully so you know how much you must repay every month.
To avoid the aforementioned scenarios, you can use a loan EMI calculator to determine your monthly repayment instalment as well as the repayment schedule.
Getting an instant Small Cash Loan on an Aadhaar Card provides a quick and convenient solution for your immediate financial needs. With an easy application process, minimal documentation, and fast disbursal of funds, it offers a hassle-free borrowing experience. However, it's crucial to borrow responsibly and evaluate your repayment capabilities before availing any loan.
If you need funds for your travel plans or any other purpose, consider applying for a Small Cash Loan offered by NBFCs like Poonawalla Fincorp at favourable terms and no hidden charges.
Yes, you can get a loan using your Aadhaar Card as an identification document. Many financial institutions in India accept the Aadhaar Card as a valid proof of identity for loan applications.
The loan amount you can get on your Aadhaar Card depends on various factors. These can include your income, credit history, repayment capacity, and the policies of the lending institution. The specific loan amount would be determined by the financial institution based on their evaluation of your eligibility criteria.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
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