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How to Get an Instant Small Cash Loan on Aadhaar Card

August 03, 2023 • 10147 views

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.

What is a Loan on an Aadhaar Card?

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. 

Process of Availing of Small Cash Loan on Aadhaar Card

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: 

  • Online 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.

  • Aadhaar Card Verification

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.

  • Additional Documentation

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.

  • Loan Approval

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.

  • Repayment Terms

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).

  • Funds Transfer

Once you accept the loan offer and loan terms, the lender disburses the loan amount of ?20,000 directly into your registered bank account.

  • Repayment

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. 

Fast-Tracking Loan Approval with Aadhaar e-KYC

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.

ALSO READ :- How to Get Instant Cash Loan Within 1 Hour?

Features & Benefits of Small Cash Loan on Aadhaar Card

Obtaining a Small Cash Loan on your Aadhaar Card comes with several features and benefits, such as:

  • Instant Approval

The loan approval process is quick, and funds are disbursed into your account within a short period.

  • Minimal Documentation

Since your Aadhaar Card serves as a primary form of identification, the documentation requirements are minimal, eliminating the need for extensive paperwork.

  • No Collateral Required

Small Cash Loans on an Aadhaar Card are typically unsecured loans, meaning you don't have to pledge any collateral or assets as security.

  • Flexible Loan Amounts

You can choose the loan amount based on your requirements, ensuring that you borrow only what you need and can comfortably repay.

  • Convenient Repayment Options

Lenders often offer flexible repayment tenures and easy repayment options, making it convenient for you to manage your loan repayments.

Things to Keep in Mind Before Applying for a Small Cash Loan

There are certain things you must consider before applying for a small Cash Loan on an Aadhaar Card. Here’s what you must know:

  • Default Can Impact your CIBIL Score

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.

  • Shorter Loan Repayment Tenure

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.

Conclusion

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.

Frequently Asked Questions About Loan on Aadhaar Card

  • Is it possible to get a loan on my Aadhaar Card?

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.

  • How much loan can I get on my Aadhaar Card?

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.

Disclaimer

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

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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