Can We Take A Loan With Aadhar Card?

By Author: Ankit Verma
Total Articles: 23
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Personal loan application online has become simple nowadays all thanks to the digital apps, encouraging paperless documentation. As the loan process is 100% digital from start to end, the documentation procedure involves E-KYC verification using an Aadhar card and PAN card. Aadhar card forms the basis of a borrower’s identity proof countrywide whereas a PAN card reflects the financial stability of a borrower. So, yes! if you have your Aadhar card in place also linked to your mobile number, then the loan approval will be faster on instant loan apps.

Aadhar card not only helps in the personal loan process but also proves significant while opening a new financial account. Aadhar card has a unique identification number that is different for every citizen in India. Hence, making use of this unique number, a borrower’s personal identification details are fetched and maintained for reference, in the due course of the loan.

Significance of Aadhar Card for Personal Loan
In 2010, the Indian government launched the Aadhar card as a single identification ...
... proof for all citizens. The financial institutions and NBFCs offering personal loans have to mandatorily collect borrower’s KYC documents (Aadhar Card and PAN Card) before making any final decisions related to the loan. The unique Aadhar code helps in fraud detection as the biometric data is different for every borrower, hence no confusion occurs during the loan verification phase.

Aadhar card is significant for unsecured loans that are instantly approved on the same day. It has facilitated real-time verification, making the loan approval process speedy. The lenders gain confidence in borrowers with the verification of Aadhar cards and PAN card during a loan application process.

SimplyCash Paperless Documentation via Aadhar Card
SimplyCash, by HeroFinCorp, offers an instant loan facility to raise immediate money with the submission of paperless documentation in the form of an Aadhar card and PAN card. Borrowers can avail of a small cash loan between Rs.50,000 to 1,50,000 via SimplyCash with the submission of Aadhar card details during a loan application.

Follow the below steps on SimplyCash to avail of an instant loan via Aadhar card:
• Download SimplyCash lone app on your Android phone from Google Play Store
• Easy Signup & login method using email id and mobile number
• Add the details of Aadhar card and PAN card
• Aadhar Card and Pan card are used as paperless e-KYC documents to get an instant personal loan
• Duly filled application form
• Passport-sized photographs
• Electronic signature

Once all the above are submitted and verified, borrowers can get the loan approval in minutes, followed by a disbursal within 24 hours. In the absence of an Aadhar card, borrowers can submit their Smart Card Driving License details.

Finally, Aadhar Card and PAN card are critical documents for the citizens of India. Aadhar card fulfills your loan eligibility criteria for biometric verification, whereas a Pan card verifies the financial and taxation activity of a borrower. This speeds up the loan process, leaving no doubt for the lender to seize the loan approval.