Thanks to digital, personal loans have never been easier to obtain than today. Before scanning, the whole process took several days. Back then, people in dire need of money had to look for relatives and friends who could lend them the necessary sum. These days, the best personal loans can be obtained within 24-48 hours without even having to take a day off.
You no longer need to run from bank to bank to find out more about eligibility criteria, interest rates and how to apply and take advantage of the best personal loans. You can find the best personal loans online and apply for them online. The bank verifies your KYC with your Aadhaar card and transfers the money to your account within a few days. But what is KYC? Keep reading to find out.
What is KYC?
KYC stands for Know Your Customer and helps financial institutions fight money laundering and establish accurate customer identification. It was introduced in 2004 when the Reserve Bank of India made it mandatory for all banks and financial institutions to verify their customers. When you apply for a personal loan, your bank uses it to validate your identity.
KYC includes ID card verification, face verification, address verification, and biometric verification. Your Aadhaar card is the document that allows the bank to verify all these things about you and ensure that the information you provide is genuine. Since the whole process is done online, it is also called eKYC or Electronic Know Your Customer.
If you wish to apply for a personal loan on your Aadhaar card, you must first determine your eligibility.
Are you eligible for an Aadhaar Card personal loan?
-The minimum age limit is 21 years old and the maximum age limit is 60 years old
-Monthly income should not be less than Rs. 15,000
-At least two years of total work experience, including one year with current employer
-CIBIL score of 750 and above
Documents Required for Aadhaar Card Personal Loan
-Proof of identity: Aadhaar card, voter card, driver’s license or passport
– Proof of address: Aadhaar card, utility bills or passport
-Proof of income: payslips, bank statements and ITR
-Passport size photos
How to apply for personal loan online with Aadhaar Card?
Know your eligibility
Before applying for a personal loan on your Aadhaar card, you need to check your eligibility online with a personal loan eligibility calculator. This will tell you how much loan you can comfortably apply for and repay. At the same time, you should check your potential EMIs with a personal loan EMI calculator to determine your overall monthly charge. Remember that you can get the lowest interest rates if you opt for a Bajaj Finserv personal loan.
Select your amount and duration
Ask for the amount you qualify for and use online tools such as a Personal Loan EMI Calculator to determine the ideal term for your interest rates/financial situation.
After deciding on the amount and tenor, you need to upload copies of all documents requested by the bank.
The approved amount is credited to your account
If your application is approved, the loan amount will be credited to your account within 24-48 hours.
Although we have informed you of the steps to apply for a personal loan with an Aadhaar card, we recommend that you check the offers of different online banks to get the lowest possible interest rate.
Looking for a Aadhaar card personal loan? Our quick guide will provide you with information regarding eligibility criteria, required documents to submit when applying, and steps to submit your loan application. Lenders like Bajaj Finserv offer their customers personal loans with a single Aadhaar card.
The process of applying for Bajaj Finserv personal loan on Aadhaar card:
-Select loan application form on Bajaj Finserv website and click on ‘APPLY ONLINE’ button
-Fill out the online form with your personal, business and professional details
-Submit your Aadhaar number and authorize Aadhaar based authentication
-Once the application is complete, you will be contacted by a Bajaj Finserv representative for a background check
-Submit your income documents to complete the application process.
Existing customers can avail their pre-approved loan offer and get the loan amount disbursed to their account with just a few clicks.
Disclaimer: This article was produced on behalf of the brand by the HTBS team.