There is a growing population taking loans these days to meet their financial needs. Financial institutions offer different kinds of loans for various purposes. These can be in the form of personal loans, loans against properties, or two-wheeler loans.
Personal loans are unsecured loans that do not require any collateral. It is quick and hassle-free and comes with multiple benefits. These include flexibility, variety usage, low-interest rates, and minimum documentation requirements. So, let’s get you started on how to avail these loans on an Aadhaar card.
Availing Personal Loans with Aadhar Card
You can now avail of such loans with the help of your PAN card or Aadhaar card. However, it is essential to ensure that your Aadhaar card is linked to your account. The whole process of availing of the loan is done online, and the lender will quickly disburse the loan amount within a day. Below are the steps you need to follow to avail of a Personal Loan on Aadhaar Card.
- Step 1: Downloading the Application
Various financial institutions are offering personal loans. In the first step, you need to decide which financial institution will you avail of the loan from and download the mobile application of the same institution. You may also visit the website of the institution.
- Step 2: Selecting the Personal Loan Category
In the next up, you need to log into your account of the financial institutions. You need to select the personal loan option from the different loans you can apply for.
- Step 3: Checking Eligibility
Before applying for any loan, it is crucial to check whether or not you are eligible to take the loan. Similarly, you need to check if you meet the eligibility requirements for applying for a personal loan in this step. Calculate the maximum amount eligible for using the personal loan eligibility calculator and check if you meet the eligibility criteria to avoid hassles in further steps.
- Step 4: Applying for the Loan
If you are eligible, you can click on the “Apply Now” button that will be visible on your screen.
- Step 5: Filling up Application Form
In this step, the website will display the online application form on your screen. You need to fill in the required details such as your name, address, income level, etc.
- Step 6: Verification
After filling out the application form, the financial institution you applied for the personal loan will contact you for the verification process. In this step, you need to upload a scanned copy of your Aadhaar card.
- Step 7: Disbursement of Loan
After verifying your account with an Aadhaar card, the financial institution will process your loan and disburse the loan amount.
Types of Personal Loans
There are many types of personal loan but most of them eight types of personal loans are famous in India. These are wedding, travel, home renovation, pension, education, festival, consumer durable, computers, and mobile phones loans. These are explained below.
- Wedding Loan
Weddings are one of those events which require colossal expenditure. Therefore, many lenders have started providing customers with wedding loans for both the customer and their child. The speciality of this type of loan is that you can adjust it according to your requirement.
- Travel Loan
Travel loans are also known as vacation or holiday loans. The key advantage of these types of loans is that these loans also provide travel insurance to the customer who applied for the loan and the loan amount.
- Home Renovation Loan
From redesigning your home, living space to kitchen repairs, this type of loan is for home improvements. The speciality of this loan is that it increases the overall economic value of your house in the market.
- Pension Loan
Pension loans are only for retired personnel. Therefore, you need to submit your pension proof to avail of the loan. You can use the loan amount to meet various expenses such as everyday expenses or medical bills. Read more about Black Tourmaline.
- Education Loan
Education loan is the most common type of personal loan used to finance a child’s education. The parent usually takes these loans for the academic requirements of their child.
- Festival Loan
Festival loans are a new type of personal loan used to meet the expenses that arise during the different festivals.
- Consumer Durable Loan
This type of loan is used to meet expenses incurred on purchasing household items, including washing machines, air conditioners, microwaves, and furniture.
- Computers and Mobile Phones Loan
This type of loan is taken to meet expenses which arise on the purchase of computers or mobile phones. Like in travel loans, insurance is provided with the loan by some lenders.
Personal loans are influenced by many factors such as repayment tenure, rate of interest, income levels, and the applicant’s credit score. You can now avail of different Personal Loan on Aadhaar Card at competitive interest rates and get approval within minutes! Apply now!