An instant loan can be used to fund a wide range of financial goals. The approval and verification process for an instant loan used to be lengthy and stressful. Both in the public and private sectors, there were many documents required to apply for an instant loan. With the introduction of Aadhar cards in the private and public sectors, there were a lot more documents required to apply for a loan. The time taken has also decreased.
It is now easier to get an instant loan on Aadhar Card. The loan process has been simplified so that the lenders can complete the verification process. Online application with Aadhar data and KYC is possible, so the borrower doesn’t have to submit any documents. Many banks offer quick loans if you provide a scan of your Aadhar card at the time you apply.
What can your Aadhar Card do for you?
These are some of the benefits you can receive when applying online for a loan from your Aadhar card:
- Lenders can quickly verify your identity and legitimacy with the help of an Aadhar card. The biometric data connected to your Aadhaar Card allows for faster verification.
- Aadhaar cards are legal forms of identification and proofs of address that can help you obtain a loan faster. To get an instant loan, however, you’ll need to show your income proof and any other documentation requested by the lender.
- KYC processes can be completed using the Aadhaar, which results in fraud reduction.
The Aadhaar Card facilitates loan application, verification, approval, and disbursement.
How do I apply for an instant loan online using my Aadhar card?
Aadhar cards have made it easier to obtain instant loans. While presenting proof, you will need to show your Aadhar card and KYC. This document can be used to prove citizenship as well as identification and your date of birth.
These are the steps to get an instant loan via your Aadhar card.
Step 1. Visit the bank and website to view the instant loan offers.
Step 2. Fill in your personal information (e.g., your current job title, salary per month, city and phone number) and click “Proceed.”
Step 3. Next, submit the scanned copy (Aadhar) and any other documents.
Step 4. Once everything is completed successfully, the loan amount, depending on which bank you choose, will be deposited into the account within 24 to 48hrs.
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