Aadhar Card Loan | Aadhar Home Loan Rate of Interest | Aadhar Personal Loan
Getting loan from bank has not been easier as complicated documentary procedure, security of guarantor, property and lengthy verification compelled the borrower to forget loan. But Aadhar card has eased borrowing loan easing the complicated documentary procedure for loan. Known as Aadhar Card Loan you can apply for such type of loan without bothering to arrange documentary proofs, guarantors and banking credit history. If you want to apply for loan or borrow money from bank for home loan, personal loan, business loan, vehicle loan or domestic goods loan then you should apply online rather under Aadhar Card Loan service. The Aadhar card loaning service entitles every applicant for loan authenticating his identity, residence and banking credibility.
But before penning further on Aadhar card loan, it is important on our part to let you know that fact that no any bank treats Aadhar as a security bond or guarantor but all-in- one authentic documentary evidence of identity proof, residential proof, banking services, mobile number, email, beneficial schemes and additional services. So instead of applying on paper you should apply online for any kind of loan under Aadhar card loan service.
Significance of Aadhar Card Loan
Internet is stuffed with a large number of websites which introduce the Aadhar Card as financial security like property, gold or job. But actually the Aadhar card exhibits the genuineness of applicant, his banking credibility, transactions and lots more for which the individuals applying for loan were required to furnish lots of documentary proofs to convince the bank which conducted inquiry on its own. On coming across anything dissatisfactory the bank wouldn’t approve loan causing superfluous delay in loan sanction. One of the major reasons has been more complicated documentary procedures and its verification that after all thwarted loan issue. But Aadhar has eased taking loan from bank provided you apply online with Aadhar.
How Aadhar Card Entitles Applicant for Loan?
You might be well aware of the documentary demands by the bank prior to applying for loan. Identity proofs (passport/DL/Voter ID/Banking Pass Book), address proof (passport/voter ID/electricity bill/voter card/pass book/DL/ration card), banking details, pay-slip, security (gold jewelry/paper of property) and guarantors are the issues which the loan-applicant should produce to the bank. After receiving documentary evidence the bank conducts inquiry deputing its staff. It takes lots of time and even minor inconsistency disqualifies the applicant. But Aadhar is the authentic proof of individuals overall information including banking credibility, identification, residence, etc. Aadhar has become mandatory and become indispensable document needed to be mentioned everywhere. So more than 90% documentary evidences are furnished with Aadhar while remaining 10% associated with guarantor or security do not require verification as they can be verified both online and physically with needing time. This is why Aadhar card loan has emerged as easiest loan for which you can apply online.
Types of Aadhar Card Loan
Following are the loans which you can apply for online under Aadhar card loan.
- Home/House loan – You can apply online for home loan under Aadhar card loan. For such type of Aadhar card loan what you produce the actual source of income to convince the bank producing either your pay slip (if you are in job), income tax return slips and banking details.
- Personal Loan – Personal loan can be availed if you have strong source of income from business or job. You can apply online for it under the Aadhar card based loaning service producing your current job’s pay-slip or income certificate of the business. For personal loan you need to furnish only the details of Aadhar card and nothing additional like guarantor. But bank inquires only source of income and banking history.
- Loan for vehicles like car, bike, bus, truck and bulldozer) – Apply online for this loan under the Aadhar card loaning services. You’ve not to do a lengthy paper work as your Aadhar has got to suffice for the approval of loan for a vehicle you want to take purchase with the money of loan.
- Educational Loan – With the Aadhar easing procedure of loan you can apply for the education loan online. What you are needed to do is to surrender your educational certificates.
- Jewelry Loan – Just like vehicle loan and home loan you can apply for such type of loan online furnishing the Aadhar card details. As the loan is sanctioned scanning customer’s banking credibility the bank grants loan for the gold/jewelry under a limit but without complicated terms and conditions.
- Agricultural/Farm Loans – Being a farmer if you run any business like dairy, poultry farm or fishery you will be entitled for the Aadhar card loan.
- Loan against Insurance policies – You do not need to apply online under the Aadhar Card loan. Just visit the nearest branch of your bank with insurance policies on which bank would sanction the loan at lower interest rate.
- Loan Against Bank FDs – It also is the best way of arranging money by applying online with Aadhar Card at lower interest. As the fixed deposit is converted into financial liquidity under its current terms and conditions you can apply online for loan on your FD with your Aadhar.
Benefits of Aadhar card to get personal loan
Well, most of the people are not aware of the benefits when it comes to knowing more about the aadhar card in order to get personal loan. If you are the one who is looking forward to know related to the benefits, then the mentioned below benefits will be helpful for all the seekers that who all are looking for a long time. So, whenever you are getting into the process of personal loan with Aadhar card, then check out the benefits below.
- For information, you will feel that easy access to loans as well as other financial services as the providers of service mainly asks the customers in order to know about KYC documentation.
- Also, it is necessary to know with single document, you can get a chance to experience like multiple proofs like identity, photo, address and more.
- It is also mainly used for e-KYC that is for online verification.
You can also see How to make Aadhar card for NRI’s.