Impact of Aadhar Card on Personal LoanWhen there was no concept of Aadhar, loan seekers invested a lot of time and efforts in collecting multiple documents for address and identity proof. There was a time when having a lot of physical documents created confusion in verifying personal details of the borrowers. It often led to differences and delay in an instant loan approval. Hence, it became crucial to introduce a unique identification document for Indian citizens that gives complete clarity about identity and address proof. That’s how Aadhar Card was introduced in 2010; it is a useful document for both lenders and borrowers dealing with a personal loan.
The impact of Aadhar card has reduced the time taken for personal loan approval. It is one of the mandatory documents required for loan application. With paperless documentation technique, Aadhar card soft copy is to be uploaded on the instant loan app or credit portal for paperless document verification. So, the arrival of Aadhar card is indeed a boon that enables different sectors of the society to apply for a personal loanwith great ease.
Earlier, the scenario was time-consuming, where borrowers carried loads of documents, waited in the queue and further anticipated loan approval for a long time. With the launch of the Aadhar card, many people find it easy to apply for loans online. The process has become hassle-free as one document serves as a proof for identity, address, age and citizenship.
How to use Aadhar Card for Personal Loan?
Because financial needs are unavoidable, opting for an instant loan application via Aadhar cardis a feasible way today:
Steps to use Aadhar card to avail a personal loan online:
- Install an instant loan app on your phone or visit the loan provider’s website.
- Register with your mobile number and email id.
- Enter the mobile number that is linked to your Aadhar card for ID and address verification.
- Enter the 12-digit Aadhar card Number as KYC proof.
- Some websites may require a scanned copy of Aadhar card with other income-related documents.
- After verification of the submitted documents, the sanctioned loan amount will be credited directly into your bank account.
Even though your credit score is good, Aadhar card becomes essential when a loan application is initiated. Students applying for education loan to study abroad should have their Aadhar card handy. It confirms your citizenship in a foreign land, speeds up the application process and increases the credibility of the borrower.
Simply Cash is an instant loan app by HeroFinCorp that provides personal loan approval online in 24 hours on the basis of Aadhar card verification. The offline loan application may still be preferred by a few borrowers in India. However, whether offline or online, the Aadhar card has become an integral part of the KYC document process for both salaried and self-employed individuals.