Policies, Codes & Other Documents
Monetary emergencies often come uninvited and have a significant dent in one’s financial position. In such cases, individuals have no option but to apply for a personal loan to help act as a quick fix.
In such a situation, an individual can benefit from the prevailing KYC norms and get an INR 50,000 loan on Aadhaar card. Such a scheme has been a boon for millions of people in the country who otherwise lack the necessary means to be eligible for personal loans.
How can an individual apply for an Aadhaar card loan of INR 50,000? What documents are required, and what interest rate do they have to bear? We discuss it all below.
The then PM Manmohan Singh and then Congress President, Sonia Gandhi, launched the Aadhaar program (UIDAI) back in 2010. While seen as more of a gimmick initially, Nandan Nilekani, the former UIDAI President, had other plans and was in talks with the Finance Ministry to give Aadhaar the status of the KYC document of choice.
From being issued for the first time to 1,000 people in a small place called Tembhali in Maharashtra to delivering 131.68 crore Aadhaar cards as on 31st October 2021, the initiative has come a long way. It has not only become the KYC document of choice but is also being used to get immediate personal loans to counter emergencies.
Aadhaar is a 12-digit unique identification number that not only acts as proof of citizenship but can be used to perform several other activities, such as applying for a PAN card, passport, file ITR, and, more importantly, applying for a personal loan.
Here are its primary objectives –
Today, loans cannot be processed without KYC, a government-mandated process requiring compliance from lenders and borrowers. Given that biometrics are connected to the Aadhaar, when an individual applies for a personal loan and provides their UIDAI number, the process becomes more accessible and less cumbersome for the lending party.
If a candidate does not have a salary statement and wishes to apply for a personal loan with their Aadhaar, they have to provide their last six-month bank statement. Once they have uploaded it, the lender will assess the details and make a final assessment of the personal loan available. In most cases, lenders are happy to offer an amount as low as INR 5,000 and as much as INR 25 lakh based on the UIDAI number of an individual.
For all those who wish to apply for a personal loan on Aadhaar only, here are the eligibility criteria to keep in mind –
The loan issued on an Aadhaar card is an unsecured one, i.e., it does not require any mortgage from the borrower’s end.
At Tata Capital, borrowers can get a personal loan ranging between INR 40,000 to INR 1.50 lakh. Also, the processing fee and interest rates are kept at a reasonable level to ensure a win-win situation for both the parties involved.
Here are the steps to follow for any individual looking to secure INR 50,000 loan on Aadhaar card:
We understand personal loans can serve a myriad of purposes. From mitigating financial emergencies to helping manage unforeseen household expenses, these loans are a life savior and hold extreme importance in our lives. With Aadhaar’s increasing importance, we realized the need to introduce a loan model where the borrower can apply without salary slips or other documents otherwise required for a personal loan. All the individual must do is to furnish their UIDAI number and some additional documents for verification and get an INR 50,000 loan on Aadhaar card within hours.
Policies, Codes & Other Documents