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How to Get a 50000 Loan On Aadhar Card

By admin
29 August 2022
4 mins read

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How to Get a 50000 Loan On Aadhar Card

Introduction

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.

A brief about Aadhaar

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.

What are the primary objectives of Aadhaar?

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 -

It acts as a single identity for every Indian citizen
It can be used to avail several government services without the need for middlemen
It is a single document usable as ID proof, age proof, and address proof

Loans via Aadhaar - An introduction

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.

What is the loan amount that one can avail of via their Aadhaar?

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.

Eligibility criteria

For all those who wish to apply for a personal loan on Aadhaar only, here are the eligibility criteria to keep in mind -

The individual must possess a unique Aadhaar card issued to them by the UIDAI
They must be a resident Indian citizen aged between 20 and 60 years
The candidate must be a salaried or a self-employed individual earning at least INR 15,000 monthly
The credit score of the individual should be 600 or higher
They should be working for at least a year

How to Get a 50000 Loan On Aadhar Card

Visit Tata Capital's website and start the loan application.
Enter your personal and loan details.
Upload required documents.
Wait for verification.
Receive loan approval and disbursement.
Choose a flexible loan tenure.

Conclusion

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.

Apply For A Personal Loan

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