Eligible people can easily apply for a personal loan at select banks by using their Aadhaar card details as the only required ID proof. Banks do not need any collateral or security for personal loans. While the loans can be applied with selected documents, or you can also apply for personal loans using Aadhar card or PAN card in a matter of minutes.
The banks need certain documents for the verification of the identity of individuals, who are applying for the personal loan, in a special process called KYC.
As the Aadhar card is accepted as the proof of identity to facilitate the various public & financial services in India, the lenders can verify an applicant’s entry with the Aadhar card details like Biometrics. People, who are seeking personal loans can avail of the benefits of the paperless application using an Aadhar card.
How to apply for a Personal Loan
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Firstly, you have to download the mobile app or visit the official website of the Bank, in which you have your account & where you want to apply for a personal loan.
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After this, log in using your details as per the procedure of the Bank.
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In the category of loan, select the option of “Personal Loan”.
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Now, ensure that you are eligible to apply for a personal loan.
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Click on the “Apply Now” button.
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You will now require filling in all the necessary details, which are asked by the online application process.
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The bank itself will reach out to you for further verification of details.
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In the process, you will be asked to upload a copy of your Aadhar card.
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Once, your Aadhar Card & Other details are verified completely by the bank account, and then your loan will be processed.
Eligibility for Personal Loan
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The applicants at first have to ensure that they are eligible for such loans.
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The applicants should be between the age of 23 years & 60 years.
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The applicant should be an Indian Citizen.
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The applicant should be working in a private or government firm.
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The applicant should have a qualifying credit score.
Personal loans can be availed by eligible people from all the sections of the society, people from the agriculture sector can also avail them.
