How To Get A Personal Loan On An Aadhaar Card With Minimum Documents?
The availability of personal loans has made it possible for many to achieve their aspirations which may not have been possible otherwise. One can take a personal loan on easy repayment terms and use the money for many purposes. From a destination wedding in Khajuraho to a family vacation in Europe, personal loans are helping people fulfil their long-standing dreams.
The retail personal loan segment is showing a sharp revival after the dip during the pandemic. According to RBI, the personal loan credit outstanding stood at Rs. 29.18 lakh crore in September 2021. Getting a Fullerton India personal loan can be easy if the borrower has an Aadhaar card. Let us take a look at the process.
Personal Loan on Aadhar Card
Fullerton India offers a personal loan through minimum documentation to make the loan process simple for the borrowers. Loan applicants can apply for a personal loan online and complete their KYC online too. It makes Aadhaar card loan verification faster and easier. An Aadhaar card is a crucial document to get a personal loan because the borrower can use it as identity proof as well as address proof.
Steps to Get a Personal Loan on Aadhaar Card
Leading lenders like Fullerton India give loan applicants the option to apply online for the loan. It makes the loan application process convenient and quick for the customers. To apply online for a Fullerton India personal loan on an Aadhaar card, follow these steps:
- Log on to the official website of Fullerton India and visit the personal loan section.
- Click on the ‘Apply for Personal Loan’ option present on the page.
- Choose the nature of employment between salaries and self-employed.
- Enter your mobile number for further communication regarding the loan.
- Enter the OTP sent on the mobile number for verification.
- Enter the loan amount required and the repayment tenure of preference.
- Enter information such as personal details, details of employment, and bank details in which the loan amount will get transferred on approval.
- Give the Aadhaar card as identity proof and address proof and a few other documents as required. The Aadhaar card must reflect your current address, else it cannot be used as an address proof.
- Once the lender verifies the documents and checks the eligibility criteria for the loan applicant, the loan amount is disbursed to the bank account of the borrower on approval.
Please note that PAN is mandatory, even if you provide your Aadhaar card. Linking your PAN, Aadhaar, Bank accounts and mobile number makes the process go faster as the lender will be able to make quick online verifications. Loan applicants can check their eligibility and get an estimate of the maximum amount they may be able to get through a Aadhaar Card loan using the personal loan eligibility calculator given on Fullerton India’s website. Fullerton India credits the bank account of the borrower with the required funds within 30 minutes* of final approval.
Minimum Documentation Requirement with Aadhar Card
An Aadhaar card significantly reduces the requirement of documents for a personal loan as lenders accept it as both a proof of identity and address. Therefore, the borrower does not have to furnish individual documents as proof and can give the Aadhaar card copy for these verifications. It reduces the number of documents the lender requires. The other documents a borrower has to provide apart from his Aadhaar card are:
- Last six months’ bank statement
Apart from these, there are a few other documents that salaried and self-employed individuals need to submit. These are:
Salaried loan applicants:
- Form 16 or Income Tax Returns
- Salary slips for the last three months
Self-employed loan applicants:
- Proof of business
- Clearance certificate or IT assessment
- Last two years’ Income Tax Returns
- TDS certificate/ Form 26AS/ Income Tax Challans for income declaration in Income Tax Returns
Depending on your profile and Fullerton India’s policy, additional documents may be requested.
Healthy Financial Profile for Minimum Documents
Lenders ask for fewer documents from customers having a healthy financial profile. A healthy financial profile is an indication of the customer’s sincerity, willingness, and capacity to repay the loan he takes. Lenders are more confident while lending money to such disciplined borrowers and ask for fewer documents while verifying. They may also offer personal loans at lower interest rates to such customers. A healthy financial profile includes a good credit score of 750 or above, a regular and reliable source of income, and a low debt to income ratio.
Personal Loan Offers
Once the customer has entered his details in the loan application form, he can view the various personal loan offers that match his eligibility and profile. Loan applicants can also get a personal loan through pre-approved offers. A pre-approved offer means the lender verifies the customer’s profile in advance and offers him a loan based on it. It significantly reduces the documentation required from the customer and quickens the loan application process.
Fullerton India offers the best loan offers to customers based on their eligibility and income profile. With Fullerton India, customers can earn up to Rs. 20,000 for every referral they give under the Referral Partner Program. Customers can refer their family members, friends, or acquaintances who may be looking for a personal loan.
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