Want a bank loan with your Aadhaar Card? Apply for personal finance from Qbera and get your amount disbursed to your bank account within 24-48 hours!
All lenders require you to submit your Aadhaar Card and PAN to process loan applications. If you're looking for a loan that you can get against your Aadhaar Card, well, you can definitely be eligible for one from Qbera if your minimum income is Rs. 20,000 per month and your credit score is 600.
Aadhaar Card Bank Loans in India
Bank loan against Aadhar card is a super quick way to arrange for funds in case of an emergency. Unplanned financial shortfalls are difficult to manage, but you can temporarily use the money of an external entity to manage your requirements. This arrangement is called as a loan. The external entity like banks, NBFCs or private lenders gets an interest over the money that they have given out. The borrowers use the money to tide over the shortfall, thereby, making it a profitable situation for both the lender and the borrower.
The sheer number of rules and strict paperwork followed by banks often renders them unapproachable in case of need. But modern technology especially the introduction of Aadhar card as an identity document has helped save on labor and work. The lending market is seeing a rise in lending startups that have built a distinct reputation for disbursing fast loans, which is mostly thanks to Aadhar card and the biometric system. The bank, NBFCs and Fintech’s only need to access the e-KYC to get all the information needed. Fintech’s partner with banks to give out unsecured loans and their key features are:
Digital experience: The complete process of applying for an unsecured loan including the submission of necessary documents, checking of Aadhar card and bank statement is done online. Giving the user a total digital feel.
Quick disbursal:
The entire process - from application submission for the personal loan, document verification and amount disbursal are completed within 24-48 hours.
Low income groups:
The low-income groups typically face more issues in getting an application through. Banks and NBFCs do not consider low income groups. Fintech’s advanced algorithms, however, do take their socio-economic preferences and calculates their willingness to pay. There is a high probability of loan approval by a fintech for a low-income applicant.
Low CIBIL score:
Unsecured loans are not secured by collaterals and so, the dependency on the CIBIL score of the applicant is high. Banks do not process applications where the score is less than 750. However, with Fintech’s involvement, applicants with a score of 575 and more are also considered.
Eligibility for an Aadhaar Card Loan from Qbera
- You must be a salaried individual
- You must have a min net salary of Rs.20 000/-
- You must be above 23 years of age and less than 55 years
- A minimum CIBIL score of 575 and no defaults in the last 24 months
Documents needed for Aadhaar Card Bank Loan
- Aadhar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhar card)
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