Apply for an Aadhaar Card Loan Online with Qbera today. Submit your documents online and get your loan amount within 24-48 hours!
Apply for an Aadhaar Card Loan Online - Here is what you should know
If you have an Aadhar card, you can apply for loan online using it. Aadhar card is a 12-digit unique identification number assigned to the residents of India. It is a biometric ID program that aims to provide a valid residence proof to all citizens of India. Earlier, financial institutions depended on various documents as proof of identity and residence with limited ways to cross check the documents. The details of a citizen can be cross-checked using e-KYC online. Aadhar cards have made online loan application process easier and faster. The bank, NBFCs and Fintech’s only need to access the e-KYC to get all the information needed.
Also, there is no capping on the possibilities of an Instant personal loan. Unlike home loan or vehicle loan which has to be used to buy a house or vehicle, you can use personal loans in n diverse ways. You can plan a long-awaited luxury vacation, renovate or upgrade your home, and fund your education or your marriage. You can use the amount from your instant loan and pay it off in easy and affordable EMI’s.
The Eligibility criteria are quite simple too. Where banks and NBFCs rely almost completely on your CIBIL score, Fintech companies like Qbera use advance risk assessment algorithms and consider your socio-economic profile and Aadhar card details along with your CIBIL score to arrive at a decision. While a credit score of 750 and above is considered by banks, the fintech also considers marginally low scores as well. Also, there are more than 7 lac companies that are registered in their data base, so the probability of your loan being approved is high.
The minimum eligibility is-
• 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
• Minimum CIBIL score of 575 and no defaults in the last 24 months
And the documents that needs to be given are:
1. Aadhaar Card
2. PAN Card
3. Proof of address
4. Salary and income documents
5. Photographs
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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