What are Aadhaar loans?
Aadhaar loans are personal loans that you can get with your Aadhaar Card. Personal loans are unsecured loans that do not require collateral or security. These loans are mostly available based on an individual’s income, credit profile and related parameters. Aadhaar loans have become extremely popular, even perhaps going on to replace secured loans in the overall popularity quotient.
Aadhaar Loans in India
If you’re looking for an Aadhaar loan in India, you might be wondering what the eligibility for an Aadhaar loan might be. Well, considering that there are multiple lenders in the personal loan landscape, the eligibility for Aadhaar loans is different for different lenders. There are traditional lending institutions and new-gen lenders like Fintech companies that have less stringent eligibility criteria for Aadhaar loans that they offer. Let’s take a look.
Documents required for an Aadhaar Loan from Qbera
- PAN Card
- Aadhaar Card
- Cheque Leaves (4 nos. – salary account)
- Income documents – last 3 months’ salary slips
- Bank statements for the last 6 months
- Photographs (Passport sized)
Eligibility for Aadhaar Loan from Qbera
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Eligibility Parameter
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Minimum eligibility criteria
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Credit Score
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600 and above
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Income
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Rs. 20,000 per month or above
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Employer status
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Employer/Company need not be listed
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Tenures available
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6 months to 60 months
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Work experience
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Minimum of 1 year of work experience
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City of Residence
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Delhi/NCR
Bangalore
Pune
Chennai
Mumbai
Hyderabad
Ahmedabad
Jaipur
Gurgaon
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1. What Is An Aadhaar Card Loan?
A. An Aadhaar card loan is an unsecured financing option. It involves much less documentation than traditional bank loans. You will need a copy of your aadhaar card, a copy of your pan card, your salary statements, and bank receipts to qualify for this loan.
2. Can I Use an Aadhaar Card Loan For Paying My Rental Deposit?
A. Yes, you can use your aadhaar card loan to pay the rental deposit of a new flat or apartment. Since you do not have to state a specific purpose to get the loan, the funds can be used for covering every type of expense.
3. Why Do You Need Your Aadhaar Card to Get This Loan?
A. Your aadhaar card is used as primary address proof when you apply for this loan. Additionally, it also helps in the online verification via the e-KYC process.
4. Can I Get an Aadhaar Card Loan With a Credit Score Of 600?
A. Most lenders will require you to have a credit score of at least 750 to qualify for an aadhaar card loan. However, you can still avail this financing option with a credit score of 600 on Qbera.
5. What Other Requirements Do I Need to Meet?
A. At Qbera, we offer aadhaar card loans to individuals within the age group of 23 to 56. You need to be a salaried professional with a minimum take-home salary of Rs 20,000 to qualify for this offer.
6. Can I Get This Loan With a History of Defaults?
A. Although the aadhaar card loan is accessible to individuals of most credit groups, you may not get this loan if you recently defaulted on a different loan. At Qbera, you can only apply for this loan when you haven’t defaulted over the last 24 months.
7. Can I Use This Loan to Consolidate Debts?
A. Yes, an aadhaar card loan is one of the best ways to consolidate your debts. So, if you have multiple high-interest debts, get this loan and convert them to a single monthly installment. This way, managing your finances is a tad easier.
8. What Is a Prepayment Fee?
A. The pre-payment fee is the amount you're charged when you settle your outstanding dues before the completion of the tenure. At Qbera, you can avail the prepayment facility after paying timely installments for one year.
9. How Much Can I Borrow?
A. At Qbera, you can get an aadhaar card loan between Rs 1 lakh to Rs 15 lakhs. The final amount will depend on your credit report, debt to income ratio, monthly salary, and a variety of other factors.
10. Do I Need a Co-Applicant For An Aadhaar Card Loan?
A. You do not usually need a co-applicant to get an aadhaar card loan on Qbera. You can always reach out to our representatives for more clarity regarding the process.
11. Is Aadhaar Card Loan an Installment Loan?
A. Yes, since aadhaar card loan involves paying fixed monthly installments, it can be interchangeably called an instalment loan.
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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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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