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
Minimum eligibility criteria
|600 and above
|Rs. 20,000 per month or above
|Employer/Company need not be listed
|6 months to 60 months
|Minimum of 1 year of work experience
City of Residence
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar 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 Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"