Loan Against Aadhaar Card
Loan Against Aadhaar Card
There are only so many things one can do when an urgent loan is required. But in urgent situations usually, a family is unable to secure the amount. Banks have stringent procedures and paperwork that makes them unfit in case of urgent need. Fintech companies have made life easier with an urgent personal loan against Aadhar card being granted to the salaried.
Personal loans are unsecured loans and calls for more precautionary and stringent rules in banks. To give out the loan against Aadhar card is considered safe as the personal information and Biometrics can be accessed and cross verified with the physical documents. Fintech companies like Qbera use advanced algorithms to calculate risks along with the CIBIL score and approve loans against Aadhar cards to salaried individuals. These personal loans are instant, which means that the whole turnaround period is 24-48 hours provided the documents are in order. When you need loan urgently, you can keep all required documents handy and then check your eligibility with Fintech companies.
The basic eligibility criteria for urgent loan are:
The applicant must be salaried-
There is no collateral that is pledged with a fintech company. They give you the loan with the knowledge that it will be repaid from salary. So, the employment tenure and the income to loan ratio is checked and an ideal ratio is 40% which means that the monthly budget is not stressed.
The applicant must have a net salary of Rs 20 000-
This is again to ensure the repayment capacity. In all cities, with the raising living standards, even the income has gone up. However, if you are still in a lower pay scale of Rs 20 000 per month, Qbera does offer you a personal loan.
The applicant must 23-55 years of age
Applicants in this age group are better equipped to make proper use of the long tenure provided. Qbera for example, offers you a repayment tenure that spans from 6 months to 60 months.
The applicant must have a CIBIL score of 545
While banks and NBFC s consider a score of 750 and above while giving out loans. There are numerous factors that affects this score and so fintech companies using their advanced algorithms gives a leverage to its customers by considering marginally lower scores as well.
Although the whole procedure is online, there are few documents that must be submitted. These are-
- Aadhar Card
- PAN card
- Proof of Identity and address
- Salary slips and bank statements
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"