How can you get a personal loan on Aadhaar Card
Aadhaar card has made the process of taking loans quite easy. Online lenders have launched paperless electronic KYC, also known as e-KYC. Due to this, the time and effort required for verification of documents has been reduced to a great extent. Online personal loan is also called instant personal loan. You can get a loan only by scanning documents and uploading them. These days, the loan is available only on submission of Aadhaar card. Due to this, the problems of the general public are also reduced. Online loan distribution is possible only through online verification (e-KYC) of the applicant.
How did Aadhaar card make the loan process easier?
Usually the customer needs a personal loan immediately and cannot wait for the long verification process. In such a situation, due to the arrival of Aadhar card and the digitization of KYC process, the process of personal loan application has become much easier. The Aadhaar card database contains the age, name and address of all applicants. This has speeded up the process of verification and the lender also gets cash immediately. At the same time, the applicant also survives the long verification process.
Benefits of taking a personal loan on Aadhaar Card:
– The same document can be used for age, photo, identification and address.
– With this online verification has become easier and faster.
– You get loan from other financial institutions.
How Aadhar card brought revolution in the world of finance
For many years, lending institutions have been facing challenges to reach more and more people as the operating cost is increased due to paper based verification. This problem has been eradicated with the launch of Aadhar Card as manual verification can be done through e-KYC. This is a big relief for the common man as he has become eligible to apply for the loan only through KYC documents.
To tackle the issues of money laundering, the Government of India has made strict guidelines related to KYC for lending institutions. Before the arrival of Aadhaar card, the process of KYC used to take a lot of time. In the year 2010, the Aadhaar card was launched and the entire process went digital. After this, people’s bank accounts were linked to the Aadhar card. The Aadhaar card database contains biometric and fingerprints of all applicants. This information is being used for easy verification and completion of the KYC process. Now Aadhaar card is not only being used for KYC but is also being used to open bank account, get a new SIM, file PAN card and income tax returns.
Impact of Aadhar Card on Private Sector
According to the government rules, every citizen should have an Aadhaar card to avail government facilities. The Aadhaar card is an important document and the private sector also relies on it to provide facilities. All online lenders ask you for an Aadhaar card to get instant funds. So if you do not have all the documents to get a personal loan, do not lose hope. Your Aadhar card is a new ticket to get instant money.