We often search for unsecured loans during a financial crisis. There are several ways to get an unsecured loan during a financial crisis. One can get an unsecured loan on their credit card. Some people also opt for a personal loan on Aadhar card. Many digital lending platforms offer a personal loan easily by cross-checking your Aadhar card. There are several steps you need to take for acquiring a personal loan on your Aadhar card. Read on to know six actions to take for acquiring a personal loan via your Aadhar card in 2022.
Understanding the concept of personal loan via Aadhar card
There is a misconception that your personal loan amount is decided by your Aadhar card. Aadhar card does not decide your loan amount as it defines the authenticity. Aadhar card is also your photo and address proof for applying for a loan. Aadhar card helps you identify as an authentic customer and get a loan easily. Aadhar card is one of the most-demanded documents for getting a personal loan in 2022. Almost all lenders ask the applicant for an Aadhar card before processing their loan.
Actions to take for getting a personal loan via your Aadhar card
The actions required for applying for a personal loan on your Aadhar card are as follows:
Get your other documents ready for a personal loan
Besides your Aadhar card, many other documents are required for a personal loan. You need to make sure you have the required documents before applying for a personal loan. Whether you apply for a loan physically or digitally, you will need the required documents. These documents help the lender judge your authenticity and repayment capacity. Due to increasing fraud cases, lenders now cross-check several documents to save themselves. Some documents needed along with your Aadhar card to get a personal loan are as follows:
- You will have to produce bank account statements for the past 4 to 6 months to get a personal loan in 2022. Lenders will judge your cash flow and repayment capacity with the bank account statements.
- For salaried employees, salary slips of the past few months are required for a personal loan.
- Along with the Aadhar card, a PAN card is also needed for submitting a personal loan application.
- Self-employed individuals have to produce documents that show proof of income for getting a personal loan.
Compare the interest rates
Before you know how to check personal loan eligibility, you need to choose a reliable lender. The first thing you need to consider before applying for a loan is the interest rate. A reliable lender will offer you a personal loan with an interest rate as low as 12%. Make sure you compare the interest rates of several lenders to choose the right one for getting a loan.
Cross-check the eligibility requirements beforehand
Every lender has a set of eligibility requirements for getting a personal loan. If someone does not meet the eligibility criteria, their loan application is rejected. After choosing a reliable lender, make sure you check the eligibility requirements beforehand. The general eligibility rules for getting a personal loan are listed below:
- Your age should be between 21 and 55 years to acquire an unsecured loan in 2022.
- You should have a minimum salary of around INR 15,000/18,000 per month to acquire an unsecured loan.
- You need to have a good credit score and report to acquire an unsecured loan.
Choose a repayment structure at your convenience
You have to select a repayment structure for your personal loan beforehand. Many digital lenders offer flexibility to applicants to choose their repayment structures. You have to select the duration for repaying the personal loan completely.
Get your queries cleared
You don’t want to regret getting a personal loan in India. If you have any doubts, it is always better to get them cleared before applying for a personal loan. You can get in touch with the lender to get your doubts cleared around personal loans.
Apply online for a personal loan
The last step is to submit your personal loan application online. By doing so, you can avoid the queues in banks for getting a personal loan. Know how to check personal loan eligibility in 2022!