2 lakh on Aadhar card: Is it Possible or Not?
In today’s era, Aadhar card has become one of the most important documents for Indian citizens. It is used as a proof of identity and address. Do you know that with the help of just Aadhar card, you can also get a loan of Rs 2 lakh? In this blog, we will know how it is possible to get a loan of Rs 2 lakh on Aadhar card and what are the benefits and conditions associated with this process.
It has become easier to get a loan of Rs 2 lakh on Aadhar card as many banks and financial institutions now use Aadhaar card to complete your KYC (Know Your Customer) process. You do not have to go through any complicated documentation process for this loan. Aadhaar card and other basic information such as mobile number and PAN card are required. Through this, you can get a loan without any hassle.
2. From which banks can one get a loan of Rs 2 lakh on Aadhaar card?
Many banks and non-banking financial companies (NBFCs) in India provide ₹2 lakh loan on Aadhaar card. Some of the prominent names are:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Bajaj Finserv
- Axis Bank
The loan interest rates and terms may vary in these banks, but getting a loan through Aadhaar card is simple in all of them.
3. What documents are required?
The documents required to avail a 2 lakh on Aadhar card are as follows:
- Aadhaar Card: Proof of your identity and address.
- PAN Card: To know your financial history.
- Bank Statement: Details of your monthly income and expenses.
- Passport size photograph.
In some cases, your salary slip or income certificate may also be asked for, especially when you belong to a certain income group.
4. What are the eligibility criteria for the loan?
- Like every loan, there are certain conditions to get a Rs 2 lakh loan on Aadhaar card. These include:
- Your age should be at least 21 years.
- Your monthly or annual income should be above a certain limit, which is decided by the bank.
- Your credit score should be good. Although some banks do not care much about credit score, a good credit score increases your chances of getting the loan approved.
You should be a citizen of India and your Aadhaar card should be updated with your current address.
5. Advantages and disadvantages of loans
- There are many benefits of taking a loan of Rs. 2 lakh on Aadhaar card:
Advantages:
Loss:
- Instant approval: The loan gets approved quickly due to the digital verification process of the Aadhaar card.
- Less documentation: Only the Aadhaar card and some essential documents are required.
- Flexible repayment: Loans offered by banks have flexible repayment terms.
- Online process: Now you can apply online from the comfort of your home.
- Interest rates: For smaller loans like Rs 2 lakh loan on Aadhaar card, the interest rates can be a little high, especially if you don’t have a good credit score.
- Loan terms: Some financial institutions may levy hidden fees or additional charges, which can make the loan costlier.
6. How to apply?
The process of taking a loan of Rs 2 lakh on Aadhar card is very simple. You can complete it in three easy steps:
- Choose a loan provider: First of all you have to choose the bank or NBFC that provides this loan. You can get information about it by visiting the online bank website.
- Fill online application form: Now you have to go to the bank’s website and fill the online application form. In this, you have to fill your name, Aadhar number, mobile number, PAN number and bank details.
- Digital Verification: Your KYC process will be completed through Aadhar card. If your application is found correct, the 2 lakh on Aadhaar card as will be transferred to your bank account within a few hours.
7. Can I get a loan without a credit score?
Many people ask the question whether one can get a loan of Rs 2 lakh on Aadhaar card even without a credit score. The answer is – yes, some NBFCs or small financial institutions give loans to individuals even without a credit score. However, in such cases the interest rates may be slightly higher or some other conditions may also be imposed, such as the need for a guarantor.
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