Significance of Aadhaar card during Personal Loan Verification Process

More and more financing firms are making the inclusion of Aadhaar card a mandatory factor to avail Personal Loans. Aadhaar card loans are helpful as you can hasten the process of availing a loan. This is because you require minimum documents for loan approval once you use your Aadhaar card.

Hence, a Personal Loan on Aadhaar card has become even more convenient and quick to access. Here’s why Aadhaar card loans are useful.

1. Table of Contents

   Toggle

   Identity Proof

There is no need to submit a ton of documents to get an instant Personal Loan. When you use your Aadhaar card, it allows the financing firm to distinguish the individual easily. The use of this card also serves as a document which is based on a numeric identification. It makes the narrowing down of individual identity even more air-tight. In simple words, Aadhaar card loans can allow you to get done with the verification in a matter of minutes.

2. Proof of Permanent Address

Every financing firm requires you to give them your permanent address proof. Initially, it was done through a number of methods including submitting your old electricity and other utility bills. However, you still had to give them documents which were at least a year apart in range. But ever since Aadhaar card loans came into existence, you do not have to worry about collecting all the old bills just for the sake of proving your address.

3. Is Connected to Bank Accounts

Any Personal Loan whether big or small cannot be acquired without the borrower having a valid bank account. It means you again had to collect relevant documents regarding your bank details. Sometimes the financing agencies even cross check with the corresponding bank to confirm the status. This back and forth procedure can show negative impacts on the verification timeline. However, with Aadhaar card loan details, the firm will be able to confirm the information almost immediately.

4. Is linked to the IT department

For those of you who are looking to make the most of Personal Loans by claiming tax benefits, Aadhaar card loans are the best way to go. It is because an Aadhaar card is already linked to the income tax department. It can be used as a proof for justifying your tax deduction claims. Also, it adds to the credibility of the borrower as a tax paying citizen while getting an Aadhaar card loan.

5. Reduces the Overall Hassle

Applying for an Aadhaar loan is the only way to reduce the total hassle related to the process of acquiring finance. It acts as a consolidated document which eliminates the need for any other verification material. Since an individual’s Aadhaar card profile is filled with all necessary details, it can be reliably used to avail funds. So, the next time you’re looking for finance make sure to consider Aadhaar card loans.

Additionally, you can also avail pre-approved offers by NBFCs on Personal Loans, business loans, home loans and more. All you have to do is enter your basic details and check out your pre-approved loan offers.