We make an estimate for all our scheduled expenses, but there are times when substantial cash is required urgently. These unforeseen situations can cast unnecessary financial strain. In such circumstances, an instant personal loan may come in handy.
A personal loan is an unsecured loan in which qualified applicants obtain funds within a few days. The whole procedure is digital, from loan applications to document uploading and verification, making it easy and quick to get funds. The reasonable interest rates, flexible lending terms, and minimum documentation make personal loans a popular pick for millions of Indians.
What Documents Are Required for a Personal Loan?
The best part about personal loans is the minimal paperwork required by lenders. Salaried and self-employed individuals can obtain the loans by submitting the below documents.
Standard Documents for Salaried and Self-Employed Applicants
- PAN card
- Address or Identity proof ( Aadhar Card, Passport, Driving License, Voter ID, Utility Bill, etc.)
- Latest three-month bank statement
Specific Documents for Salaried Individuals
- Ownership proof – Sales deed with the latest utility bill
Specific Documents for Self-Employed Individuals
- Business proof – Municipal tax bill, GST certificate, Last two years’ ITR filling.
- Ownership proof – Sales Deed with a Utility bill
Can You Get a Personal Loan with Minimal Documents?
Applicants who do not wish to upload or provide multiple documents while applying for a personal loan can do so simply using their Aadhar card and PAN card.
An applicant can also obtain a personal loan using only their Aadhar card as acceptable KYC proof. The Aadhar card meets the eligibility criteria for biometric verification since it provides the applicant’s identity proof (picture) and address proof.
There is no need to provide further documentation to the lender, and the applicant may acquire an instant loan on just their Aadhar card and PAN card. However, it is vital that the Aadhar card must be connected to the bank account and PAN card in this case.
How to Get a Personal Loan Using Your Aadhar Card
With digital banking, an applicant may apply for a loan from the convenience of his own home. Aadhaar is a single-identification document for KYC that financial institutions need before lending money. The procedure for obtaining a personal loan on Aadhar card is outlined below.
- Step 1: Visit the official webpage of the bank.
- Step 2: Fill in the loan application form and enter the necessary personal and income details.
- Step 3: A bank representative will approach you to verify your identity and determine your eligibility. You must provide the required documentation and the loan application form for approval.
- Step 4: Once verified, the loan amount is transferred to your account in a few days.
A personal loan is a solution to all of your financial woes. The online lending process is transparent and paperless, and the loans are offered at competitive rates with flexible personal loan terms ranging from one year to seven years. Additionally, if your Aadhar card is connected to your bank account and PAN card, you can secure a loan using it.