In today’s world, unexpected expenses can arise at any moment. Whether it’s for medical needs, travel plans, home repairs or education, quick access to funds is often necessary. One of the simplest ways to obtain financial support without cumbersome paperwork is by applying for a personal loan using your Aadhaar card. This article explains the entire process, including eligibility, documentation, lenders, personal loan interest rates and how to apply online with minimal hassle.
What is a Personal Loan on an Aadhaar Card?
A personal loan on an Aadhaar card is an unsecured loan where your Aadhaar card acts as the main proof of identity and address. Being linked with the Unique Identification Authority of India (UIDAI), the Aadhaar card allows lenders to instantly verify your identity through e‑KYC. As a result, you can enjoy quick approval and minimal paperwork compared to traditional loans. Once eligibility is confirmed, the funds are credited directly to your bank account.
Why Use Your Aadhaar Card for a Personal Loan?
The Aadhaar card simplifies the loan process in several ways:
- Instant Identity Check: Your identity and address are verified rapidly through biometric and digital authentication. This makes the verification process quick, reducing delays and speeding up loan approval.
- Minimal Documentation: Only essential documents are required in addition to Aadhaar, speeding up approval. This reduces the burden of paperwork, making the application process hassle-free.
- Quick Disbursal: Loans can be approved and disbursed within hours, which is ideal for urgent needs. This swift process ensures you have access to funds exactly when you need them.
- Convenient Online Process: You can apply online via platforms such as Bajaj Markets without visiting a bank branch
Understanding Interest Rates and Loan Offers
The personal loan interest rate determines the cost of borrowing and is calculated as a percentage of the loan amount per annum. These rates differ across lenders and depend on factors such as your credit profile, income, repayment tenure and overall eligibility.
Generally, for Aadhaar‑based personal loans, interest rates fall within a wide range of 9.99% to 16%, depending on borrower eligibility and lender policies. Similarly, the loan amount you can apply for with an Aadhaar‑based personal loan varies from ₹5,000 to about ₹55 Lakhs. This flexibility allows borrowers to seek funds for both smaller and larger financial needs.
The maximum tenure for repaying a personal loan using your Aadhaar card typically spans about 12 months up to approximately 96 months, depending on the lender and specific loan product. A longer tenure can help make monthly instalments more affordable, though it may increase overall interest cost.
As these figures are indicative, they are subject to change based on lender policies, market conditions, borrower credit history and other eligibility factors. Always check the latest details on bajajfinservmarkets.in or with the lender before making your decision.
Eligibility Criteria to Apply Using Aadhaar
Most lenders require similar conditions for approving personal loans on Aadhaar:
- Citizenship: You must be an Indian citizen
- Age Requirement: Typically minimum 21 years of age
- Stable Income: Salaried or self‑employed with steady earnings
- Credit Score: A good credit score (usually above 650) improves approval chances
Documents Required Alongside Aadhaar
Although the Aadhaar card is the principal document, lenders may ask for additional documentation to establish eligibility:
- PAN card
- Income proof (salary slips, bank statements)
- Photograph
- Other KYC documents (passport, voter ID, driving licence)
Step‑by‑step Guide to Apply Online
Applying for a personal loan using your Aadhaar card is straightforward, especially on Bajaj Markets:
- Visit the website: Go to bajajfinservmarkets.in and select the personal loan category
- Enter basic details: Provide your name, mobile number, PIN code and Aadhaar number
- Select loan amount: Choose the desired loan amount and tenure
- Complete e‑KYC: Authorise Aadhaar‑based e‑KYC to verify your identity
- Upload documents: Attach PAN, income proof and other required paperwork
- Submit application: Review the details and submit the form
Tips to Improve Your Loan Approval Chances
To strengthen your application, practice the following:
- Maintain a Good Credit Score: A high score can fetch lower interest rates and faster approval
- Ensure Aadhaar Linking: Link your Aadhaar with your bank account for seamless e‑KYC
- Select Realistic Loan Amounts: Choose amounts that match your repayment capacity
By following these tips, you can enhance your chances of securing a personal loan with favourable terms. Leverage platforms like bajajfinservmarkets.in for competitive offers and apply for a personal loan using your Aadhaar card.
