A personal loan can be used to meet any financial needs of the people. If you are applying for a personal loan on Aadhar card then, eligibility criteria is mandatory to be fulfilled and arrange all documents and get it verified when availing of a personal loan. However, one can also apply for a personal loan on an Aadhar card while selecting the lenders such as HDFC Bank personal loan, SBI personal loan, and ICICI Bank personal loan that forego the hassles on lengthy paperwork.

Why people availing of an instant loan on an Aadhar card?

Every lender asks for KYC documents when borrowers are applying for a personal loan. An online Aadhar card loan offers the borrowers complete paperless documentation via e-KYC submission. Lenders can verify the borrower’s identity with UIDAI Aadhar biometrics. In this case, applicants do not need to physically submit all the required documents while availing of an Aadhar loan. Only the income proof details are to be submitted to the lenders.

How to apply for a personal loan on Aadhar Card online?

Now you can apply for a personal loan on an Aadhar card in just a few minutes with your selected lender in the following few steps:

• Step 1: First, visit the official website of your lender
• Step 2: Then, navigate the personal loan page and select the “Apply Online” option.
• Step 3: Now, fill in the online application form with your personal, professional, and employment details to the lenders.
• Step 4: Next, your lender’s representative will get in touch with you and do the background verification.
• Step 5: Then, submit your Aadhar card and other documents to complete the application process for the loan.

Once the verification process is complete, your application for a personal loan on an Aadhar card will be approved shortly. The Aadhar number is a distinctive 12-digit number that is provided by the government to all Indian citizens by collecting user’s fingerprints and iris scans.

What are the methods of Non-Banking Financial Companies (NBFCs) and banks that use Aadhar Card as main ID proof? 

• HDFC personal loan

HDFC personal loan offers attractive interest rates starting from 10.75% p.a. and the loan amounts up to Rs.15 lakh with flexible tenures for up to 5 years. The bank also charges a processing fee of up to 2.5% of the loan amount.

Eligibility criteria of HDFC personal loan

• Borrowers should be employed at a private company, a public sector company, or with a state, central, or local government body.
• The individual applying for a loan should be a minimum of 21 years and a maximum of 60 years.
• For HDFC salary account holders, the minimum income required of Rs. 25,000 per month, and others, it is Rs.50,000 per month.
• Individuals should have an overall work experience of at least 2 years.
• The borrowers should have been employed at their present organization for a minimum of 1 year.

Documents required for HDFC Bank personal loan

• Proof of identity: It must be an Aadhar card, driving license, passport, or voter ID card.
• Proof of Address: It must be a voter ID card, Aadhar card, passport, or driving license.
• Other documents required:
• You can submit bank statements for the last three months or a passbook for the last six months.
• Submit the latest salary slip or salary certificate.
• Submit Form 16.
• Submit passport-size photograph

• SBI personal loan

The borrowers can avail of a loan from SBI at an interest rate starting at 9.60% per annum for the loan amount of up to Rs.20 lakh. The one-time loan processing fee is nominal and the repayment tenure can go up to 7 years from the date of loan approval.

SBI personal loan interest rates

Schemes	Interest rates
XPRESS Credit	10.60%  p.a. to 13.10%
XPRESS Bandhan	Depends on bank
Pension loan	10.55% p.a. to 11.05% p.a.
SBI Quick personal loan	10.58% p.a. to 12.58% p.a.

Eligibility criteria for SBI personal loan scheme

• The borrowers of the loan must have a minimum net monthly income of Rs.15,000.
• The applicant should be an employee at any of the following organizations such as central or state governments.
• You should be an applicant of an educational institution with a national reputation.
• Quasi-government.

Eligibility criteria for SBI XPRESS Bandhan loan

The eligibility criteria for the SBI XPRESS Bandhan loan is mentioned below:

• The monthly income of the borrowers must be at least Rs.50,000.
• The employee must have been working with educational institutions like National Repute, Defence establishments, State and Central Governments, Public Sector Undertakings (PSUs), Quasi-Government Bodies, and Selected Corporates can avail for this loan.
• Individuals are not required to maintain a salary account with the bank.

Eligibility criteria for SBI pension loan

• The applicant is needed to be a central or state or state government pensioner, defence pensioner, or a family pensioner to apply for this loan scheme offered by SBI.
• The pensioner, as well as, the family pensioner’s age should not be above 76 years.
• If a defence pensioner is applying for a personal loan then, it can be any pensioner of the armed forces.

Eligibility criteria for SBI Quick personal loan

The eligibility criteria that SBI Quick personal loan users can fulfill are as follows:

• The user must have a salary account with another bank.
• The applicant’s minimum age would be 21 years and maximum would be 58 years respectively.
• The user must be drawing a minimum monthly income of Rs.15,000.
• Individual must have a minimum work experience of 1 year.

Documents required for SBI personal loan

• The applicant submits the identity proof such as PAN card/voter card/driving license/passport.
• Address proof must be landline bill/electricity bill/ration card/voter ID/passport.
• Income proof must be submitted as latest salary slip/form 16/last 6 months account statement audited/ ITR returns for last 2 years.

• ICICI personal loan

ICICI Bank offers personal loans of up to Rs 20 lakh at a competitive rate of interest starting from 11.25% for a tenure of up to 5 years. The lenders charge a processing fee of 2.25% of the loan amount including GST.

Eligibility criteria for ICICI personal loan

For salaried individuals:

Age	23 years up to 58 years
Net salary	Minimum monthly income of Rs. 30,000
Number of years in current residence	1 year

For self-employed individuals:

Age	The minimum age limit is 25 years in case i
Minimum turnover	Rs. 15 lakh for professionals and Rs. 40 lakh for non-professionals.
Business stability	Individuals must have at least 3 years of business stability for doctors and 5 years for professionals in their current business.

Documents required for ICICI Bank personal loan

If the borrowers are applying for the loan, then the essential documents are needed to submit such as:

• ID proof such as PAN card, driving license, passport, or voters ID.
• Residence proof includes passport, recent utility bills, or lease or rental agreement.
• Salary slips must be submitted for the last 3 months.
• Bank statement for the last 3 months

Conclusion:

It has become very easy for the user to apply for a personal loan since the introduction of the Aadhar card. There are various banks and NBFCs providing a personal loan and has done quick verification process with the information based on Aadhaar like name, permanent address, and date of birth. However, various lenders offer personal loans to their users such as ICICI Bank personal loan, HDFC personal loan, and SBI personal loan.