Taking a loan of 2 lakh with the help of an Aadhaar card has now become much easier due to the digital check and the easy paperwork. The e-KYC on the Aadhaar platform hastens the identification, cuts down on paperwork and streamlines the whole process. By knowing the eligibility factors, documentations, loan terms and online application process, you can complete the process in less time and get funds deposited in your account when you need them the most. In this regard, this guide takes you through every step required to get a ₹2 lakh loan on an Aadhaar card.
Benefits of a ₹2 Lakh Aadhaar-Based Personal Loan
A ₹2 lakh personal loan is ideal to meet short-term financial obligations. These financial needs may come as urgent expenses, education, medical needs, travel or home repairs. Some of the key highlights of this financing option include:
- No collateral required
- Minimal documentation
- Flexible tenure options
- Swift Disbursal
- Transparent charges
- No End-use Restrictions
- Competitive Interest Rate
Eligibility Criteria
In order to apply for this loan amount using your Aadhaar card, you must meet the basic requirements. Here are a few of them:
| Parameter | Requirement |
| Age | Between 24 and 55 years. |
| Citizenship | Indian. |
| Employement | Salaried and self-employed individuals. |
| Annual household income | On and above ₹3 Lakh. |
Documents Required
Although Aadhaar simplifies verification, you’ll still need a few supporting documents.
- Aadhaar Card
- PAN Card
Step-by-Step Application Process
Applying for a ₹2 lakh loan on Aadhaar card through top financial institutions like Poonawalla Fincorp is a simple process. You can get the loan amount by following the simple steps below:
- Step 1: Visit the site online and complete your basic details, such as your Aadhaar number, PAN, employment history and bank account.
- Step 2: Complete the Aadhaar e-KYC through OTP verification.
- Step 3: Upload Supporting Documents like the income proof, PAN, and bank statements.
- Step 4: The financial institution checks your application, income documents, bank accounts, and credit background.
- Step 5: Upon the approval of the loan application, the financial institution deposits the loan amount in your bank account.
*Please note that the exact process may slightly differ depending on the borrower’s profile and the financial institution’s application process.
Loan Terms and Charges
Understanding the financial aspects of the loan is essential before proceeding. Here, we have presented the information in a tabular format for better understanding.
| Term | Details |
| Interest Rate | Starting at 16%* p.a. |
| Loan Amount | ₹2,00,000 |
| Tenure Options | 12-36 Months |
| Processing Fee | Up to 5% Plus Applicable Taxes |
| Stamp Duty | At actuals (as per state) |
Tips for a Smooth Approval
The quickest way to secure a loan is to establish yourself as a low-risk borrower with transparent financial records. With a strong understanding of the requirements and what financial institutions expect, your chances of having an easy approval can be increased. In this aspect, here are a few tips that can help to facilitate a smoother loan application:
- Organise documents: Make sure you have quick access to all the necessary documents, such as PAN card, Aadhaar Card, and bank statements. These documents help to identify your identity and credit profile.
- Strengthen your credit profile: Regularly check your credit report, correct inaccuracies and avoid applying for other loan applications.
- Prepare a strong Cibil score: Cibil records help financial institutions to assess your credit history and creditworthiness.
- Reduce your debt-to-income ratio: Clear all your current loans, as it reduces the risk of the borrower’s profile.
- Enter accurate details: Re-check all fields in an application form to ensure a smooth application process.
- Ensure stable network: Make sure that your internet connection is stable for faster uploads of documents.
Sample EMI Illustration
Here is a simplified example to help you understand monthly repayment:
Loan Amount: ₹2,00,000
Illustrative Interest Rate: 16% p.a.
Tenure Options:
12 months → Approx. EMI: ₹18,146
18 months → Approx. EMI: ₹12,571
You can also use a personal loan EMI calculator to get an estimate, depending on the loan amount, interest rate or tenure.
To Conclude
A ₹2 lakh loan backed by Aadhaar e-KYC offers a convenient and efficient way to borrow funds. They can be helpful to fulfil needs like medical expenses, home renovation, education, travel or any other personal needs. With minimal documentation and a quick verification process, you can access funds with ease.
FAQs
1. How can I apply for a ₹2 lakh loan using my Aadhaar card?
In order to get this loan, you will need both your PAN and Aadhaar card. The process is quite simple with Poonawalla Fincorp. You just need to enter your basic information, complete an e-KYC and follow the on-screen instructions.
2. What eligibility criteria must be met for the ₹2 lakh loan on Aadhaar Card?
You should be an Indian citizen aged between 24 and 55 years with an annual income of at least ₹3 lakh. The above criteria apply to both salaried and self-employed individuals.
3. What is the role of CIBIL score in getting a loan?
A CIBIL score helps the financial institution to know how well you repay and how well you manage your credit. The higher the score, the greater the possibility of approval and perhaps lower interest rates as well.
4. How can I improve the chances of ₹2 lakh loan approval?
The best way to increase your chances is to have a clean credit history and low EMIs, and have the correct documents and KYC information. Constant earnings, reliable banking behaviour, and not taking multiple loans simultaneously also help in quicker approval.
5. How is a personal loan EMI calculator helpful for a loan application?
An EMI calculator assists you in calculating your monthly payments regarding the loan amount, tenure and interest rate. This enables you to select a repayment plan that suits your budget and will give you a higher probability of a smooth loan approval process.
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