Get a Personal Loan Easily by gaining knowledge of what documents are required and the process. A personal loan is a great option to fulfill cash requirements. The leading banks of India offer a completely digital process with flexible tenure of up to 60 months. You can get an instant loan on an Aadhar card, income proof, and a good credit score. It helps meet diverse personal needs, like a wedding, medical expenses, business funding, or higher education. Applying for a loan is quick and easy. But lenders will approve the application based on a few specific factors. This is mainly to ensure that borrowers do not default.
Guide to Getting a Personal Loan Easily
Not meeting the bank’s eligibility criteria leads to a delay or rejection of the Aadhar loan. So, take a look at all you need to tick off to get the money on time.
1. The Right Documents that Help to Get a Personal Loan
A common mistake of applicants is missing out on the required papers. Visit the official website of your bank to check what you need. The checklist must include:
- Valid KYC
- 3 months’ bank statement
- Net banking or debit card details to set up e-mandate
- eSign/eStamp for quick loan disbursal
Make sure the information on the copies is the same as that on the original. Passports and driving licenses should not be expired. A state government officer must sign the job card issued by NREGA. Don’t forget to check for specific documents needed for the salaried and self-employed customers.
2. A Healthy Credit Score is a Must to Get a Personal Loan
A personal loan is unsecured. The bank will offer the funds based on your credit profile. A score between 740 to 800 is considered ‘very good’ by the RBI. The higher the score, the better the chances of getting the loan approved. Pay bills on time, avoid missing EMIs, and clear off existing debts. Try not to max out your credit card. All of these can help you build impressive credit.
3. Match the Eligibility Criteria
Try not to apply for an Aadhar card loan without checking the eligibility requirements. Below are the basic ones that the top banks will expect you to fulfil.
- Minimum age 23 and 25 for salaried and self-employed customers, respectively
- Maximum age at the time of maturity is 60 and 65 years for salaried and self-employed customers, respectively
These are basic criteria you must be aware of. Further, anyone residing in India or a resident of India will qualify for an emergency loan on an Aadhaar card.
4. Appropriate Loan Amount
Evaluate your requirements. Take a close look at your finances. Both of these are crucial to help you decide the ideal loan amount. You can also pay off the EMIs comfortably. The bank takes your income into account against the fund you wish to borrow. With too many existing debts and obligations, the chances of getting the Aadhar card loan are impaired. So, do not demand an excessively high amount, keeping your repayment capacity in mind.
5. Avoid Multiple Lenders
Avoid applying for a personal loan simultaneously at different banks. They will perform hard inquiries with the credit bureau to assess your repayment capability. With many applications, you can come across as ‘credit hungry’. This can subsequently lower your score and hamper the chance of getting the loan. So, check the fees, interest rates, and conditions, and pick a bank that best suits your needs.
Putting these tips into action can help you qualify for the personal loan. You can now finance both your planned and unplanned needs without worries.
Top 5 Banks that Offer Personal Loans
There are government banks, private banks, and finance institutions (NBFC) available that offer personal loans to those CIBIL score should be in elgibily criteria 650–749 a good one and 750–900 a excellent CIBIL score.
Here is the bank’s list:
- State Bank of India: SBI Personal loans apply link (https://sbi.co.in/web/personal-banking/loans/personal-loans)
- ICICI Bank: ICICI Personal loans apply link (https://www.icicibank.com/personal-banking/loans/personal-loan)
- HDFC Bank: HDFC Personal loans apply link (https://www.hdfcbank.com/personal/borrow/popular-loans/personal-loan)
- Bajaj Finserv: Bajaj Finserv loans apply link (https://www.bajajfinserv.in/personal-loan)
- IDFC First Bank: IDFC loans apply link (https://www.idfcfirstbank.com/personal-banking/loans/personal-loan)