While the concept of getting a personal loan on an Aadhar card seems fortuitous, there are quite a few financial service providers who consider and offer the same, sans hassles. Although the credit line still qualifies as a personal loan, the concept and relevant procedure allow you to get hold of a decent chunk of financial support, even without complex documentation.

However, if you are still not sure as to where to look for your Aadhar card loan, we have summarized certain pointers for you to understand and act upon:

Meaning of Aadhar-Driven Personal Loan

Even though it might sound counterintuitive, the personal loan using an Aadhar card is a good way to minimize the additional hassles. While your credit score and a handful of other details are still required, the Aadhar card helps establish your identity, thereby making you eligible for a loan.

Easier Loan Procurement

Some of the high-end NBFCs with an online presence only require an Aadhar card to determine personal loan eligibility. While this sounds way too easy, they already verify the credit score and income sources in the background. Once the details a verified, nothing more than the Aadhar card is required. Besides, as the Aadhar card has every detail pertaining to an individual, it becomes easier for the financial service providers to verify the personal details.

An Aadhar-backed personal loan application doesn’t guarantee a fresh line of credit. Instead, it just simplifies the process for an interested individual, provided the NBFC is accommodative of the same.

Must Read: 4 Tips to Choose Right Personal Loan Option For You