Getting personal loans can sometimes be difficult, especially if you have a pending loan or want a cash loan as fast as possible. Thankfully there are ways to get loans quickly without involving too many documents.
Your Aadhar card does not just serve as identity proof but can also help you procure an Aadhar card loan. It allows you to take an instant small cash loan. You need not follow any complicated procedure to get this loan application approved. The only thing you will require is a copy of your Aadhar card. Once you have submitted that, you will need to verify the details and that’d be it. Therefore, getting a small cash loan on an Aadhar card is pretty easy.
Eligibility Criteria
Whenever you are thinking of taking a loan, it is important to know about its benefits, criteria, and drawbacks if any. If you want a small cash loan on an Aadhar card go through the eligibility parameters we have enumerated below and see if it fits your profile
Nationality
To apply for this loan, you must be a citizen of India. A small cash loan on an Aadhar card makes it apparent that you must be a citizen of India.
Employment
It is only available for self-employed individuals and salaried persons. You must have a source of income to apply for a small cash loan on an Aadhar card.
CIBIL Score
You must maintain a CIBIL score over 750 to be able to avail of this loan.
Age
The age limit may vary from lender to lender. The minimum age limit can range from 18 to 21 depending on the institution you choose.
Minimum Income
The minimum income criteria are decided by lenders. As long as you abide by that, you will be eligible.
Benefits of Small Cash Loan on Aadhar Card
Once you are sure that you fit the eligibility criteria, it is time to weigh the benefits and drawbacks of it. Several benefits come with a small cash loan on an Aadhar card. Let us look at those benefits to make it easier for you to decide if it will work for you.
Maintains Cash Flow
A company must maintain a consistent cash flow to meet operational expenditures as well as business overhead. It can sometimes get difficult to maintain this cash flow. And small cash loans act as a savior in such situations. It can save your venture from collapsing by eliminating the threat of closure.
Easy and Convenient
Getting most loans approved can be quite difficult. But in the case of a small cash loan on an Aadhar card, we need not go through the hassle of producing multiple papers. It does not involve lengthy paperwork and you can get your loan passed digitally from the comfort of your couch without getting caught in the bureaucratic hassle. All you need is your Aadhar card.
Instant Approval
Since this kind of loan does not involve too much paperwork and does not have complicated eligibility criteria, it gets approved within minutes.
No Security Needed
A small cash loan on the Aadhar card does not require you to offer a personal asset as a security against the loan. This means you need not put up your house, car, or any other valuable asset on the line for a loan.
Improve Credit Score
Having a good credit score is very important. It encourages your lenders to give you loans as it indicates your ability to repay loans.
When you repay your loans on time, your credit score improves. Small loans are easier to pay back as they are less expensive and they can be paid in EMIs. EMIs of smaller amounts are difficult to miss. And this can improve your score.
Emergency Fund
Accumulating funds in times of emergencies through loans can be quite difficult. Since you can avail of this loan in no time, it is a great option for emergencies. In case of any personal or medical emergency, you need not run about or settle for loans on high interest. As long as you have a source of income and a decent CIBIL score, you can easily get the loan.
Low-Interest Rate
Interest rates vary from lender to lender but if you do your research, you will be able to find a lender who offers you the loan at a reasonable interest. Personal loans come with over 10% interest and credit card interests are even higher. In the case of a small cash loan on an Aadhar card, you can find lenders who are willing to offer you the loan at a 7% to 9% interest rate, which is a win-win deal.
People are often reluctant about taking small cash loans but once they come to know of the benefits, they quickly change their minds. It becomes all the more convenient when you can get your loan approved in no time.
