Emergencies are called so because they come without warning. A financial crisis is one of those emergencies that can hit you from nowhere. In such a scenario, if you’re looking for a quick financial fix, an instant loan is just what you need and your Aadhar card can prove to be extremely useful in this regard. Wondering why? According to prevailing KYC laws laid by the government, you can get an Instant Loan today with your Aadhar Card.
How to Apply for an Instant Loan through Aadhar Card?
Do you need any financial assistance for your home renovation project, wedding, or any other cause that won’t be entertained by many other banks? If yes, Money View Loans can be a great alternative. With Money View, you can get a personal loan online in an instant with just your Aadhar Card and Pan Card.
To fill the application form, you need to go through the following steps:
- Check if you’re eligible for the loan amount that you need
- Select a loan offer that suits your financial needs
- Upload the required documents
- Get the loan amount credited into your bank account
Here are a few steps that you need to follow to avail an Instant loan from Money View:
- Complete the loan application form and submit it. The required details can include your name, phone number, email id, address, basic income, employment and identity details. Your creditworthiness will then be checked based on the documents you’ve uploaded and the information you’ve provided.
- After the verification process is complete, you will receive a NACH form. You’ll need to print this form, sign it, scan the signed document, and send it back to Money View. This NACH form is necessary to enable the auto-debit facility from your bank account. This will allow you to pay your EMIs on time automatically without the need for any manual intervention.
- On receiving your NACH form, you will need to review a loan agreement notification on the app. If you agree to the terms and conditions, you can decide to review and submit the application.
- After this, your loan amount will be credited to your bank account within the shortest possible time.
Looking for an Instant Loan on Aadhar Card?
With Money View, you can avail of an Instant Loan with your Aadhar Card or Pan card and the interest rates are usually reasonable with no hidden charges. The minimum amount that you can borrow on Money View Loans is Rs.10,000 and the maximum loan amount can go up to Rs.5,00,000.
- Typically, the interest rates for personal loans vary between 14% and 23%. There is no need for collateral, and quick approval makes the process an instant hit.
- Loan Processing Charges Start from 2% and go up to 8% of the approved loan amount. The interest rate starts from 1.33% per month.
- Interest on Overdue EMIs is 2% per month on the overdue EMI/Principal loan amount.
- For every Cheque Bounce, you’ll have to pay an amount of Rs.500/- which is mandatory and will be automatically deducted from your linked account.
- In case of loan Cancellation, no additional charges will be levied apart from the interest amount for the period between loan disbursement and loan cancellation. Processing fees will also be retained.
All you need to have are the right documents for your loan procedure. Have a look at the documents that are required:
- ID Proof: Any one of these original, valid documents with your Date of Birth (in dd/mm/yyyy format) can be submitted as proof of your identity:
- Aadhaar Card
- PAN Card
- Valid Driver's License
- Valid Indian Passport
- Voter ID Card
- Address Proof: Any one of these original, valid documents showing your current address with pin code can be submitted as proof of your address:
- Aadhaar Card
- Bank Statement/Passbook – Generated within the last 60 days
- Ration Card
- Utility Bill – (Telephone Bill/Electricity Bill/Gas Bill/Water Bill) – all bills should
be dated within the last 60 days and have your name & address mentioned clearly.
- Valid Driver's License
- Valid Indian Passport
- Voter ID Card
- Income Proof: The proof of income Money view needs the following documents based on your employment details:
- If you’re salaried: Last three months’ bank statements in PDF format showing salary credits or your last three months' salary slips with essential information, including your employer's name are required.
- If you’re self-employed: Last three months’ bank statements in PDF format or your last two years' Income Tax Returns with important details, including tax paid further information is required that is legitimate.
Impact of Aadhaar Card on Instant Personal Loan
After April 2010, the loan scenario has changed dramatically. Gone are the days when people used to wait for long to get their loan amount approved. Now with KYC, customers can enjoy the benefit of loan within a shorter tenure and lower interest rates, while applying for Personal Loan on Aadhar Card or Pan Card.
The loan amount is disbursed to your account in just 2 HOURS after approval, and you can enjoy the benefit of low-interest rates starting from 1.33% per month from Money View. Do you have a low credit score? You can still get a loan with our alternate credit model.
