Applying for a ₹3 Lakh Loan Using Your Aadhaar Card

Need a ₹3 lakh urgent loan but want to skip tedious paperwork? Getting a loan with an Aadhaar card is a convenient option. Many lenders today offer instant loans with minimal documentation like an Aadhar card and/or PAN card for borrower information verification. This provides borrowers the option to get quick personal loans for medical expenses, home renovations or travel plans. 

This article guides you on how you can apply for a ₹3 Lakh personal loan using your Aadhaar card.

What is an Aadhaar Card Loan?

An Aadhar card loan is a type of personal loan for which the borrower needs to provide Aadhaar details to apply for the loan. This is an instant loan that requires minimal documentation. To get an instant loan, the borrower must complete their KYC using their Aadhar card. Since it is an unsecured loan, no collateral is required.  

The Banks and NBFCs access the information stored in the Aadhar card to verify the borrower’s information for the loan approval process. 

Features and Benefits of 3 Lakh Loan on an Aadhaar Card

Obtaining a ₹3,00,000 loan on Aadhaar card is a quick and easy option, with platforms like Zype.

Here are the key features along with the benefits of securing a 3 lakh loan: 

Digital Platform: Quick application online without any hassle of paperwork. 

Quick Access to Funds: The main benefit is quick access to funds, within hours after loan approval. 

Minimal Documentation: Loan application requires little to no documentation. With Zype, there are no documents required for personal loan.  

No Collateral: No need to pledge any asset to get an instant loan. You easily get an unsecured loan with a quick application process. 

Flexible Repayment: Many lenders offer flexible repayments options to help borrowers with their repayment. 

Favorable Interest Rate: The interest rate offered is flexible to help with repayment. Zype offers instant loan with interest rate starting with as low as 1.5% per month.

List of Document Requirements for ₹3 Lakh Personal Loan on Aadhaar Card

Different Lenders have different documentation requirements. Getting a personal loan on Zype is easy with minimal paperwork. To obtain a 3 lakh personal loan on Aadhaar card, you need have the below stated documents: 

Mandatory Documents: You need to PAN and/or Aadhaar card with your mobile number to complete the KYC.  

Photo ID: Selfie based verification required for loan approval. 

Proof of Income (Optional): If you need a higher amount of loan, you are required to provide proof of income or bank statements for the last 4 months. 

Eligibility Criteria for 3 Lakh Loan on Aadhaar Card

Eligibility criteria differs from lender to lender. Zype offers a 3 lakh loan on Aadhar Card and has the following eligibility criteria:

Age: Individuals should be 21 years and above

Citizenship: Borrower should be an Indian citizen

Credit Score: The credit score should be 650 and above

Employment Status: The individual must be salaried or self-employed with a minimum salary of ₹15,000

EMI for ₹3 Lakh Personal Loan on Aadhaar Card for Tenures of 1-6 years

To calculate the monthly EMI for a 3 lakh personal loan at 7.5%, find the amount below. 

Note: This is the suggested EMI amount. Does not indicate actual EMI value. 

Interest Rates and Other Charges of 3 Lakh Loan on Aadhaar Card

For a 3 Lakh Loan on Aadhaar Card, interest rates and charges will depend on multiple factors like monthly income, credit score, and repayment history. Zype offers loans starting at 1.5% interest:

Personal Loan EMI Calculation for a Rs.3 Lakh Loan

Calculating EMI for a 3 lakh loan will give you a clear understanding of your loan structure.

Example: A Rs.3 Lakh Loan on an Aadhaar card using Loan EMI calculator:

Loan Amount: ₹3,00,000 

Interest Rate: 1.5%

Loan Tenure: 24 months

Calculating EMI:

Monthly EMI: ₹12,696.25

Total Interest Payable: ₹4709.95

Total Amount Payable: ₹3,04,709.95

This calculation makes you understand your monthly EMI and the total interest payable over loan tenure. 

How to Apply for a 3 Lakh Loan on an Aadhaar Card?

To get a 3 lakh loan on an Aadhaar card, you can get it easily through instant loan apps like Zype. Follow the below steps to get easy loan disbursal on Zype app: 

Download the App: Install Zype app from Google Play Store/ AppStore 

Register: Create your account by OTP verification 

Complete the Application: Fill in your details with required information about PAN, employment and so on. 

Application Approval: Submit the application. You can get approval within 60 seconds. 

Complete KYC: Unlock approval limit by selfie-verification and Aadhaar linked mobile OTP. 

Loan Disbursal: The amount is directly deposited in your registered bank account. 

Conclusion

With UIDAI (Unique Identification Authority of India) ID on Aadhar accepted by most banks and NBFCs, getting a loan using an Aadhar card has become a quick and accessible option. Zype offers ₹3 lakh loan on Aadhaar card with an easy application process.  

While taking a loan, make sure to compare lenders and understand the terms and conditions of each one of them. Some lenders may require only a PAN or Aadhar card for loan approval, while other lenders may require address proof, income proof and other such documents for loan application. Choose the lender based on your financial goals and repayment flexibility.