Top 10 Aadhaar Card Loan Apps In India

A few years ago, a lot of documentation and time was required to get a loan. But, today, getting an instant personal loan in times of need is easy. The process has become so seamless that you can even get a personal loan based on your Aadhaar card! 

In today’s times, your Aadhaar card has become a primary documentation and identity proof that can help you get personal loans. There are a lot of lenders that offer you loans within 24 hours of approval with minimal documents. 

In this guide, we will have a look at some of the best Aadhaar card loan apps that you can consider when you require an instant personal loan.

List of the 10 Best Aadhaar Card Loan Apps

1. PaySense Aadhaar Card Loan

PaySense is an online app that lets you get a personal loan quickly. You won't need a lot of paperwork, and you don't need to have a credit history to apply.

• Low interest rates and affordable EMIs: You'll get a competitive interest rate on your loan starting from 1.5% per month, and you can choose a flexible repayment plan that fits your budget.
• Borrow up to Rs. 5 lakhs: PaySense offers loans from Rs. 5,000 to Rs. 5 lakhs.
• You'll typically get a decision on your loan application within 1-2 days, and the money will be deposited into your account once approved.

What you need to apply:

• Be a resident of India. Age must be of 21 to 60.
• Have a salary or be self-employed.
• Earn a minimum income of Rs. 18,000 (salaried) or Rs. 20,000 (self-employed).
• Provide proof of identity, income, and address.

2. Money View Aadhaar Card Loan

Money View offers collateral-free personal loans for salaried and self-employed individuals. You'll get competitive interest rates and flexible repayment plans to fit your budget. There are no foreclosure fees, but only after you've made a certain number of monthly payments (EMIs).

• Interest rates and repayment: Interest rates range from 16% to 22% per year, and you can choose a repayment term between 3 and 60 months.
• Borrow up to Rs. 5 lakhs: You can get a loan amount from Rs. 5,000 up to Rs. 5 lakhs.
• Money View typically approves loans within 1-2 days and deposits the money into your account once approved.

What you need to apply:

• Be a salaried or self-employed individual between 21 and 57 years old.
• Earn a minimum income of Rs. 13,500.
• Have a minimum CIBIL score of 600.
• Provide proof of identity, income, address, a mobile number linked to your Aadhaar card, and a photograph.

3. Kredit Bee Aadhaar Card Loan

Kredit Bee offers personal loans for salaried and self-employed individuals, with flexible repayment options. 

• Competitive rates: Interest rates range from 15% to 30% per year.
• Borrow up to Rs. 4 lakhs: Loan amounts start at Rs. 10,000 and go up to Rs. 4 lakhs.
• Get a decision on your loan in 1-2 days and the funds deposited in your account shortly after approval.

Be aware of additional fees: While KreditBee offers quick loans, there are several extra fees on top of the interest rate, including processing fees, late payment fees, and more.

What you'll need to apply:

• Be an Indian citizen between 21 and 50 years old.
• Earn a minimum income of Rs. 10,000 per month.
• Have 3 months of work experience at your current company (if salaried).
• Provide proof of identity, address, income, and employment (if salaried). You'll also need a photograph.

4. CashE Aadhaar Card Loan

CASHe offers instant short-term personal loans through their app, perfect for young salaried professionals. Even if you don't have a credit history, you may be eligible.

• Borrow up to Rs. 4 lakhs: Loan amounts start at Rs. 1,000 and go up to Rs. 4 lakhs.
• Flexible repayment terms: Choose a loan term between 90 days and 540 days to fit your needs.
• Get a quick decision on your loan and the funds deposited in your account if approved.

Unique credit assessment: CASHe uses alternative data sources like your social media footprint and smartphone usage to assess your creditworthiness, so even those without a credit history can apply.

What you'll need to apply:

• ID Proof
• Address Proof
• Income Proof (salary slip, bank statement)

5. Fibe Aadhaar Card Loan

Fibe offers instant personal loans specifically for salaried individuals. 

• Fast and convenient: Apply with minimal paperwork through their app and get a decision in 1-2 days.
• Flexible repayment options: Choose a loan term between 3 and 24 months to fit your budget.
• No hidden fees: There are no prepayment or foreclosure fees, so you can pay off your loan early without penalty.

What you'll need to apply:

• Be a resident of India between 21 and 55 years old.
• Earn a minimum salary (Rs. 18,000 in metro cities, Rs. 15,000 in non-metro cities).
• Provide proof of identity, income, address, and a photograph.

6. mPokket Aadhaar Card Loan

mPokket offers unsecured personal loans with a completely digital application process. Here's what you need to know:

• Fast disbursal: Apply online with minimal documents and get a decision in just 10 minutes.
• Competitive rates: Interest rates range from 0% to 48% per year, depending on your eligibility.
• Flexible repayment: Choose a repayment term of up to 3 months.

What you need to apply:

• Be a resident of India between 18 and 60 years old.
• Have a minimum monthly income of Rs. 9,000.
• Provide your Aadhaar card, PAN card, and your last 3 months' bank statements (student ID required for students).

7. Prefr Aadhaar Card Loan

Prefr offers unsecured personal loans with a completely digital application process. 

• Speedy and convenient: Apply online with minimal documentation and get approved in just 1 minute. No documents are required initially, but they may request additional verification later.
• Same-day funding: If approved, you can get the money in your bank account within 2 hours.
• Competitive rates: Interest rates range from 15% to 36% per year.

What you’ll need to apply:

• Be a resident of India between 22 and 55 years old.
• Be salaried earning a minimum of Rs. 18,000 per month or self-employed earning a minimum of Rs. 20,000 per month.

8. Navi Aadhaar Card Loan

Navi offers personal loans through their mobile app, making it a convenient option for salaried and self-employed individuals. Here's a quick overview:

• Competitive Rates: Interest rates start as low as 9.9% per year, potentially making them a good deal.
• Borrow Up To ₹20 Lakhs: Get a loan amount that fits your needs, with options up to ₹20 lakhs.
• Fast and Easy Approval: Apply through the Navi app and get a decision in minutes. No paperwork is required (except for PAN and Aadhaar).
• Flexible Repayment: Choose a repayment term of up to 72 months with comfortable EMIs.

Additional Benefits:

• Transparent loan processing: No hidden fees or ambiguous terms.
• Zero processing fees: For loans above ₹50,000

What you need to apply:

• Your PAN card and Aadhaar Card

9. Incred Aadhaar Card Loan

InCred offers personal loans with a completely digital application process. Here's a breakdown:

• Convenient Process: Apply online with minimal documents and get a decision within 24-48 hours.
• Flexible Options: Choose between Bureau Based or Banking Based loan offers, with different interest rates and requirements.
• No Income Documents Required (For Bureau Based Offer): InCred uses alternative data to assess eligibility for some offers.
• Borrow Up To ₹15 Lakhs: Get a loan amount that fits your needs, with options up to ₹15 lakhs.

What you'll need to apply:

• Be a resident of India between 21 and 55 years old.
• Earn a minimum monthly income of Rs. 15,000 (income verification varies by offer).
• Provide Proof of Identity and Address (may require bank statements for Banking Based Offer).

10. Finzy Aadhaar Card Loan

Finzy offers personal loans through a completely digital application process. Here's a quick overview:

• Competitive Rates (Potentially): Advertised interest rates start at 7.99% per month, which could be a good deal.
• Borrow Up To ₹5 Lakhs: Get a loan amount that fits your needs, with options up to ₹5 lakhs.
• Fast and Easy Approval: Apply online and potentially get approved quickly.

What you'll need to apply:

• PAN Card and Aadhaar Card
• Passport size photograph
• Bank statements for the last 6 months
• Salary Slips for the last 3 months
• IT Return/Form 16 for last year

Disclaimer: The interest rates of apps, other features, and all other information above is as of 23rd May 2024 when this page was written and are subject to change. Please refer to the concerned app’s website for the latest information.

 

Benefits of Getting a Personal Loan on Your Aadhaar Card

• Faster application: Using your Aadhaar card lets lenders verify your identity electronically. This can speed up the application process compared to traditional methods.
• Less paperwork: Since Aadhaar already has your basic information, you may not need to submit as many documents when applying for the loan. This saves you time and hassle.
• Possible for first-time borrowers: Even if you don't have a credit history, Aadhaar can help lenders assess your eligibility using other data. This can be helpful if you're just starting to build your credit.

Criteria for Choosing Aadhaar Card Loan Apps

• Interest Rates: This is the biggest cost. Lower rates mean you pay less overall. Shop around to find the best deal!
• Repayment Term: Do you need to repay quickly or want more time? Choose a loan term that fits your plan.
• Fees: Some apps charge application, processing, late payment, and even foreclosure fees. Factor these into your decision.
• Loan Amount: Can the app offer the amount you need, and can you afford to repay it? Check minimum and maximum loan amounts.
• Lender Reputation: Research the lender's trustworthiness and reliability before borrowing.
• Customer Support: Make sure the app has good customer service in case you have any problems with your loan.

FAQs on Best Aadhaar Card Loan Apps

1. How do interest rates on loan apps compare to banks?

Loan app rates are generally a bit higher than banks, but depend on the lender and your credit score.

2. What's the biggest loan I can get through a loan app?

The maximum loan amount varies by app and your credit score. Most offer up to ₹5 lakhs, with some reaching ₹50 lakhs.

3. How fast will I get the money after my loan is approved?

Once approved, expect to receive the funds within 24-48 hours.

4. How can I repay my loan app loan?

Repayment options vary by lender, but most offer EMIs (monthly instalments), bullet repayment (full amount at the end), and flexi repayment (flexible payment options).

5. Will I get charged extra for paying my loan back early?

Some apps have prepayment penalties, so check the terms and conditions carefully.

6. Are loan apps safe?

Reputable loan apps are generally secure. Look for features like encryption, two-factor authentication, and a physical address.

7. Can I use multiple loan apps at once?

Yes, but compare interest rates and terms carefully, and only borrow what you can repay.

8. How can I get help if I have a problem with a loan app?

Customer support varies, but most apps offer 24/7 support by phone, email, and live chat.

9. How do loan apps decide my interest rate?

They consider factors like your credit score, income, debt-to-income ratio, employment history, and other financial information.

10. Can I still get a loan with bad credit?

Yes, but you might get a smaller loan amount with a higher interest rate.

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.