Pm Aadhar Card Loan Yojana

As we all know, people nowadays often have to take loans to fulfil their needs. Due to emergency requirements, they sometimes borrow money from places where they have to pay a huge interest rate. This often affects their financial situation and it takes them a long time to repay the loan.

What is the PM Aadhaar Card Loan Yojana?

The Indian government launched the PM Aadhaar Card Loan Yojana scheme to give loans to citizens using their Aadhaar cards. It helps people start businesses or meet their financial needs.

Key features of the Yojana:

• Loan amount: You can get a loan of up to INR 2 lakh rupees under this Yojana.
• Low interest rates: This scheme offers the loan at comparatively lower interest rates, making it affordable for everyone.
• Government subsidy: The government gives a subsidy on these loans. Rural areas get a higher subsidy of 35%, while urban areas get 25%.
• No collateral required: You do not require any collateral to get this loan.
• Application process: You can submit your application either online or in person by visiting your bank.

Three Parts of the PM Aadhaar Card Loan Yojana

The government has divided the Aadhaar Loan Yojana (Mudra Yojana) into three parts. Each part offers a different loan amount.

• Shishu Scheme: Loans from INR 10,000 to INR 50,000.
• Kishore Scheme: Loans from INR 50,000 to INR 1 lakh.
• Tarun Scheme: Loans from INR 1 lakh to INR 2 lakhs.

How Much Interest is Charged Under PM Aadhaar Card Loan Yojana?

When we borrow money, the first thing we check is the interest rate. The interest rate tells us how much extra we'll pay back.

For the Aadhaar Card Loan Yojana, the interest rate typically ranges from 7.3% to 12%. However, the exact interest rate can vary depending on factors such as:

• The bank you borrow from: Different banks may offer different interest rates.
• The amount you borrow: The interest rate might be higher for larger loan amounts.
• Your credit score: A high credit score can often lead to getting low-interest rate loan offers.

Required Documents for the PM Aadhar Card Loan Yojana

Here are the necessary documents required for this scheme:

1. Aadhaar Card: This is the primary document required for identification.

2. Passport-sized Photograph: A recent passport-sized photograph is typically needed for the application.

3. Bank Statement for the past 6 months: This document is used to verify the applicant's income and transaction history.

4. Income Proof: This could be a salary slip, ITR (Income Tax Return), or any other document that proves the applicant's income.

5. Address Proof: A document that verifies the applicant's residential address, such as a utility bill or a rental agreement.

6. PAN Card: The Permanent Account Number (PAN) card is often required for financial transactions.

Recommended Read: Top 10 Aadhaar Card Loan Apps in India

Online Application Process for PM Aadhar Loan Yojana

PM Aadhar Card Loan Yojana 2024 online apply process:

1. Visit the Official Website: First, go to the official website of the bank from which you want to take the loan.

2. Locate the Application Option: Once on the homepage, look for the "Apply For Loan" option and click on it.

3. Choose Loan Type: You'll be presented with various loan options. Select the one that aligns with your needs, such as the PM Aadhar Card Loan Scheme.

4. Fill Out the Application Form: Fill in all the required details accurately, including your name, address, occupation, purpose of the loan, mobile number, and desired loan amount.

5. Submit the Application: Once you've completed the form, click on the "Submit" or "Apply" button.

6. Bank Contact: You will receive a call or message from the bank regarding the next steps.

7. Visit the Bank: Visit the bank branch with all the required documents as mentioned earlier.

8. Document Verification: The bank will verify your documents. Following verification, your loan will be processed.

Offline Application Process for PM Aadhar Card Loan Yojana

Here's a step-by-step guide on how to apply for the PM Aadhaar Card Loan Yojana offline:

1. Visit the Bank: First, go to the branch of the bank where you want to apply for the loan.

2. Inform the Bank Staff: Inform the bank staff about your intention to apply for a loan under the PM Aadhaar Card Loan Yojana.

3. Obtain the Application Form: The bank staff will provide you with an application form.

4. Fill Out the Form: Complete the application form with all the necessary details, such as your name, address, occupation, purpose of the loan, mobile number, and desired loan amount.

5. Attach Documents: Attach photocopies of all the required documents to the application form.

6. Submit the Application: Ensure that you submit the completed application form and attached documents to the Bank.

7. Document Verification and Loan Disbursement: The bank will verify your documents. If you are eligible for the loan, the loan amount will be credited to your bank account.