Aadhaar Card Benefits: You can avail a loan of Rs 5000 just by showing your Aadhaar card, know how you can claim online..

Now, if you suddenly need money, then with the help of Aadhaar card, you can take an instant loan of ₹ 5,000 in just a few minutes. But take it responsibly and do not forget to repay it on time.

Aadhaar Card Loan: If you suddenly need money, now you can easily get a loan of up to ₹ 5,000 in minutes with just your Aadhaar card and without much formalities. Fintech and NBFC companies have made the loan process so simple that with the help of just a digital application, Aadhaar, and PAN, this amount can be transferred directly to your account.

Who can take this loan? For this, the age of the applicant should generally be more than 21 years, and it is mandatory to have a regular source of income and a mobile number linked to Aadhaar. The loan process is completely online and easy - registration, OTP verification, and minimum documents, that's all.

How to apply?: Apply through mobile app or website. Enter your name, PAN, Aadhaar number, and mobile number. Do e-KYC of Aadhaar and PAN, verify with OTP. Accept T&C when you get the loan amount offer. Once approved, the money will be transferred directly to your bank account within a few minutes. There are many apps like KreditBee, Moneyview, and mPokket that offer this type of instant loans.

What are the interest rates and terms? The annual interest rate on such small loans can range from 15% to 36%. The tenure is usually 3 to 6 months. Not paying EMIs on time can damage your credit score, so timely payment is very important. Facilities like auto-debit or NACH form are also available to repay the loan, which will automatically deduct the installments.

Benefits and precautions: This facility is especially good for those who do not have a credit card or do not get an instant loan from the bank. Taking an Aadhaar card loan is safer and faster than taking a loan from an unregistered moneylender or a loan with a high interest rate. Use it only in emergencies or temporary need. The habit of taking loans repeatedly can create financial risks.

Opportunity to build credit history: Paying the EMI of this small loan on time improves your credit report, which can make it easier to take a bigger loan in the future.

Is there a credit check on a loan of ₹5,000?: Yes, a credit check is done before loan approval.

Which apps provide this facility?: This facility is available on apps like KreditBee, Moneyview, mPokket, Pocketly, etc. But before taking a loan from anywhere, definitely check the RBI registration.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.