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 between 18 and 66 years.
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.
Loan Amount (Rs) | Tenure (Years) | Interest Rate (%) | Monthly EMI (Rs) |
3,00,000 | 1 | 7.5 | 26,027 |
3,00,000 | 2 | 7.5 | 13,499 |
3,00,000 | 3 | 7.5 | 9331 |
3,00,000 | 4 | 7.5 | 7253 |
3,00,000 | 5 | 7.5 | 6011 |
3,00,000 | 6 | 7.5 | 5187 |
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:
Type of charges | Fees/Charges as applicable |
Interest Rate | Starting as low as 1.5% (monthly) |
Processing charges | Processing fees from 2% to 6% on every loan |
Late charges | Penal interest and late fee will be charged to total outstanding loan on daily basis |
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 Zype’s 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.
Frequently Asked Questions
How Long Does It Take To Get Approval For A 3 Lakh Aadhaar Card Loan?
It varies across lender. Zype approves 3 lakh Adhar card loan in 60 seconds, once the application gets completed.
Are 3 Lakh Aadhaar Card Loans Secure And Reliable?
Yes, loans of ₹3 lakh applied through Aadhaar card are secure and reliable.
Can I Get More Than One 3 Lakh Loan On An Aadhaar Card?
Yes, you can receive loan amount based on your creditworthiness, income, lender’s policies and other eligibility criteria.
What Happens If I Default On A 3 Lakh Aadhaar Card Loan?
If you default on a 3 lakh Aadhar card loan, you may face late penalties, credit score damage, recovery calls and/or legal action in extreme cases.
Are There Any Additional Charges Or Fees For 3 Lakh Loan On Aadhaar Card Loan?
Yes, most lenders may charge processing fees on loan applications. Zype has a 2%- 6% processing fee on loan amount.
How To Get A Loan Of 3 Lakhs On An Aadhaar Card In One Day?
To get a loan of 3 lakhs on an Aadhaar card in a day, you can apply on Zype. Zype offers loan upto 5 lakhs on Aadhar card with loan approval in 60 seconds after application.
