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Aadhar Card Loan in Hyderabad
aadhar-card-loan-in-Hyderabad

Aadhar Card Loan in Hyderabad

Symbolic with the Charminar, Hyderabad has remained a hub for jewellery, oriental culture, literature, painting, and handicrafts since pre-independence. Besides being the “City of Pearls”, the capital city of Telangana is home to industrial sectors of trade and commerce, financial services, real estate, and transport. Hyderabad contributes significantly to the state’s GDP with large-scale bodies like Bharat Heavy Electricals Limited (BHEL), Defence Research and Development Organisation (DRDO), Tech Mahindra, Wipro, and Tata Consultancy Services (TCS) driving in most of its urban employment.

The demands of maintaining a living standard amidst such a vast economy often impels residents to seek external funding solutions like an Aadhaar card loan in Hyderabad.

What is a Loan Against Aadhaar Card?

A personal loan sanctioned based on a single KYC document like Aadhaar card as identity proof is called an Aadhaar card loan. Some of the reasons this funding option is gaining increasing popularity in recent times have been listed below.

  • Versatility Of Usage: Banks and NBFCs exercise no control over the end-use of such financial products. It puts borrowers at liberty to decide the utility of such funds, ranging from paying emergency medical bills to refurbishing a home.
  • Unsecured Nature: Individuals do not need to pledge any asset to avail a personal loan on Aadhaar card Hyderabad. Lending institutions sanction the loan solely based on an applicant’s eligibility.
  • Long Repayment Tenure: These financial products usually come with a longer loan tenure, extending till 60 months or 5 years. This spreads the repayment amount over a more extended period and results in subsequent smaller instalments. But, it also leads to higher interest charges.
  • Loan Amount: Personal loan providers Hyderabad offer credit up to Rs. 50 lakhs, depending on an individual’s eligibility. It can be a sufficient amount for most financial requirements.

Although these features of an Aadhaar card loan in Hyderabad might come across as beneficial for many, applicants need to conform to specific mandatory parameters to avail one.

Are You Eligible For An Aadhaar Card Loan In Hyderabad?

An Aadhaar card pe loan comes with strict eligibility criteria to minimise risk. Given rising delinquency rates, financial institutions exercise extra caution and sanction these funds only to applicants:

  • Owning a business, or employed in an MNC or public/private sector
  • Aged between 21 and 60 years, which might vary across lending institutions
  • Sporting a credit score, not below 750
  • Working with the current employer for at least 1 year
  • Have an annual income or turnover, satisfying the requirements of the specific lender.

Although these financial products are titled Aadhaar card loan, much like any other personal loan, their approval is preceded by submitting several documents to support eligibility claims. Besides the Aadhaar card, there are specific requirements for salaried and self-employed individuals.

Refer to the given table for more details on the same.

Requirements

Salaried Individuals

Self-employed Individuals

Employment Proof

Employee ID card or certificate

Business registration certificate, issued by a legitimate institution

Income Proof

- Salary slips of the past 3 months

- Bank account statements for the past 6 months

- Copy of ITR documents

- Balance sheet or Profit and Loss statements for the past 1 year, duly audited by a CA

- ITR documents

- Bank statement details for the previous 1 year

Individuals unable to meet any of the above-stated requirements may not be qualified to avail such financial products altogether.

What Makes An Aadhaar Card Loan Disadvantageous?

Such rigid eligibility criteria leave many prospective borrowers with a low credit score short of their requested financial aid. Others, who manage to make it to the end, have to wait out a delayed loan disbursal, owing to the lengthy documentation process.

Due to the lack of security, lending institutions charge strikingly high Aadhaar card loan interest rate Hyderabad ranging from 11% to 23%. Added to that is a significant processing fee, which adds to such funds’ high borrowing cost.

Want to avoid all the hassle?

Pledge your gold to get an instant cash loan on Aadhaar a lot more easily.

Why Is Gold Loan A Better Alternative?

Some of the reasons why a gold loan can benefit you better than a personal loan Hyderabad have been listed below.

  • Lenient Eligibility Criteria

The eligibility parameters of gold-backed funds do not involve strict requirements of a credit card score or credit history check. Applicants only need to be 18 years of age and own adequate gold to borrow against it.

  • Compact Documentation Process

This borrowing option is a lot more convenient for individuals seeking an immediate loan, given the minimal documentation process involved.

  • Lower Borrowing Costs

The secured nature of these financial products reduces the threat of default for lending institutions. As a result, they charge lesser interest rates, compared to personal loans. This reduces the cost of borrowing significantly and makes these loans more affordable.

If these benefits have impelled you to look for “gold-backed Aadhaar card loan apply online” options, it is time to choose the best lender.

Borrowing funds is now made easier with Rupeek’s easy instant online gold loan at your doorstep services. Read on to find more about our gold loan offers.

How Can Rupeek Be Your Best Gold Loan Partner?

Partnered with leading financial institutions, Rupeek aims to make funds available to all strata of “Aadhaar card loan provider near me” searchers with an extensive range of loan schemes, besides other striking advantages. These are listed below.

  • Prompt Disbursal

A simple online application process helps us in providing prompt doorstep service. Upon a successful loan request, a Rupeek representative will meet you at your provided address to get done with the verification and gold appraisal procedure, before instant approval and loan disbursal.

  • Sizeable Loan Amount

Rupeek offers substantial funds against gold up to Rs. 1.5 crores, compared to a personal Aadhaar card loan in Hyderabad, depending on gold’s current market value.

  • Affordable Rates Of Interest

Rupeek’s gold-backed Aadhaar card loan interest rate Hyderabad starts from as low as 0.79% per month. Borrowers can also avail addition rebates on interest with more frequent repayments.

  • Top-Notch Gold Security

Partnered with Brinks, we transport pledged gold items to and from partner bank branches in bags attached with GPS-tracker. Upon reaching the nearest bank vaults within 5 km of your residence, all jewellery items are stored in secure vaults, where they are placed under military-grade surveillance. Additionally, Rupeek also provides 100% insurance coverage on collateral against any unprecedented incident like theft or damage.

  • Easy Repayment Options

With a Rupeek gold loan, borrowers can choose from flexible repayment options as per convenience, including one-time bullet payment and traditional EMIs.

Plus, we also offer a unique gold overdraft loan facility to existing borrowers to facilitate quicker financial aid.

How Does Rupeek’s Gold Overdraft Loan Work?

Existing Rupeek customers can avail an exclusive gold credit line, Rupeek Quick, which is an overdraft facility offered against additional gold. This facility can be exceptionally advantageous for individuals looking for instant funds at reasonable terms. They can withdraw funds from the pre-set limit whenever necessary and pay interest only on the used.

Where Can You Avail Rupeek’s Services In Hyderabad?

Avail our unique 30-minute gold-backed Aadhaar card loan in Hyderabad from the following areas.

  • Sainikpuri
  • Tarnaka
  • Alwal
  • Bahadurpura
  • Film Nagar
  • Gandhinagar
  • Secunderabad
  • Balnagar
  • Sanjeev Reddy Nagar
  • Jubilee Hills
  • Vikarabad
  • Begumpet
  • Falaknuma
  • Golconda
  • Himayathnagar
  • Kukatpally
  • Banjara Hills
  • Begum Bazar
  • Khairatabad
  • Miyapur
  • Bowenpally
  • Chandanagar
  • Ghatkesar
  • Amberpet
  • Erragadda
  • Himayat Sagar
  • Shamirpet
  • Somajiguda
  • Yousufguda
  • Musheerabad

Worry no more about exhausting your disposable income to meet costs. Visit our website to apply for a loan on Aadhaar card against gold and avail the best offers on instant credit.

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Benefits of Gold Loan over Aadhar Card Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Aadhar Card Loan Gold Loan
Interest Rate 2.39% 0.79%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
Rupeek ad

Frequently asked questions

  1. Does an Aadhaar card loan affect my credit score?

Your credit score can be affected in three scenarios when availing an Aadhaar card loan. It drops significantly if you apply for one with multiple financial institutions. Delayed and missed EMI payments also impact your score.

  1. Can I have gold items stored in a partner bank of my choice?

Yes, you can choose from our list of lending partners when getting your pledged items stored.

  1. What are the fees charged for foreclosure of a gold-backed Aadhaar card loan?

Rupeek allows borrowers to close loan amount before the due date without levying additional prepayment charges.

  1. Can I shift an existing loan to Rupeek?

Yes, individuals can avail Rupeek’s loan transfer facility to shift an existing gold with their loan pledge card and additional documents. It can help them to save as much as Rs. 12,377 per lakh.

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