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

Aadhar Card Loan in Mumbai

Renowned for the Taj Mahal Palace Hotel and the Gateway of India, Mumbai or Bombay is the commercial or financial capital of India, contributing significantly to India’s GDP. Famous for being the homeland of Bollywood, the “Skyscrapers City” is home to the greatest percentage of India’s beau monde. With major sectors of IT, finance, healthcare, and entertainment driving in majority of the city’s workforce, the economic hub of India sees rising per-capita income, and hence better standards of living.

More often than not, millennials seek external funding to keep up with their soaring propensity to consume rather than exhausting their financial reservoir. Such circumstances lead to the increasing popularity of credit means like an Aadhaar card loan in Mumbai.

About Aadhar Card Loan

An Aadhaar card loan in Mumbai is no different from traditional personal loans but because these loans are sanctioned against only Aadhaar card for KYC. But, borrowers might still need to submit additional documents for verification. Following are some of the prominent reasons why this financial product is gaining rapid popularity.

  • Single KYC Document: Previously, applicants needed to submit a bunch of documents as proof of identity and residence, which only delayed loan approval more. Post digitalisation and introduction of Aadhaar card, banks and NBFCs now accept this as proof of age, identity, and address for personal loan Mumbai.
  • No Collateral: Aadhaar or PAN card loans do not involve pledging any asset.
  • Convenient Usability: Personal loan providers Mumbai do not restrict the end-use of such funds, which allows borrowers to utilise these for all sorts of requirements from funding higher education to financing a start-up.
  • Long Loan Tenure: Aadhaar card loan tenure ranges between 12 months and 60 months.

If these alluring features of a quick personal loan using Aadhaar make it seem like a favourable borrowing option, you must be acquainted with the application process before availing one.

Application Process Of An Aadhar Card Loan In Mumbai

Follow these 4 steps to acquire a loan against Aadhaar card.

Step 1: Go to the website of your preferred lending institution or financial aggregator.

Step 2: Visit the page with the option for a loan on Aadhar card apply online and fill in the application form with all your particulars, including required loan amount.

Step 3: As proof of your eligibility, submit Aadhaar card, along with other mandatory documents.

Step 4: Receive loan amount in your bank upon a successful application and approval after that.

Although the application process for an Aadhaar card loan seems simple at first glance, the stringent eligibility criteria and other requirements involved might come as a surprise to any borrower proceeding without detailed information.

Drawbacks Of A Personal Loan Against Aadhaar Card

Despite being named after Aadhar card, these loans require submitting a horde of other documents to qualify for one. Refer to the given table for detailed information on the eligibility and documentation requirements.

Parameters

Requirements

Eligibility

- Age

Must be between 21 and 60 years

- Employment

Should be self-employed or salaried in an MNC, or private or public sector industries.

- Residence

Must be a resident of India.

- Income

Has to conform to the lender’s requirements.

- CIBIL Score

Must not be below 750.

- Work experience

At least 1 year with current employer

Documentation

- Income proof

- Address proof

- Bank details for the previous 6 months

- ITR documents

- Business ownership proof for self-employed individuals

- Recent passport-sized photographs

Such stringent eligibility requirements might hinder a majority of individuals with low CIBIL score and failing to meet other criteria from acquiring this financial product. Even for those who make it through this procedure might experience delayed disbursal owing to the elaborate documentation. Additionally, Aadhaar card loan in Mumbai also comes with high interest rates that ranges from 11% to 23% p.a., given their unsecured nature, which might not make it an affordable means of funding after all.

If you are looking for an emergency loan on Aadhaar card Mumbai without the hassles of such a complex application procedure, consider a gold loan as an alternative.

Gold Loan – An Alternate

So, if you are still wondering how a gold-backed loan can be a solution to your “Aadhaar card loan provider near me” searches, the following list is for you.

  • Minimal Documentation

Availing gold loans does not involve a lengthy documentation process, which is why this method of credit is a lot more convenient for an immediate loan.

  • Simple Eligibility Criteria

Individuals do not need to meet any credit score requirement, and they can even avail a gold-backed loan on Aadhaar card without salary, unlike personal loans.

  • Shorter Repayment Tenure

Gold loan repayment tenure does not stretch up to a long period, which can be especially beneficial for individuals looking for short-term credit.

  • Affordable Interest Rates

The interest rates on a gold-backed Aadhaar card pe loan are much lower compared to that of personal loans in Mumbai.

Once you have made up your mind to avail the benefits of a loan against gold instead of a personal loan against Aadhaar card, it is time you choose a lender with the most advantageous policies.

Save your efforts and look no further! Rupeek is an RBI-certified Fintech company that has amassed over 1 lakh trusted customers over 4 years with its numerous offers on Aadhaar card loan against gold besides an array of gold loan schemes to suit every need and affordability.

Best Rupeek Offers On Gold Loan

Here are some of the primary reasons why our gold loan services are the best borrowing option you will ever come across.

  1. Considerable Loan Amount

Avail a lump-sum loan amount up to Rs. 1.5 crores with Rupeek’s highest loan-to-value ratio. We also practice complete transparency. Use our online gold loan calculator to get an estimate of funds available against their gold jewellery.

  1. Flexibility In Repayment

Rupeek provides borrowers with the options to either repay in monthly EMIs or make any payment any time within the tenure.

  1. Ultimate Collateral Security

Forget all worries of gold safety with Rupeek’s ISO 9011:2015 certified security measures. Partnered with Brinks, we ensure the safe transportation of jewellery items via GPS-secured bags. Thereafter, the pledged ornaments are stored in secure vaults of partner banks within a 5-km radius of your residence. Additionally, all gold items are fully insured against any sort of damage or theft.

  1. Doorstep Service

Upon a successful application, Rupeek offers instant online gold loan at your doorstep that saves you the hassle of stepping out with valuables. Complete the verification process with our loan representative from the comfort of your home and get money transferred to your account instantly upon approval.

  1. Lowest Borrowing Cost

We offer Aadhaar card loan against gold at the lowest interest rates starting from 0.79% per month. Borrowers can also avail additional rebates on interest with consistent and frequent repayments.

In addition to the above facilities, Rupeek also offers existing customers a unique gold overdraft loan facility for prompt fund availability.

Avail Gold Credit Line Facility

Existing Rupeek customers can avail an extended credit limit under Rupeek Quick by pledging extra gold. This gold overdraft loan facility can be exceptionally advantageous for loan-seekers with instant, short-term fund requirements. It facilitates instant disbursal of funds via an in-app wallet and requires paying interest only the withdrawn amount from the pre-determined credit limit.

Avail a gold-backed Aadhaar card loan apply online on our website from anywhere across Mumbai and become a part of our reputable customer base for more such exclusive offers.

Rupeek’s Operational Areas In Bombay

Find your nearest area of Rupeek’s 30-minute gold loan services from the following localities list in Mumbai.

  • Nariman Point
  • Shivaji Park
  • Churchgate
  • Trombay
  • Dharavi
  • Nagpada
  • Malad
  • Santacruz
  • Mumbai Central
  • Andheri
  • Chembur
  • Lala Lajpat Rai Marg
  • Dadar
  • Malabar Hill
  • Bandra
  • Borivali

Do not let financial constraints thwart your ambitions in the “City of Dreams”. Choose a gold-backed Aadhaar card loan in Mumbai and stay worry-free with instant funds at your doorstep.

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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 -
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Frequently asked questions

  1. What other documents do I need to submit for a gold-backed Aadhar card loan?

Besides Aadhaar card for identification, applicants also need to submit other KYC documents like PAN card. Plus, they must also produce recent utility bills and lease agreement for address proof.

  1. Can I close an Aadhar card loan against gold before the end of its tenure?

Yes, Rupeek allows borrowers to complete the repayment for a gold loan before its due date without charging additional pre-payment penalties.

  1. How are interest rates calculated on gold loan against Aadhaar?

Interest rates on a gold loan vary across lending institutions and are calculated accordingly. Contact your lender to know more about available loan interest schemes.

  1. What is the maximum repayment tenure for gold-backed Aadhar card loans?

Rupeek offers a loan tenure of 6 months, which can be extended to a maximum of 12 months.

  1. What is the procedure for repaying a gold-backed Aadhaar card loan?

To repay a gold loan, visit our gold loan payment portal. Sign in to your profile with your registered mobile number and OTP to view outstanding loan repayments and proceed with completing the same.

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