Applying for a Rs. 3 lakh loan on an Aadhaar card has become an efficient and convenient process. With your Aadhaar card as the key identification document, you can quickly access personal loans without the hassle of extensive paperwork. Whether you need funds for medical emergencies, education, home renovation, or other personal needs, this loan can provide you with the necessary financial support. With a Bajaj Finserv Personal Loan, you can apply using your Aadhaar card and a few other documents. In this article, we will cover the benefits, eligibility, and process for applying for a Rs. 3 lakh loan.
Benefits of Rs. 3 lakh loan on Aadhaar Card
Applying for a Rs. 3 lakh loan on an Aadhaar card comes with several benefits that make the process smooth and stress-free. Here are some key advantages:
1. Flexible loan amount
With an Aadhaar-based loan, borrowers can choose a loan amount according to their financial needs. Whether it is Rs. 50,000 or Rs. 3 lakh, lenders offer flexibility based on your eligibility and repayment capability. This ensures you only borrow what you need, making the loan easy to manage. Additionally, Aadhaar-based personal loans do not require extensive documentation, making it easier to apply for smaller or larger amounts. With Bajaj Finserv Personal Loan, you can apply for funds of up to Rs. 55 lakh.
2. Collateral-free loans
One of the biggest advantages of applying for a Rs. 3 lakh loan on an Aadhaar card is that it is a collateral-free loan. Borrowers are not required to pledge any security or asset, such as a property or gold, to obtain the loan. This makes the process risk-free for individuals who do not have valuable assets to offer as security. This feature is especially beneficial for salaried individuals or small business owners in need of quick funds.
3. Attractive interest rates
Many lenders provide competitive interest rates on personal loans, making them affordable for borrowers. Lenders often offer attractive interest rates based on your credit history, income, and repayment capacity. Lower interest rates mean reduced EMIs and overall cost of the loan, which can be highly beneficial for those applying for larger amounts like Rs. 3 lakh.
4. Flexible repayment term
Another advantage is the flexible repayment options available to borrowers. You can choose a repayment tenure that fits your budget and financial plan. With a Bajaj Finserv Personal Loan, you can choose a repayment tenure ranging from 12 months to 96 months. This allows you to manage your monthly expenses effectively while repaying the loan in easy instalments. Most lenders provide flexible repayment terms, enabling borrowers to adjust their EMIs to suit their financial situation.
5. Fast disbursal
When you apply for a personal loan using your Aadhaar card, the disbursal process is often quicker than traditional loans. Many lenders offer instant approvals and fast disbursals. With a Bajaj Finserv Personal Loan, you can get the funds you need within as little as 24 hours*. This quick access to funds is crucial during emergencies or when urgent expenses arise.
Eligibility criteria for Rs. 3 lakh loan on Aadhaar Card
To apply for a Rs. 3 lakh loan on an Aadhaar card, applicants must meet certain eligibility criteria depending on the lender. For a Bajaj Finserv Personal Loan, here are the personal loan eligibility and documents required:
1. Nationality: India
2. Age: 21 years to 80 years.
3. Employed with: Public, private, or MNC.
4. CIBIL Score: 650 or higher.
*You should be 80 years or younger, at the end of the loan tenure.
Additionally, you will be required to submit the below documents when you apply for the Bajaj Finserv Personal Loan:
1. KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
2. PAN card
3. Employee ID card
4. Salary slips of the last 3 months
5. Bank account statements of the previous 3 months
Interest rates and other charges for Rs. 3 lakh loan on Aadhaar Card
The interest rates for a personal loan of Rs. 3 lakh can vary based on the lender and your credit profile. It is important to understand the applicable charges before applying for a loan. Read about the fees and charges required for a personal loan from Bajaj Finance.
Personal Loan EMI calculation for a Rs. 3 lakh loan
Calculating your EMI is crucial before applying for a Rs. 3 lakh loan on your Aadhaar card. Using a personal loan EMI calculator can help you determine your monthly repayment based on the interest rate and loan tenure. For example, with an interest rate of 12% per annum and a 3-year tenure, your EMI for a Rs. 3 lakh loan would be approximately Rs. 9,985.
Using an EMI calculator simplifies your financial planning, ensuring that the loan is affordable over time.
How to apply for a Rs. 3 lakh loan on an Aadhaar Card?
The process to apply for a Rs. 3 lakh loan on an Aadhaar card is simple and quick. Follow these steps to apply for a Bajaj Finserv Personal Loan:
1. Click on ‘APPLY’ on this page to open our online personal loan application form.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid Term Loan.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete yourKYCand submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
Conclusion
Applying for a Rs. 3 lakh loan on an Aadhaar card offers numerous benefits, including flexible loan amounts, competitive interest rates, and collateral-free processing. With easy eligibility criteria and fast disbursal, this personal loan option is ideal for meeting urgent financial needs or funding major life events. By using your Aadhaar card as a key identification document, you can simplify the loan process and access funds quickly. Make sure to review the interest rates and EMI options to choose a plan that fits your budget and repayment capacity.
*Terms and conditions apply.
