The Significance of Aadhaar Card in Availing an Instant Loan

Till the last decade, the majority of the population in India did not have any official ID as such to claim their identity. This had led to the denial of government or non-government services such as opening a bank account, availing a loan or getting their driving license, etc. for the common public.

Earlier, documents such as residence proof, birth proof, identity proof, etc. were furnished as ID proof to get approved of any service but this would often lead to confusion due to discrepancies while synchronising the documents. So, considering all such hardships, the Government of India has launched Aadhaar Card in April 2010 to provide all the Indian citizens with a universal identity.

What is an Aadhaar Card?

Aadhaar is a 12-digit unique identification number that is issued to all the citizens residing in India by UIDAI (Unique Identification Authority of India). According to the Supreme Court’s judgement on Aadhaar, every Indian citizen must link his Aadhaar Card Number to his bank account, mutual funds, or even for government welfare schemes like LPG subsidy, PMAY (Pradhan Mantri Awas Yojana), etc.

Studies suggest that more than 90% of Indians have enrolled themselves with Aadhaar, hence, making it the biggest biometric database on earth.

Benefits of Having an Aadhaar Card

Because of its universal acceptance and easy availability, an Aadhaar card makes your life comparatively easier. Even, corruption has reduced to a certain extent due to its unique number. Let us discuss further the additional benefits of having an Aadhaar Card.

• You can get a passport in 7 - 10 days - Due to any emergency, if you are planning to travel abroad, hence having an Aadhaar card will help you get your passport in just 7-10 days. It is a government rule that an Aadhaar card has to be furnished to approve your passport.

• Jan Dhan Yojana - If you want to avail the benefits of PMJDY - Pradhan Mantri Jan Dhan Yojana, then Aadhaar is considered mandatory as it is the only document which is needed to open the bank account.

• Opening a new bank account - A bank account is a must-have and opening an account is easier with Aadhaar KYC verification. Because, nowadays Aadhaar card itself works as your identity, age, and residence proof.

Importance of Aadhaar Card in Availing an Instant Loan

• Although it is not yet announced mandatory, having an Aadhaar card makes the loan process much easier. However, Aadhaar Card and digitization, both have made the process much more convenient.

• After accepting the Aadhaar card as an ID proof, the time and effort taken by the lenders have drastically reduced. Even your e-KYC verification is done by taking an Aadhaar card as the basic document, due to which an instant loan can be disbursed within a few hours of its approval.

• Aadhaar Card is accepted by all the banks and NBFCs (Non-Banking Financial Companies) as proof of your identity, address, citizenship, and birth. With Aadhaar as your KYC for the personal loan, your lender will also get to know about your financial history.

• Instead of submitting multiple documents as proofs, you can now submit the Aadhaar Card as a single document, which has simplified the process of multiple document submission.

• The other advantage is that it has helped digitize the entire application process as it is linked everywhere, and you no further need to submit any physical documents.

Is Your Personal Information Secured with an Aadhaar Card?

Aadhaar Card is linked to almost all the important documents such as your bank account, mobile number, PAN card, etc. So, it is a general concern for everyone about the privacy of information i.e. the data might leak and you may be threatened by any third party. So, considering this concern, the Government of India has introduced Virtual ID’s to protect your privacy. This ID is a 16-digit number which is mapped to your Aadhaar number and can be generated from the UIDAI website. The Virtual ID provides information such as your name, address, photograph, etc. So, no one can trace your Aadhaar Card number because this number is not permanent and becomes invalid automatically when a new ID is generated. Therefore, your information is safe and confidential.

In terms of security, your information is always protected when you choose to take a loan from one of the best loan lenders like Loan Granted because they ensure complete safety, privacy and confidentiality of your information. So, whenever you are in dire need of cash, then consider Loan Granted. You can apply for a loan amount anywhere from a minimum of INR 4,000 to a

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