Financial emergencies can hit us anytime and in most of the cases, we are not prepared for them. Arranging cash urgently can be difficult at times when you are already facing a lot of things. A personal loan can come in handy in such difficult financial situations but there are certain limitations and drawbacks of availing a personal loan, particularly when you need money at the moment. So, what is the solution? How can you meet your immediate monetary needs and pay later without any stress? Well, there comes the perks of a small cash loan which overcomes all the shortcomings of a personal loan.
Availing a small cash loan is easy, particularly when you have an Aadhar card. A small cash loan on Aadhar card is preferred by most individuals as they get to enjoy a lot of benefits that are otherwise absent in other types of personal loans. What are those perks of a small cash loan on Aadhar card? Let us discuss some of them below.
Top Reasons to Get a Small Cash Loan on Aadhar Card
Easy KYC
A small cash loan on Aadhar Card is always recommended since the formality of KYC and customer verification can be done easily with an Aadhar Card. Although an Aadhar card is not compulsory to avail loans, lenders do prefer sanctioning a cash loan on Aadhar card for all the convenience it brings in doing KYC. For the borrower, it is already a win-win situation because the loan amount is disbursed quickly owing to the hassle-free and swift verification.
Best for Emergency Needs
Urgent financial needs give you no time to knock doors for formalities and paperwork involved in getting a loan sanctioned. When you need money for emergencies like sudden travel plans, medical urgencies, shortage of cash in marriage, etc., opting for a cash loan on Aadhar card is always the best thing to do. The loan gets sanctioned at the moment and you can fund your expenses immediately.
Hassle-free process
A small cash loan on Aadhar card does not require the loan applicant to go through the complexities of paperwork and documentation. The very concept of the loan is to help individuals who are looking for funds and have no time to get themselves involved in bureaucratic formalities. Have a valid Aadhar card? If yes, then your job is done.
No Collateral Required
A small cash loan on Aadhar card does not require you to pledge any collateral with the lender. It is a type of unsecured loan where the loan amount is sanctioned only with your Aadhar card and considering a few other things. Since the loan amount remains less in a small cash loan, lenders do not face any difficulty in approving the same.
Availing a cash loan on Aadhar card is much easier than one can think of.
Online Application
Most lenders who offer small cash loans on Aadhar card have online portals or applications for their customers. Any individual who is looking for quick cash can get the loan approved within no time just by providing basic details on the lender’s loan application portal. This saves a lot of time and saves the applicant from unnecessary hassles that present in obtaining conventional loans.
e-KYC
Aadhar card allows the lenders to complete KYC easily within a few minutes. However, the key takeaway is that many lenders also provide an e-KYC feature on their website or application for customers to complete the KYC themselves. The applicant just needs to enter his/her Aadhar card number and can complete the verification by entering the OTP sent to the mobile number registered/linked with the Aadhar card.
Flexibility
Opting for a cash loan on Aadhar card brings several benefits, the key of which is flexibility. The applicant can apply for the loan amount he wants as per his needs. Further, he is also allowed to select the amortization period at his convenience based on his repayment capacity. The lender will then display the offer based on inputs given by the applicant.
Minimum Eligibility
The eligibility criteria for a small cash loan on Aadhar card in minimum. Any individual who has a valid Aadhar card is over 18 years of age, and has a monthly salary of Rs 10,000-15,000 is eligible for the loan. Please note that the exact eligibility criteria vary from lender to lender and one must check all the details before finalizing anything.
So, all these are the perks of applying for a small cash loan on Aadhar card. Besides the benefits that this type of loan comes with, the application process is also extremely simple. Everything can be done at your fingertips if you decide to go for an online lender, which is always preferable. Just enter your loan requirements, select the repayment schedule, and provide some personal details, that’s all! If everything goes well, you will get the sanctioned amount in your bank account immediately after the loan is approved.