Over two decades ago, more than half the population in India had no official ID. Hence, they couldn’t receive any government subsidies or any kind of benefits. There was a need to accumulate n number of documents such as address proof, birth certificate, proof of identity, and yet there were delays in approvals.
Buddy Loan disburses loan at lower interest rates starting at 11.995p.a. they also provide varied repayment options depending on the borrowers’ capacity within the loan tenure of 3 months to 5 years. They provide an instant personal loan with extremely minimum documents. Use your Aadhaar card for a hassle-free approval.
In 2010, the Indian government launched Aadhaar card for better access of benefits and services. This gave a better foundation and identity to a large part of the population. Today, people use it for opening a savings account, availing any loan, getting a New SIM card or even filing the tax returns.
With the rising industries, start-ups, and the recent demonetization online money transactions are on the rise from various industries. Technology has boosted the banking services making it much easier for checking your transactions and more.
Ease your loan approvals:
The main objective of the Aadhaar card is as the government standards:
- To provide universal identity to every citizen
- Reduces the burden of carrying n number of documents, this satiates the validity of all the other important documents.
- Helps you avail all the government subsidies with third party interference.
The financial inclusion: The history of banking reveals that many years ago the financial institutions had to expand through bank branches, low-cost services and paper verification. Today, everything is online, including submitting your Aadhaar card copy. This is banking services were easier through e-KYC.
There is easy access to loans for any common man. It is easier to avail any personal loan through Aadhaar card. Including the secured and unsecured loans. Buddy Loan offers unsecured loan, a loan without any collateral. Whether you avail travel, vehicle, home or medical loan there is no need to pledge any collateral.
Impact of Aadhaar:
Today, private sectors to rely on Aadhaar card for profiling during hiring. Banking sector for the obvious reasons and that of government services it is mandatory to present your Aadhaar card. NBFCs, banks and aggregators need two things: KYC and Aadhaar. In other words, both are same as KYC needs Aadhaar while availing instant loans.
Honestly, digitization and Aadhaar card have recast the loan approval and disbursal process. AI integrated services have created a massive impact on banking services too. The eKYC is far discrete and easy as we don’t have to submit the physical documents for loan approvals.
Aadhaar’s database has one of the biggest databases in the world. While containing demographic & biometric data of all those who pose Aadhaar card. Knowing that Aadhaar card is safe, we can embark all our financial journey with this identity proof.
Aadhaar card impact on personal loan:
Identity and credit history matter to the lenders as for the disbursal of secured or unsecured loans. Validating and verification of an applicant’s loan application is common with public and private financial organisations.
Aadhaar card has covered the complete identity verification for availing a personal loan. All this by just sharing a scanned copy of Aadhaar card as your proof of identity. Try going through the below link for understanding the specific documents to procure and submit for personal loans.
Better yet, today, we have loan apps in the app store making it even easier to avail the services and count on your benefits. You can enable easy transactions and account statements. You can also assess all the credits rewarded and redeem them online to shop for exclusive products.
All the above is possible through Aadhaar card, permitting you to access all the loan benefits such as low-interest rate, better EMI options and loan tenure. Make your financial journey easy with Aadhaar card.