Published on Apr 22, 2025Updated on Sept 10, 2026
Historically, applying for loans meant visiting a lender’s branch multiple times, dealing with extensive paperwork, and waiting days – sometimes weeks – for approval.
Now, with the rise of digital lending, applying for a personal loan has become far more streamlined. Today, many lending institutions allow you to apply online using your Aadhaar card and PAN card as primary identity proofs.
As trusted government-issued identity documents, Aadhaar and PAN cards help lenders verify your identity quickly, helping to speed up loan processing.
Alongside your Aadhaar and PAN, you typically need to provide minimal documentation, such as salary slips and bank statements.
If you’re considering an INR 2,00,000 loan on an Aadhaar card and PAN card, this article will walk you through the eligibility criteria, required documents, and the application process you can expect.
Here are the general eligibility requirements you can expect when applying for an INR 2,00,000 loan using a PAN card and Aadhaar:
*Please note that these are basic eligibility criteria. The final eligibility will depend on several factors, including the lender’s policy at the time of the loan application.
A personal loan application typically requires the following documents:
Additional Documents for Salaried Professionals:
Additional Documents for Self-Employed Individuals:
The interest rates and other loan terms vary from lender to lender. At SMFG India Credit, interest rates start at a competitive 12.5%* per annum, with flexible repayment tenures ranging from 12 to 60 months. In addition to interest rates, applicants can expect nominal fees and charges, such as processing fees and prepayment charges.
Several key factors influence personal loan approval:
An INR 2 lakhs personal loan can be useful in a range of situations:
Emergency Expenses : Unexpected medical emergencies or urgent home/car repairs can be handled without exhausting your savings.
Higher Education and Career Growth: You can invest in courses or certifications to enhance your skills and boost career prospects.
Business and Self-Employment Needs: Use the funds to upgrade your business equipment or expand business operations.
Debt Consolidation: Merge multiple outstanding debts into a single loan with fixed EMIs, making repayments easier to manage and potentially saving money in the long run.
Travel Expenses: Plan domestic or international trips without disrupting your monthly finances or dipping into long-term savings.
Wedding Expenses: Finance wedding-related costs – such as venue, catering, attire, and photography – to ensure a memorable celebration without financial stress.
When applying for an INR 2 lakhs loan using an Aadhaar card or PAN card, it’s essential to avoid errors that could delay approval or lead to rejection. These include:
Here’s how you can easily apply for an SMFG India Credit personal loan:
Input your mobile number, PAN, pincode, and employment type (salaried or self-employed) to initiate the application.
Confirm your mobile number with the 6-digit OTP sent to your device.
Input additional information like your email address, date of birth, gender, and annual household income. Note that email ID verification is also crucial.
Salaried individuals need to submit their employment details.
Provide your bank statement using any of the following methods: Net Banking, Account Aggregator, or through direct upload. The information provided will be used to generate a loan offer (only applicable for salaried individuals).
Verify your identity (including taking a selfie to complete the process) and share address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Submit your bank account details for our verification.
After successful bank account verification, provide the requested information in the 'Additional Details' section. This includes the loan purpose, marital status, father’s name, and mother’s maiden name.
Select your preferred re-payment method (debit card or internet banking) and finish setting up E-NACH.
Read through the loan agreement carefully, digitally sign it, and validate the process with an OTP.
Following these easy steps will bring you closer to achieving your financial goals with an SMFG India Credit personal loan.
Important Note: This article is for general informational purposes only and may be subject to change from time to time. As product features, eligibility criteria, interest rates, charges, fees, tenures and other terms may be revised as per SMFG India Credit's policies, readers are advised to refer to the latest details from the respective product pages (please select from the top menu). For the latest loan charges, please visit Charges & Fees Link and for the latest Interest rates, please visit Interest Rate Rationale. Please note that final loan terms, disbursement process and eligibility criteria will depend on SMFG India Credit's policies at the time of loan application.
The content of this article is for information purposes only and does not constitute as, an offer or advise to avail any products or services from, or, a commitment to grant any loan by the company. It is not intended to create any rights or obligations against us. All content is provided "as is" without any warranty of any kind, either express or implied & we disclaim any warranty or representation, whatsoever, in regards to the content. Please refer to the Privacy Policy of the company to understand the use, processing and storage of your personal data.
No. You’ll also need to provide supporting personal loan documentation such as bank statements and salary slips.
Using your Aadhaar card enables quick eKYC verification, reducing paperwork and potentially speeding up loan processing.
Loan approval and disbursal are typically quick, but the exact time depends on your eligibility, the accuracy of your documents, and the lender’s policies.
Yes, most lenders require a credit score of 700 or above to ensure your creditworthiness and reduce the risk of default.
It may be possible, but approval could be more challenging without a credit history. Some lenders may grant approval as long as you meet other eligibility criteria. Feel free to reach out to us for more information.
Key factors include credit score, income level, employment history, existing loan obligations, and the accuracy of the submitted documents.
Was this helpful?
Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
