Published on Sept 19, 2022Updated on Sept 6, 2023
AADHAAR is one of the most vital personal identification documents widely used in India. It is accepted for any purpose, from the opening of a bank account, applying for a passport, LPG connection, to getting a new mobile number. Your AADHAAR helps you with doing tasks without any hassles. But, do you know that your AADHAAR card can also help you get a business loan?
Confused? Let’s check the process of how to get a business loan on an AADHAAR card.
AADHAAR has become vital for making successful financial transactions in India. It has been made mandatory by the government to seed the card details into the person’s bank account number, with PAN card, and any other financial service you avail of to enable single-point verification of all financial transactions and access to service at a single point.
Even though it has been made mandatory by the government to link PAN card details with the AADHAAR card, one must still provide documents like PAN along with Aadhaar card to get a business loan.
However, if your AADHAAR card, PAN, bank account & mobile number are all interlinked, your lender will be able to complete a big part of the verification process much faster, thereby enabling you to get closer to getting a business loan. Please note that your lender will still need your PAN card details, income tax returns, bank account details, and other required information for complete verification and approval of business loan documents.
When you have linked all the documents with your AADHAAR card, it becomes easier for the lender to verify your business loan application.
Before applying for a business loan online, check your eligibility for the loan amount using the business loan eligibility calculator. The calculator calculates the eligibility by using various parameters like CIBIL score, bank account statement, credit utilization ratio, tax payment record, etc. With the eligibility calculator, you can quickly estimate the amount of business loan you can apply for and the possible business loan interest rate.
The following are the eligibility criteria for an online business loan apply:
Having a CIBIL score of 700 and above helps to improve the eligibility for securing a business loan quickly.
The following are the documents required:
Before applying for a business loan, use the business loan EMI calculator to select the right EMI tenure and EMI amount. Lenders prefer approving business loan applications which have a realistic loan tenure and EMI amount depending on their income and growth prospects.
To calculate the EMI amount, provide details like loan amount, rate of interest, and loan tenure. The calculator will showcase the EMI amount instantly. Using the calculator, you can check the total EMI obligation for different loan tenures.
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The following are the steps to apply for business loan online:
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.