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Real or Fake: Aadhaar Card Loan Yojana?
Aadhar Card Loan Yojana Real or Fake: There is a lot of buzz about getting loans using an Aadhaar card in India. This report helps clear up whether the “Aadhaar Card Loan Yojana” is real or fake and explains how real Aadhaar card loans work.
Fake Loan Schemes Using Aadhaar Card
Fake Messages
You might get a text message claiming to offer loans at a low-interest rate as part of a government scheme. These messages are fake. The PIB Fact Check has confirmed that these messages are scams meant to steal your personal information. They often say you can get a loan with an Aadhaar card at just 2% interest, which is not true. These scams can steal your sensitive information, like your personal and financial details, which could lead to losing money.
Government Warnings
The government has warned people to avoid and delete these messages. Don’t click on any links or call the numbers in the messages. These warnings help protect people from falling for scams that misuse the Aadhaar card’s reputation.
Legitimate Loans Using Aadhaar Card
Aadhaar Card as KYC Document
Real loans using an Aadhaar card are like any other personal loan. Banks and financial institutions offer these loans, and you need to provide your Aadhaar card as a KYC (Know Your Customer) document. The Aadhaar card proves your identity and address, making the loan application process easier.
Loan Details and Eligibility
Financial institutions offer unsecured loans based on your Aadhaar card. These loans have interest rates added to the principal amount when you start paying EMIs. To be eligible, you usually need to be a salaried or self-employed person with a minimum income and a good credit score. Loan amounts can range from INR 10,000 to INR 40 lakh or more, with a processing fee and repayment terms of 1 to 7 years.
Lending Institutions and Interest Rates
Many banks and financial institutions offer personal loans using an Aadhaar card with different interest rates. For example, Maharashtra Bank offers rates from 10% to 12.30% per year, while IDFC First Bank’s rates range from 10.49% to 36% per year. These rates are accurate as of April 2023.
Application Process
To apply for an Aadhaar card loan, you need to submit your Aadhaar card along with other documents like your PAN card, address proof, income proof, and bank statements. The Aadhaar card helps with online verification (e-KYC), which reduces the paperwork and speeds up the loan approval process.
Benefits of Aadhaar Card Loans
Using an Aadhaar card for loans has several benefits, such as faster processing times, less paperwork, and the ease of online applications. Some lenders even allow you to use the 12-digit UID number for verification without needing a physical copy of your Aadhaar card.
Conclusion
The “Aadhaar Card Loan Yojana” offering loans at 2% interest is a scam designed to steal personal information. However, you can get legitimate loans using an Aadhaar card from various financial institutions. These real loans require the Aadhaar card as a KYC document, just like other personal loans. It is essential to tell the difference between real loan offers and fake schemes to avoid getting scammed.
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