ZEDPAY Fintech Finance Solutions Pvt. Ltd. Earlier personal loan on Aadhar card and PAN card was not available as the loan process involved a list of formalities before sanction. With the popularity of instant loan apps, Aadhar loan approval became paperless and here Aadhar cards and PAN cards have a major role to play for document verification.
A personal loan is an unsecured loan, unlike home loans. A personal loan can be acquired for many reasons like home renovation, wedding expenses, buying a laptop or a mobile phone with minimal documentation just with your Aadhar Card and Pan Card details. A personal loan comes as a rescue for people who are in urgent need of money. It serves as a lifesaver at the time of a medical emergency.
Hence, financial companies in India have reduced the list of mandatory documents required for personal loan approval. Even with KYC verification of the Aadhaar card and PAN card, borrowers can very well get a personal loan. In most of the instant loan apps nowadays, the documentation is paperless using Aadhaar card number and PAN card number registered with your mobile number.