The PM Aadhar Card Loan Yojana 2024 is a government initiative designed to provide easy financial support to individuals, particularly small business owners, students, and individuals in need. This scheme aims to provide hassle-free loans by using the Aadhar Card as a primary document for verification.
What is PM Aadhar Card Loan Yojana 2024?
The PM Aadhar Card Loan Yojana is a government-backed program that allows individuals to apply for small loans using their Aadhar Card as proof of identity and address. This scheme is aimed at promoting financial inclusion, particularly for those who do not have extensive financial documentation or credit history.
Under this scheme:
- Individuals can avail collateral-free loans.
- Loans range from ₹10,000 to ₹1,00,000.
- The process is quick and paperless, as Aadhar verification simplifies the approval process.
Features of PM Aadhar Card Loan Yojana
- Collateral-Free Loans: No need to pledge any property or assets.
- Minimal Documentation: Only essential documents, such as Aadhar Card, are required.
- Quick Approval: Loan applications are processed quickly with Aadhar-based KYC.
- Low Interest Rates: Interest rates are lower compared to regular bank loans.
- Digital Process: Application and disbursal can be done online, ensuring convenience.
- Multiple Loan Types: Supports personal loans, education loans, and small business loans.
Eligibility for PM Aadhar Card Loan Yojana
To apply for the PM Aadhar Card Loan, individuals must meet the following eligibility criteria:
- Age: Applicants must be between 18 to 60 years.
- Income Source: The applicant should have a regular source of income (salaried, self-employed, or business owners).
- Indian Citizen: Must be a resident of India with a valid Aadhar Card.
- Bank Account: Should have an active bank account linked to Aadhar for loan disbursement.
- Credit Score: A basic credit score may be required for larger loan amounts.
Ineligibility for PM Aadhar Card Loan Yojana
You are not eligible for the scheme if:
- You are below 18 years or above 60 years of age.
- You do not have a valid Aadhar Card.
- Your Aadhar is not linked to your bank account.
- You have an extremely poor credit history.
- You do not have a stable income source.
Documents Required
To apply for the PM Aadhar Card Loan Yojana, keep the following documents ready:
- Aadhar Card (mandatory for identity and address verification)
- PAN Card
- Bank Passbook or Bank Statement (last 6 months)
- Income Proof: Salary slips, income tax returns, or self-declaration (for self-employed)
- Photograph (passport-size)
- Mobile Number (linked to Aadhar for OTP verification)
How to Apply for PM Aadhar Card Loan Yojana 2024
Online Application Process
- Visit the Official Website: Go to the official government portal or your bank’s website offering the loan under this scheme.
- Register/Login: Register using your mobile number linked to your Aadhar Card.
- Fill the Application Form: Enter your personal details like name, Aadhar number, income, and loan amount required.
- Upload Documents: Upload the necessary documents like Aadhar Card, PAN Card, and income proof.
- Aadhar Verification: Complete the e-KYC process using the OTP sent to your registered mobile number.
- Submit Application: Review your application and submit it.
- Loan Approval: The loan application will be reviewed, and upon approval, the amount will be disbursed directly to your bank account.
Offline Application Process
- Visit your nearest bank branch or financial institution offering loans under this scheme.
- Fill out the loan application form.
- Submit copies of the required documents.
- Complete the Aadhar verification process.
- Upon successful verification, the loan will be approved and disbursed to your account.
Important Links
| Aadhar Card Update Portal | CLICK HERE |
| Official PM Loan Portal | CLICK HERE |
Frequently Asked Questions (FAQs)
Q1: Who can apply for PM Aadhar Card Loan Yojana?
A1: Any Indian citizen aged 18-60 with a valid Aadhar Card and a stable income source can apply.
Q2: What is the maximum loan amount under this scheme?
A2: You can get a loan up to ₹1,00,000 depending on your eligibility.
Q3: Is Aadhar Card mandatory for this loan?
A3: Yes, Aadhar Card is mandatory for identity verification and e-KYC.
Q4: How long does it take for loan approval?
A4: Online applications are processed quickly, and the loan amount can be disbursed within 2-7 working days.
Q5: Are there any hidden charges?
A5: No, there are no hidden charges, but you must confirm all fees with the lending institution.
Q6: Can unemployed individuals apply?
A6: No, a stable income source is mandatory to avail of the loan.
Conclusion
The PM Aadhar Card Loan Yojana 2024 is a great initiative to help individuals access small loans with minimal documentation. By leveraging Aadhar-based verification, the government aims to make loans more accessible to every eligible citizen. If you meet the eligibility criteria, you can apply online or offline and get quick financial support to meet your needs.
