How to Take Rs 2,000 Loan Safely Using Aadhaar: A Complete Guide

Are you looking for a small loan amount of Rs 2,000? Then here is your simple guide on how to take a loan using your Aadhaar.

Go for a Safe Lender

If you want to get a small loan, you can get many offers from the official bank apps, NBFC apps, or partner platforms. However, it is important to make sure that the lender is safe and secure. Always go for a lender who is a regulated entity with proper disclosure and good grievance channels. Never take a loan from random apps claiming to give you “instant cash.” Such apps are unsafe, and you can also get scammed.

Keep Your Basics Organised

Even though you can get the loan through your Aadhaar, many lenders ask for an active bank account and an active mobile number, which is linked to Aadhaar for the OTP verification. You might also be required to give your consent for the OTP authentication.

Use Official Platform

Take the loan using the official app of the bank or NBFC, or a well-known platform that shows a regulated lender giving loans. Never trust any unauthorised channels or links sent to SMS or WhatsApp, Telegram, or any other social media app. Stay away from the unauthorised lending apps, as they can misuse your documents.

Finish your KYC properly.

While doing the KYC, you will need to enter your PAN, Aadhaar number, and the OTP sent to your Aadhaar-linked mobile number. You may also be asked for a video KYC. It is important to note that you should only type the OTP on the official app or screen of the lender. Never tell your Aadhaar OTP to anyone on a phone call, even if they say they are from customer support.

Check the Loan Details Before Accepting

If you are taking an Rs 2,000 loan, the main problem is not the loan amount but the extra charges. Before you click accept, make sure you read the loan’s terms and conditions or the loan summary.

Check the interest rate, processing charges, any platform fees, late payment penalties, and the exact due date for repayment. RBI requires all lenders to clearly show all costs and explain who is responsible for the loan.

Repayment of Loan

Make sure you repay the loan before the specified due date. If you fail to repay the loan on time, you may be charged with a late fee, penalty interest and a drop in your credit score. Set a reminder to repay on time.

While repaying the loan, make sure the amount deducted from your bank is transferred to the regulated lender, not to a personal UPI ID or an unofficial bank account. In case the app asks you to repay the loan somewhere else, know that it’s a scammer.

Also, keep the payment proof for future reference.