Driving Licence se Loan: Driving licence is very important document in India which is acceptable anywhere across the world. Driving licence work as government approved ID card for any individual who is going to apply for services from the government or any other department. Companies are now providing personal loan to their customers using driving licence. So if you also have a driving licence and want to get personal loan then it will help you to get Driving Licence se Loan approval instantly. Read this article to know about the companies which are providing personal loan using driving licence including the eligibility criteria, application procedure, loan amount interest rates etc.
Driving Licence se Loan
A driving licence in India is an official document issued by the Regional Transport Authority (RTA) that permits its holder to operate specific types of motor vehicles on public roads. It is a mandatory requirement for anyone driving a vehicle in the country. To obtain a driving license, individuals must meet age criteria, pass a theoretical and practical driving test, and provide necessary documents. The license specifies the type of vehicle the holder is authorized to drive and has a specific validity period. However you can use driving licence apart from driving activities including applying for personal loan. Where you can get up to 5 lakh loan offer according to your eligibility criteria.
Driving Licence Loan Interest Rate
Personal loan are very easily available in India as banks as well as non banking financial companies which are registered with RBI are also offering personal loan to their customers. Individuals may face difficulty to get approval of the loan application in the bank but can easily get the loan amount in NBFCs. However companies are charging interest rates higher than banks which are decided according to the CIBIL score of the customer. The loan amount will range between 12% to 36% annually according to the condition of the customer. Tata capitals is starting the interest amount from 10.99%, Aditya Birla capital is starting interest rates from 14% onward.
Driving Licence Personal Loan App
You can search different mobile applications on internet which are offering personal loan to their customers using driving licence. You can also search out the following companies for personal loan including Paytm personal loan, money land, money view etc.
exa
| NBFC | Loan |
| Paytm Personal Loan | 2 Lakh |
| Moneytap | 1 lakh |
| MI Credit | 3 lakh |
| Money View | 4 lakh |
| Paysence | 2 lakh |
| Stashfin | 1 lakh |
| Kerditbee | 50 thousand |
| Navi 5lakh | 5 lakh |
Driving Licence se Loan – Eligibility criteria
- Only Indian citizens are eligible to apply for personal loan using driving licence
- The age of the candidate should be at least 18 years old however the maximum age should be between 50 to 56 years.
- You should have a source of income where you are earning at least 15000 per month from last 3 months
- The cibil score of the applicant should be more than 750. However if you have a bad civil score then you can also apply but you will get minimum loan amount with maximum interest rates.
- You should have a bank account linked with Aadhar card
RBL Personal Loan 2024 : ₹20 लाख का लोन धड़ाधड़, घर बैठे-बैठे होगा पैसा ही पैसा [Urgent Loan]
Documents list
Candidates are required to upload the following document during completing the KYC for getting personal loan through online mode:
- Passport size photograph
- Aadhar card
- Bank passbook
- Last three month salary slip
- Driving licence
- PAN card ( in case if you are applying for more than 50000 rupees loan amount)
Application process
Candidates are required to follow the following document after downloading the mobile application of anyone company which is providing loan amount according to your condition:
- First register yourself on the mobile application using your email id mobile number
- After that you have to create the profile by entering your personal and employment information
- Now you have to click on the KYC link where you will be asked to upload all the document and submit the OTP for verification
- Once the company verify your identity you will receive loan offer according to your category and condition automatically in the mobile application
- If you are okay with terms and conditions in the loan amount of the loan offer then you can click on the apply link
- Now you have to submit the application form bhai anchoring your personal details and the loan amount, select the EMI option and click on the submit link
- You will receive OTP for verification, once you provide the OTP your application form will be successful submitted and you will receive loan amount in the bank account shortly.
In Budget 2024-25, Mudra loan limit increased from Rs 10 lakh to Rs 20 lakh
Driving Licence Personal Loan Charges
Apart from the interest rates bank will charge other charges from the candidate including processing fees. Processing fees will be between 2% to 5% of the loan amount and will be deducted automatically in your loan amount. If you delay to submit the EMI then you need to pay additional charges to the bank which may be up to 6% to 7% of the EMI. Apart from this if you want to close the scheme then bank will again charge additional amount according to the terms and conditions. So individuals are required to read all the details of the loan offer before submitting the application form.