If you’re a resident of India, you need an Aadhaar card to access numerous services offered by financial institutions and the state and central governments. Your Aadhaar ID stores your demographic and biometric information and is a required document when you are applying for a business loan.
Throughout your lifetime, some of your demographic information may change – you may move cities, so your address is now different, you are now married and go by a different last name, or there is a typographical error on your original Aadhaar ID that you need to correct. You can make such changes to your demographic information using the online MyAadhaar Portal.
Read on to learn why it is important to have updated information on your Aadhaar ID.
What is an Aadhaar ID?
The Aadhaar is a 12-digit numerical ID issued by the Unique Identification Authority of India (UIDAI) to the residents of India. If you are a foreign national or an NRI, to be eligible for the Aadhaar programme, you must stay in India for 182 days after enrolling in Aadhaar. Your Aadhaar card has your general information such as your name, address, phone number, date of birth, photo, and permanent address.
Why do I need to give my business loan lender a copy of my Aadhaar ID when applying for business financing?
When applying for a business loan, you must submit a few supporting documents to help the lender assess your application and make their decision to lend to you. Your Aadhaar ID is one such document that they need to do your Customer KYC before processing your application further.
Your Aadhaar and your PAN card together have enough information to help the lender verify your identity and ensure the person whose name on the application is, in fact, you. Once they do the customer KYC verification, they can move on to assessing your credit and financial history and make their lending decision.
Why must my Aadhaar ID and other documents have the same information?
When you need to submit multiple documents, it is easy to get confused or overlook an error. As credit experts, we help numerous SMEs work on their business loan applications every day. One of the most common mistakes we notice is borrowers having mismatched information on their supporting documents.
Imagine your name is Aaditya Singh Rathore, and your Aadhaar ID has your first, middle, and last names, but your bank statements only have your first and middle/last name. In such a case, the lender or credit bureaus may confuse you with another person with the same name, causing you an unnecessary delay in getting your money. To avoid such errors, lenders require all information submitted by a borrower to match.
If you’ve moved recently or found a spelling error on your Aadhaar ID, this causes a mismatch of information in your application package. So, you can use the myAadhaar portal to correct the information online and download your updated e-Aadhaar to submit to your business loan lender.
What services can I access using the myAadhaar portal?
myAadhaar is a web portal hosted by UIDAI using which people who have an Aadhaar ID can access services to change or update their information on Aadhaar. Once you’ve enrolled yourself in Aadhaar you can log into the myAadhaar web portal to access the following services:
1. Check Aadhaar enrolment and update status:
When you enrol in the Aadhaar programme, you are given an Enrolment ID (EID). Your EID is a 14-digit numeric ID displayed at the top of your enrolment slip. You can use this EID to check your enrolment status. You can also use this EID to check the status of any updates or changes you have requested to your Aadhaar ID.
2. Download your eAadhaar:
Once enrolled in the Aadhaar programme, you can log in to the myAadhaar web portal and download a digital version of your Aadhaar, also known as an eAadhaar. The eAadhaar is also an acceptable form of Aadhaar. You may also print this to submit with your physical business loan application.
3. Order Aadhaar PVC Card:
When you first enrol yourself in the Aadhaar programme, a physical copy of your Aadhaar is delivered to your registered address. Since the physical copy was inconvenient for people to carry around, the UIADI recently started offering a PVC Card of your Aadhaar. When you update your Aadhaar information or if you misplace the previous card, you can order an Aadhaar PVC Card through myAadhaar. This PVC card will cost you Rs. 50/- including postage.
4. Check order status online:
When you order your PVC Card, you get a Service Request Number (SRN). You can use this SRN to track your order of Aadhaar PVC Card.
5. Find your nearest Aadhaar Enrolment Centre:
You can enrol yourself for Aadhaar or update/change the biometric and contact information on your Aadhaar by visiting an Aadhaar Enrolment Centre. You can search for Aadhaar Enrolment Centres using your PIN Code.
6. Book an appointment:
Once you’ve located your nearest Aadhaar Enrolment Centre, you can book an appointment online through the myAadhaar to go in and update or change information on your Aadhaar ID.
When you are applying for a business loan and you need to update your demographic information but you’ve reached the limit of online attempts to do so, you’ll have to visit an Aadhaar Enrolment Centre to update your information in person. Making an appointment beforehand is convenient and saves you the wait time.
7. Retrieve EID/Aadhaar number:
If you lose or misplace your Enrolment ID, you can use your Aadhaar Card number and your registered mobile number and email ID to retrieve your Enrolment ID.
Similarly, if you lose your Aadhaar Card and need your Aadhaar number, you can use your Enrolment ID and your registered mobile number and email ID to retrieve the number.
8. Verify your registered email and mobile number:
To verify your registered mobile number, you require your Aadhaar number and your registered email ID. To verify your registered email ID, you need your Aadhaar number and your registered mobile number.
A verification link is sent to your registered mobile number or email ID. You can click on the link received to verify your mobile number or email ID and make your Aadhaar profile more secure.
9. Verify Aadhaar:
If you want to check whether a particular Aadhaar number exists, you can check it using this feature on the myAadhaar portal. This feature is used by employers to verify their employees’ Aadhaar information. When you apply for a business loan, your lender may also verify your Aadhaar by running your Aadhaar number through myAadhaar.
10. VID generator:
VID or Virtual ID is a 16-digit number, which may be used in place of your Aadhaar number for verification or e-KYC. When you generate a new VID, the last VID is deactivated. If you want to use the same VID that you activated last, you can retrieve it using your Aadhaar Number on myAadhaar.
11. Lock/unlock Aadhaar:
To prevent the misuse of your Aadhaar information and to strengthen your privacy and security, UIDAI has introduced a feature to lock and unlock your Aadhaar Number. When you lock your Aadhaar, no one can perform authentication using your Aadhaar number. Instead, you can use your VID to authenticate your identity instead of your Aadhaar number.
To unlock your Aadhaar, you will require the VID. So, ensure you have an existing VID before you lock your Aadhaar.
You can also retrieve your existing VID by sending an SMS “RVID [last 4 digits of your Aadhaar]” to 1947.
When applying for a business loan, your Aadhaar and PAN card are essential documents the lender needs to verify your identity. They need the information you provide them to the accurate and up to date, so the myAadhaar portal comes in handy when you must update your demographic data.
At CreditEnable, we partner with 25 plus leading lenders in India. When you use our technology platform to apply for a business loan with one of our lender partners, we collect all your documents and assess your eligibility before matching you with a lender. This helps you save time, ensures you have all the necessary documents before going to the lender, and helps you successfully get the funding your business needs to grow. We also catch errors, like information mismatch, before they reach the lender so you can correct them and get your business loan fast.
Business Loans. Enabled Simply.