Aadhaar-based 'quick loans' are a myth: Know the reality before you borrow

• Aadhaar only aids identity verification and speeds up KYC, it does not guarantee a loan.
• Banks and NBFCs assess age, income, and repayment capacity before approving loans.
• Be cautious of offers promising loans solely based on Aadhaar; only borrow when necessary.
• Before taking a loan, consider repayment tenure to minimize interest and avoid longer terms for lower EMIs.
• Exercise caution with loan apps; verify RBI registration and avoid apps requesting access to contacts or photos.