It is now mandatory to quote the 12-digit Aadhaar number while filing income tax returns and when applying for a permanent account number (PAN). If someone has lost their Aadhaar card or it has been damaged, they can get a duplicate copy of the card by visiting the UIDAI website. Here’s all you need to know about how to get a duplicate Aadhaar card.

Here is a step-by-step guide on how to get a duplicate/ reprint of an Aadhaar card online as well as offline:

How To Get A Duplicate Aadhaar Card

Step 1: Visit the UIDAI website and click on the ‘Aadhaar Online Services’ link.

Step 2: Under this link, select the ‘Retrieve Lost or Forgotten EID/UID’ option.

Step 3: On the next page, enter the details, such as full name, email address, and mobile number.

Step 4: They will also have to select three options: ‘ I have forgotten my UID,’ ‘I have forgotten my EID,’ or ‘I want to retrieve both UID and EID.’

Step 5: If they selected the first option, they must enter the registered mobile number. An OTP will be sent to this number, and they must enter it in the space provided. Then a 12-digit Aadhaar number will be displayed on the screen.

Step 6: If someone has selected the second option, they must enter their full name and email address. A verification code will be sent to the email address; they must enter it in the space provided. Their 16-digit enrolment number will be displayed on the screen.

Step 7: If someone has selected the third option, they must enter the registered mobile number. An OTP will be sent to this number, and they must enter it in the space provided. Their 12-digit Aadhaar number and 16-digit enrolment number will be displayed on the screen.

Step 8: Once their UID or EID number has been retrieved, they can visit the UIDAI website and click on the ‘Aadhaar Online Services’ link. Step 9: They must select the ‘Aadhaar Enrolment’ option under this link.

Step 10: On the next page, they will have to enter the details, such as the full name, email address, and mobile number.

Step 11: They will also have to enter the 12-digit Aadhaar number or 16-digit enrolment number.

Step 12: An OTP will be sent to the registered mobile number. Then they will have to enter it in the space provided.

Step 13: On the next page, they can download a soft copy of the Aadhaar card or request a reprint of the Aadhaar card.

Offline Process

Step 1: Anyone can also visit the nearest Aadhaar enrolment centre to get a duplicate copy of the Aadhaar card.

Step 2: To find the nearest enrolment centre, they can visit the UIDAI website and click on the ‘Aadhaar Enrolment’ link.

Step 3: On the next page, they will have to enter the details, such as the full name, email address, and mobile number.

Step 4: Then will also have to select the state and district from the drop-down list.

Step 5: A list of enrolment centers will be displayed on the screen, along with their addresses and contact numbers.

Step 6: They can visit the enrolment center and complete the requisite form. They must also submit supporting documents such as identity and address proof.

Step 7: The executive at the center will verify the details and be given an acknowledgment slip.

Step 8: Then can use this acknowledgment slip to track the status of the Aadhaar card.

Step 9: Once the Aadhaar card is generated, it will be sent to their registered address.

Documents Required For A Duplicate Aadhaar Card

If someone is applying for a duplicate Aadhaar card offline, they will have to submit certain documents such as.

• Identity proof- PAN card, passport, voter ID, driving license
• Address proof- utility bill, bank statement, ration card, voter ID
• Age proof- birth certificate, passport, PAN card, driving license
• photograph

If you’re looking for a , FlexiLoans is a great option. We offer collateral-free business loans with fast approval and disbursement, so you can get the funding you need quickly and without any hassle. Plus, our simple 4-step process makes it easy to apply and track your loan status. So why wait? Apply online for MSME Loan at Flexiloans now!

Conclusion

Anyone can easily retrieve the lost Aadhaar card by following the steps mentioned above. They can either do it online or offline. It is important to keep the Aadhaar number safe as it is linked to all the essential documents and financial transactions. If someone still lost the Aadhaar card, they should get a duplicate copy of it at the earliest.

Also Read:

Link Your Aadhaar with Your Mobile Number

What are the Documents Required for Aadhaar Card?

How to Link Aadhaar Card with Ration Card

Upgradation/Changes in Aadhaar Card

How to Take a Business Loan on Your Aadhaar Card?

The post Duplicate Aadhar Card – How to Retrieve the Lost Aadhaar Card appeared first on FlexiLoans Finance, Business Loan Blogs, Tips & Guide.

This decade belongs to MSMEs. Micro, Small, and Medium Enterprises of India could lead the charge towards exponential growth. However, for MSMEs to prosper, they need to have access to resources, talent, and most importantly, access to capital. And access to capital has always been a huge roadblock.

Raising capital through equity dilution is one path. However, it leaves you with less ownership of your company, and no owner likes that. The second and the more ideal path is to raise capital through debt. It is where equipment financing comes into the picture.

What is the meaning of equipment finance?

For an MSME to grow, it needs to buy equipment and machinery to boost its production capacity. The more they can invest in equipment for their business and themselves, the faster the possibility of growing. However, this equipment does not come cheap. It is expensive, which often makes it difficult for small businesses to finance them without MSME or .

Equipment finance refers to business loans or leases used to procure business equipment. This equipment could range from computer systems, medical equipment, manufacturing materials, etc. It can be categorized into equipment loans and equipment leasing.

Equipment loans

Opting for an equipment loan implies wanting to purchase an asset with the capital. A purchased asset may yield long-term value and have a high return on investment. However, there are a few risks that come with undertaking a loan.

Loans may or may not have collateral. If they do, failure to repay the loan may result in loss of possession of the asset. The loan also may not be issued very easily and may take a while. Creditworthiness and past borrowings are examined and scrutinized. However, if the loan is for the correct purpose and investment is made in the right asset, it could work out perfectly for the business. It is often preferred by the business that incurs a high capital expenditure.

Equipment leasing

If a loan is something you are unsure about taking, equipment leasing is another aspect of equipment financing. It involves taking a certain sum of money to borrow or lease an asset.

The advantage of leasing is that it is less cumbersome than taking out a loan and is usually more beneficial in the shorter run. Also, it saves customers from the headache of worrying about outdated assets. With the way the world is moving and upgrading, there may not be as much need for long-term assets. Leasing provides the flexibility to customers to opt for certain equipment which they feel may lose relevance after a while.

Of course, the trade-off is the inability to build long-term value by investing in long-term assets. The leasing contract may have some exceptional clauses as well which need to be taken care of. But all in all, equipment leases and loans for small businesses provide ample support and assistance to enterprise owners.

Why is equipment finance important?

While starting, a new enterprise needs to invest heavily in its equipment. Those assets are needed to increase the efficiency of the business. However, it may be difficult for the enterprise to finance it. New ventures are usually cash-strapped, and it may take a lot of time for them to build the required capital.

On the other hand, an established business may face a similar problem too. For a running business, upgrading to the next level may require excess cash. In the absence of that cash, it becomes difficult for them to move to the next level. It is where equipment finance is crucial. Applying for business loans makes up for the cash crunch. And even if they possess enough capital, a business loan gives them the leeway to invest it in various other spheres.

Be it an IT firm, a healthcare center, or a vehicle repair store: equipment finance becomes essential for all.

Advantages of equipment financing

Equipment loans provide various benefits to the customers. They have allowances and features which make these loans stand apart. A few of them are:

• NBFCs usually provide unsecured business loans, i.e., collateral-free loans under equipment finance which makes it easier for SMEs.
• The loans provided are flexible and as per the budget and capacity of the customers.
• The equipment and business loan interest rates depend on the credit rating and past borrowing history of the customer but are usually lenient.
• It is easier to finance new equipment as lenders provide 90–100% capital to finance it.
• It prevents the customers from going through the hassles and delays of taking loans the traditional way. It provides them with several other convenient alternatives.

Types of equipment financing

Equipment finance is not limited to specific types of equipment. It covers a broad range of industries, thus making it high in utilitarian value. These are a few areas where equipment finance is available easily:

• Medical equipment financing: The loan or lease is for the medical industry where the capital is utilized for purchasing hospital and clinic equipment.
• IT equipment financing: This loan is for businesses that need IT equipment like computers, projectors, servers, and other technological equipment.
• Construction equipment financing: This type of loan is common. It is for businesses in the construction industry where they need to purchase heavy and expensive machinery.
• Manufacturing equipment financing: Companies that require capital to buy moving parts and manufacturing components can opt for this loan.
• Electronic equipment financing: This type of loan is for the electronic applications a company may need for itself.

What to consider before opting for an equipment loan?

An equipment loan sure seems like an attractive opportunity to further your business pursuits. However, there are a few factors you should consider before taking out the loan.

Credit

While taking out loans is a better way to build credit, you must ensure that you have the capability of paying back the loan on time. While there are advantages to building good credit, like competitive interest rates and higher amounts, defaulting leaves you in a deep pit. Hence, before drawing out an equipment loan, you should be certain that the loan would help you build credit, and not damage it.

Financials

Avoid drawing out a loan impulsively. A loan should add value, not misery. Analyze your cash flow statement, working capital changes, and balance sheet thoroughly. You should be in a comfortable position to pay back the loan eventually. If your finances do not support the loan, it could end up becoming a heavy burden.

Return on Investment

All equipment and machinery may not require equipment loans. Carefully calculate the return on investment on the equipment. Since it is a and you should pay interest, you should be sure that the equipment you are taking the loan for is a profitable asset and can yield a good return on investment.

Source

Do your research. Be it while buying a house or stock, you carry out extensive research while buying the asset. Similarly, apply for such an online instant business loan while looking up all possible sources and equipment finance companies in India. As mentioned earlier, banks and NBFcs are the primary sources of equipment finance. But even among them, you will find varying interest rates, collateral requirements, and documentation processes.

Where to apply for equipment financing?

While there are several banks, NBFCs, and equipment financing companies in India, it is important to pick the one which will benefit you the most. FlexiLoans is an NBFC that fits the bill and caters to all your needs. FLexiLoans provides collateral-free, unsecured business loans. Hence, there is no hassle of providing additional security. The process of opting for a loan is simplified as well, with a 4 step documentation process. All of it can be carried out digitally.

RBI secured, FlexiLoans is transparent and upfront about the charges and makes sure that you are aware of them too. It is important to know that the money you are borrowing is from a source that cares about you.

The MSME ecosystem is exploding. For you to keep up, you need a steady supply of capital. Equipment financing provides you with that opportunity. It has never been easy for MSMEs to apply for MSME loans traditionally. Equipment loans break the barrier and provide you with a more convenient and flexible method. With the ever-growing competition, it is important to build a line of credit while building a business. Structured and affordable equipment loans provide that opportunity as well. Get your business up and running by taking up this business loan in India now.

The post How to Get equipment financing for business appeared first on FlexiLoans Finance, Business Loan Blogs, Tips & Guide.

How to get a business loan on an Aadhaar Card?

Pre-requisites for a loan with an Aadhaar card:

• Linking of Aadhaar number with your bank accounts, both personal and business.
• Linking with the Permanent Account Number (PAN).
• Your mobile phone must be linked to the Aadhaar number.
• Though not mandatory, linking your Aadhaar number with other identity documents like Voter ID, ration card, LPG connection, etc., is advisable, just in case the second line of reference checking is required.

Eligibility Criteria for an Instant Loan on Aadhaar Card

• The age of business must be one year+ from the date of registration.
• Minimum monthly business turnover should be Rs.200,000/-.
• The individual responsible for the business loan must be above 21 years and below 65 years.
• Small individual corporations, sole proprietorship firms, and private companies in manufacturing, trading, or providing services can avail business Aadhaar loans.

Documents Required for an Aadhaar Business Loan

• PAN card: Personal and business.
• Aadhaar card
• Last six months’ bank statements of the business account (of all accounts, in case more than one)
• GST registration certificate
• Shop and establishment certificate
• Photograph

Features of a Business Aadhaar Loan

Business Aadhaar Loan – Tax Benefits

A business loan with an Aadhaar card qualifies for tax benefits. The interest you pay on the principal amount of the loan is tax-deductible. The income tax rules permit the interest component of a business loan to be treated as a business expense, thus making it eligible for a tax deduction. Therefore, when finalising the tax return for your business, the interest paid on loan repayment should be deducted (along with other permitted business expenses) from the gross income.

Please remember that the principal amount of a business loan from an Aadhaar card is not eligible for tax benefits.

For EMI–based repayment options, a separate declaration from the lender specifying the interest is necessary. Without clarification,  EMI-based repayment is not eligible for any tax benefit. Therefore, you need to keep close track of your Aadhaar card loan details when choosing the EMI option.

Interest paid on all types of business loans, term loans, working capital, equipment finance, bill discounting, or simple small business loans is tax-deductible.

Business loans are a type of funding and are not to be confused with income. We now understand the business loan eligibility criteria and also the documents required for a business loan – let us now find out whom to approach for a business loan in India.

Where to Get an Instant Loan on an Aadhaar Card?

Banks are the traditional source of funds for businesses. However, the main disadvantage of dealing with banks is the duration of the entire loan process, from application to disbursement. Besides, banks require lengthy documentation in their formats, which may further delay the application. Online lenders or digital finance companies are a dependable alternative. Most finserv platforms (online lenders), such as FlexiLoans, offer varied financing choices to suit specific requirements. As a result, you can complete the entire hassle-free online process and save you considerable time. Besides, FlexiLoans platforms offer business loans without collateral, with flexible interest rates and repayment plans to suit your convenience.

Apply Online for an Instant Loan on Aadhaar

Online application for an Aadhaar card loan is a simple process involving submitting soft copies of a few documents in support of your personal information and business status.

• Check your eligibility for a small business loan by visiting the website of the FlexiLoans.
• Complete the simple application process online.
• Submit the required documents.
• FlexiLoans will evaluate your application and credentials.
• You will receive an agreement from the lender once your loan is approved.
• On completion of the agreement process, the money is transferred to your bank account.

Your Aadhaar card loan online procedures are complete.

Using Your Business Aadhaar Loan

Loans should be used for the purpose indicated in the application. Usually, small short-term loans are used for tiding over a sudden emergency like salary payments or clearing debts or repairs. However, you can also plan to use it for renovation, productive investments like creating a website or promoting your business. You may also buy equipment to facilitate your operations.

What Influences Your Loan Application?

It is not only Aadhaar card loans, but all unsecured small business loans depend on the evaluation parameters of the lender, either a bank or a financial institution. The primary task of a lender is to ensure the safety of the loan money.

For every loan application, lenders create a risk profile of the individual/business entity based on the documents and other available information. When you apply for an Aadhaar card loan online or complete the Aadhaar card loan apply procedures, the lender evaluates your application as per their internal criteria. What are the parameters?

1. Financial Standing of the Company

Lenders judge the status of your business from the financial statements. They look for consistent cash flows, sound accounting practices, and the level of financial reserves.

2. The Plan of Utilisation

The plan of utilisation against a particular loan is a significant statement expressing your intent. Lenders analyse the reason/s behind your loan and apply their evaluation criteria to the financials of your company. When you plan to get a loan on an Aadhaar card or any other business loan, it is always advisable to submit a utilisation plan along with the application. Utilisation details enable a lender to decide on your application faster.

3. Credit Score

Credit scores are an essential aspect of loan eligibility. A CIBIL (India’s leading credit information company) score of 700+ is considered suitable for all loans. A low score may push up the interest rate. A rating less than 650 may diminish your chances of a loan.

4. Loan Amount

The financial support you request through a loan must be based on extensive situational need analysis. A high amount runs the risk of being turned down, while an undervalued proposal may not justify the purpose. You need to tackle the sensitive issue of the loan amount by using your expertise in matching the fund needs of the business, the expected benefits, and the future cash flow estimates. A loan request in line with the financial status of your company gets cleared fast.

Conclusion

The Aadhaar card is now deeply integrated with the Indian financial system. In addition, mandatory linking with other documents has increased the scope of the Aadhaar number.

Banks and financial institutions can easily verify the background information with minimal paperwork. As a small business owner, you can avail of an online business loan by submitting a few essential documents fulfilling business loan requirements along with your Aadhaar card details.

Digital platforms like FlexiLoans take very little time to clear your application and disburse the loan amount to your bank account. The speedy process results in making funds available in time for your business to tide over a sudden emergency or arrange necessary equipment.

The post How to Take a Business Loan on Your Aadhaar Card? appeared first on FlexiLoans Finance, Business Loan Blogs, Tips & Guide.