As technology has advanced, the number of fraud cases has also increased. Now, cases of fraud using Aadhaar card to obtain loans are increasing.
So, do you know how to check if anyone has taken out a loan in your name?
The Indian government has now made Aadhaar card mandatory for any financial transaction, just like PAN card.
Once you have your Aadhaar card, how do you check if you have taken a loan in your name? There is no single official government website available to check how many loans are in your name directly through Aadhaar using your Aadhaar card.
However, you can check the details of all the loans in your name (linked to Aadhaar or not) by checking your credit report.
Personal loan : There are four major credit bureaus in India
- CIBIL (TransUnion CIBIL)
- Experian
- Equifax
- CRIF High Mark
You can get your credit report by visiting the website of any of these credit bureaus. Each year, you are entitled to one free credit report from each bureau.
Personal loan : Steps to check your credit report
- Here are the general steps to get your credit report:
- Go to the CIBIL website: https://www.cibil.com/
- Click on the ‘Free Credit Score’ or ‘Free Credit Report’ option
Create Account/Login: If you are a new user, create an account by entering your details (name, email ID, mobile number, date of birth). If you already have an account, log in.
Identity Verification: Your identity will be verified by entering your PAN card number. Confirm by entering the OTP (One-Time Password) sent to your registered mobile number.
Access Credit Report: Once the verification is successful, you can view your credit report.
Check loan details: In the credit report, there are details of all the active and closed loans (personal loan, home loan, car loan, credit card etc.) in your name. This includes information like loan amount, bank name, loan status (active/closed), outstanding amount etc.
Download Report: Download your credit report for future reference.
Personal loan – Role of Aadhaar :
Aadhaar card does not directly show loan details. However, lending institutions use Aadhaar to verify your identity before disbursing the loan (through eKYC). Since your PAN number is linked to all financial transactions, credit bureaus collect loan information using PAN.
Personal loan : Why is your credit report important?
Fraud detection: This is the best way to check if there is any loan that you did not take in your name. If there is a suspicion of fraud, you can immediately report it to the concerned bank and credit bureau.
Financial health: Helps you to know about your loans and repayment history.
Credit score: A credit score is calculated based on your credit report, which affects your ability to get loans in the future.
It is always a good practice to check your credit report regularly to stay vigilant and ensure your financial security.