Get 10000 Loan on Aadhar Card 2024: Know EMI with Rate of Interest

Loan on Aadhar Card 2024 – During a financial crisis, many people need a low amount as a loan. In reality, banks and non-banking financial companies (NBFCs) are now offering Aadhaar-based fast loans ranging from Rs. 10,000 to Rs. 50,000. It is similar to a small personal loan that can be used to repair a home, plan a vacation, or even pay monthly home rent, to cover unforeseen expenses, or as a salary bridging loan. In this article, we are going to read about 10000 Loan on Aadhar cards with the Complete Process, EMI, Tenure, and Rate of Interest in detail.

Note – Before taking a loan from any app you must know about the RBI-approved loan apps and Fake app Loan List to avoid scams and mental harassment.

Loan on Aadhar Card 2024

Aadhaar card loans are mostly unsecured, which means no collateral is required. Banks and NBFCs use the biometric information recorded on the Aadhaar card to validate loan applications. Applicants must additionally submit a few additional secondary papers. It should be emphasized, however, that to apply for an Aadhaar card loan, one must have a valid Aadhaar card, a PAN card, and a bank account.

If an applicant does not have a PAN card, he may be asked to present other papers such as a voter ID card, passport, driving license, pay stubs, and so on. There is no standard list of documents, and the list varies from bank to bank.

To obtain a rapid loan of Rs 10,000, say within 2 to 3 days after application, the applicant must match the lender’s eligibility conditions and have a decent credit score. To qualify for loans with favorable terms and conditions, most lenders require a credit score of at least 750. Although some financial organizations will approve a loan application with a credit score of 600. However, such arrangements usually accompany unfavorable terms, such as higher interest rates.

How To Apply For A ₹10,000 Loan On Aadhaar Card?

An Aadhaar card loan, regardless of loan size, can be applied for both offline and online. To apply for a ten thousand rupee loan using an Aadhaar card online, the consumer needs to go to the bank’s website or download the mobile loan app. The next step is to complete the KYC by filling out the online personal loan application and providing the UID number and other personal or professional details.

There is no need to upload any additional papers if the customer’s Aadhaar card is linked to his or her PAN and bank account. Following the submission of the loan application, the bank conducts eligibility and verification checks. The loan amount is disbursed to the individual account following verification.

To avoid disappointment, verify the eligibility criteria before applying for a loan. Conducting a comparative analysis between banks is also advisable to find the best deal.

These loans, like other personal loans, are repaid to the bank in monthly installments. Missed EMI payments reduce the credit score and can have additional negative consequences. As a result, before applying for a loan, one must assess his financial situation.

Advantages Of Applying For Loan on Aadhaar Card

The following are some of the advantages of applying for a personal loan with an Aadhaar Card:

• Aadhaar card loans are disbursed immediately. Because the usage of an Aadhaar card simplifies the online verification process (e-KYC), the loan processing time is reduced. It ultimately leads to speedier loan disbursement.
• Because the 12-digit UID number acts as evidence of citizenship, address, photograph, age, and identity of the applicant, Aadhaar as a single document simplifies the documentation process for both customers and financial institutions.

EMI Calculation On Rs 10,000 Loan on Aadhaar Card

Manually calculating the EMI on Loan on Aadhaar card loan using the formula –

P x R x (1+R)^N / [(1+R)^N-1].

Here,

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly installments

So if Mr. X has taken a ₹10,000 loan on an Aadhaar card at a 10% p.a. interest rate for a tenure of 1 year, then

EMI = 10000* 0.01* (1+ 0.01)^10 / [(1+ 0.01)^12 ]-1= 879

In this case, the total interest payable on the loan is Rs 550, and the total amount owed is Rs 10,550.

However, manually calculating EMI is time-consuming and increases the possibility of inaccuracy. To solve these issues, a personal loan EMI calculator can be utilized to provide quick results.

Conclusion

Previously, submitting a huge number of documents was required to apply for a personal loan. Most banks and NBFCs now recognize the UIDAI (Unique Identification Authority of India) ID on an Aadhaar card to grant a loan.

However, it should be noted that, in addition to the Aadhaar card, loan providers require a set of documents for loan processing. According to a recent RBI circular, the Aadhaar card can no longer be utilized as an address proof. When applying for a personal loan, an individual must provide legitimate address proof such as an electricity bill, passport, driving license, rent agreement, and so on. Do you require funds to cover your immediate personal expenses?

Then choose a loan from the RBI Approved Loan App to take advantage of the benefits of simple application and fund disbursement. Download any of the Approved Loan App and apply right away. If you are concerned about the EMI, select your preferred loan amount and term, and then utilize the personal loan EMI calculator before applying.