We all have faced those moments where we needed an immediate financial cushion. It might have been a medical emergency, an unplanned trip, or an overdue bill. In such scenarios, where you don’t have the time and leeway to apply for a full-fledged loan, a small and quick financial fix can be a lifesaver.
Well, it’s possible now, and the only document you require is your Aadhar Card. Yes, you can avail of an instant paperless Rs.20,000 loan on Aadhar Card. All you need is your 12-digit Aadhar Number; no prolonged loan application, processing, and documentation required.
Here’s everything you need to know.
How to apply for a Rs.20,000 loan on Aadhar Card online
You need to follow these simple steps to get an amount of Rs.20,000 in your account.
Step 1: Visit your lender’s website and check their loan offers.
Step 2: Sign in by filling in the required details and the loan requirements
Step 3: Upload a copy of your Aadhar Card and PAN card.
Step 4: Once documentation is done, your application will undergo a screening and approval process.
Step 5: Upon approval, the lender will disburse the sanctioned amount to your bank account.
But before you apply for an Aadhar card loan online, carefully go through the loan terms and the fine print associated with it.
If you don’t have a PAN card, you can submit your driver’s license, salary slips, or Voter ID/passport.
Eligibility for Rs.20,000 loan on Aadhar Card
Like with any loan, to get the ₹20k loan on your Aadhar Card, you need to meet certain eligibility criteria, including:
- You must be an Indian citizen.
- You should be between 21 and 65 years of age.
- You should have an active Aadhar Card.
- You need to have a steady source of income, be it through a job or self-employment.
These are just typical requirements. Note that lenders will have their own specific salary and credit score requirements. And these will change from lender to lender. So, it’s best to check multiple lenders and their loan terms to find the one that’s most financially suitable for you.
Benefits of Rs.20,000 loan on Aadhar card
Apart from being pretty convenient, this quick loan scheme also provides you with:
Swift Approval: You don’t have to wait for an extended processing, approval, and disbursement procedure. With a Rs.20,000 loan on Aadhar card, you can get the money you need in minutes.
No Collateral: This loan falls into the unsecured category, meaning that your lender won’t ask you to put up any of your assets as collateral or security.
Flexibility: You can choose your loan amount and tenure per your financial requirements. The maximum loan amount is Rs.20,000, and the maximum tenure is two years.
Minimal Documentation: Loan documentation is typically quite extensive. Thankfully, the only document you require for this small loan is your Aadhar card. However, the documentation requirement varies between lenders. However, they’re usually minimal.
How is EMI calculated on a Rs.20,000 loan on an Aadhar card?
The EMIs for an Aadhar card loan are calculated in the same way it’s done for a personal loan. Lenders usually employ a compound interest formula for your loan amount and interest rate.
Here's the formula: A = P (1 + r/n) *nt
Here, A is the total amount paid in interest, P is the principal, r is the interest rate, t is the tenure, and n is the compounding frequency.
So, say you take a Rs.20,000 loan on Aadhar card at 11% interest compounded quarterly for 18 months. As per these numbers, your total interest amount would be Rs.3,535. So, you pay Rs.23,535 in total over the loan tenure.
You can also easily calculate your liabilities with online personal loan EMI calculator. All the lender websites have them.
How to ensure loan approval
As easy and hassle-free as it seems, there’s still a chance for your loan application to be rejected or delayed. To make sure that doesn’t happen, here are some fool-proof tips you can follow:
1. Maintain a good credit score: If you want speedy approvals, pay attention to your credit score. Lenders usually favour buyers with higher credit scores, as it indicates good financial habits. Hence, the higher your score, the faster the approvals.
2. Don’t make too many applications: When shopping around for favourable loan offerings, make sure you don’t apply for multiple loans, as too many applications can quickly bring down your credit score and creditworthiness. In some instances, lenders will outright reject your application.
3. Fill forms correctly: When applying, ensure you put in all information correctly. If the lender finds any discrepancies, they will return the application for correction or reject it entirely.
With these simple tips, you can procure a Rs.20,000 loan on Aadhar card without hiccups.
In summary
As you can see, this instant Rs.20,000 loan on Aadhar card provides a quick, hassle-free, and convenient way to get some cash. It doesn’t require extensive documentation, doesn’t have strict eligibility requirements, and allows you to make repayments flexibly via a tenure of your choice.
But before you opt for this quick loan, remember to assess your liabilities and make a borrowing decision accordingly.
If you require more than Rs.20,000 and want a process as simple and disbursement as quick as an Aadhar card loan, Tata Capital is here to make that happen.
With our personal loans, you can borrow up to Rs.35 lakhs for a maximum tenure of 7 years and affordable interest rates starting at 10.99%. And all this with our simple 4-step application process, super-fast disbursals, and flexible terms.
Why wait? Finance today with Tata Capital’s personal loans.
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27 February 2024
6 mins read
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