If you find yourself in need of financial assistance to meet your immediate requirements, a personal loan can be a viable option. With a personal loan, you can borrow a specific amount of money and repay it over a predetermined period. This flexibility makes it an ideal choice for various purposes such as medical emergencies, higher education expenses, home renovations, or even planning a dream vacation.
Many lenders offer personal loans in India, but applying for one can sometimes be a lengthy and complex process. However, with a reliable non-banking financial company (NBFC), you can avail a hassle-free loan. The robust online platform NBFCs allows you to apply for a loan quickly using your Aadhaar card as identification.
In this article, we will guide you through the process of applying for a Rs.3 lakh loan on your Aadhaar card. We will also explore the eligibility criteria, interest rates, and other important factors to consider before applying for this loan.
Benefits of Rs. 3 Lakh Loan on an Aadhaar Card
Before we dive into the application process, let's take a look at some key benefits of availing a Rs. 3 lakh loan on your Aadhaar card:
1. Flexible Loan Amount:
A Rs. 3 lakh loan allows you to address various financial needs effectively, whether it's funding higher education expenses or covering medical emergencies.
2. Collateral-Free Loans:
NBFCs offer unsecured loans, which means you don't need to provide any collateral to secure the loan.
3. Attractive Interest Rates:
Enjoy competitive interest rates starting as low as 11%, making repayment more budget-friendly.
4. Flexible Repayment Term:
These banking institutions offer flexible tenure options ranging from 12 to 60 months. You can choose the repayment period that suits your financial situation best.
5. Fast Disbursal:
Once your loan is approved, you can expect quick disbursal within 24 hours, providing immediate access to the Rs. 3 lakh loan amount.
Eligibility Criteria for Rs. 3 Lakh Loan on Aadhaar Card
Now that you are aware of the benefits of availing a Rs. 3 lakh loan on your Aadhaar card, let's understand the eligibility criteria:
1. Citizenship & Age: You must be an Indian citizen and fall within the age range of 21 to 58 years.
2. Occupation: Such a loan is available for both, salaried and self-employed individuals.
3. Work Experience: Salaried individuals need at least six months of employment, while self-employed individuals require a minimum of two years of business experience.
4. Maximum Loan Tenure: You can enjoy a flexible repayment tenure of up to 60 months in most NBFCs.
5. Maximum Loan Amount: You can apply for a loan of up to Rs. 3 lakh or more, depending on your eligibility and requirements.
6. Monthly Income: Maintain a minimum monthly income of Rs.15,000 to meet the eligibility criteria.
Interest Rates and Other Charges
It's essential to understand the interest rates and associated charges when considering an instant Rs. 3 lakh loan on an Aadhaar card.
Here are some general details regarding fees and charges:
- Interest Rate: The interest rate for this loan starts at a minimum of 11%.
- Processing Fee: Banks may charge a processing fee ranging from 2.5% to 3.5%.
- Part-payment Charges: There may or may not be any part-payment charges applicable. It depends on the banks.
- EMI Bounce Charges: In case an EMI bounces due to insufficient funds in a customer's account, there will be a charge of around Rs. 350.
Personal Loan EMI Calculation for a Rs.3 Lakh Loan
Now that you are aware of the eligibility criteria, interest rates, and charges, let's explore the monthly EMI for a Rs. 3 lakh personal loan. The tenure options for this loan range from 1 to 5 years, with an interest rate of 11%. Here's a breakdown of the monthly EMI for different tenures:
Loan Amount (Rs.) | Tenure (Years) | Interest Rate (%) | Monthly EMI (Rs.)
3,00,000 | 1 | 11% | 26,514
3,00,000 | 2 | 11% | 13,982
3,00,000 | 3 | 11% | 9,822
3,00,000 | 4 | 11% | 7,754
3,00,000 | 5 | 11% | 6,523
Please note that these calculations are approximate and may vary based on the actual interest rate offered by the lender. It's always advisable to use a personal loan EMI calculator to get accurate results.
How to Apply for a Rs. 3 Lakh Loan on an Aadhaar Card?
If you require an instant Rs. 3 lakh loan using your Aadhaar card as identification, follow these steps to apply:
1. Download the Personal Loan App or visit the official website of the bank or NBFC.
2. Create an Account or Log In: Register for a new account or log in if you're an existing user.
3. Loan Application: Enter your personal and financial information while specifying the loan amount and preferred tenure.
4. Document Upload: Upload the necessary documents digitally as per the requirements.
5. Submit Your Application: Once you have completed all the necessary steps and provided all the required information and documents, submit your loan application.
6. Approval Process: The banks will review your application to ensure everything is in order.
7. Loan Disbursal: Once your loan application is approved and you accept the loan offer, the loan amount will be disbursed to your bank account.
Conclusion
Applying for a Rs. 3 lakh loan on your Aadhaar card is quick, easy, and convenient. Most banks have streamlined processes, attractive interest rates, and flexible repayment options making them an excellent choice for individuals seeking financial assistance. Remember to use the Personal Loan EMI Calculator to estimate your monthly instalments accurately.
So, if you need immediate financial support, don't hesitate to apply for a Rs. 3 lakh loan on your Aadhaar card. Take advantage of Tata Capital for reliable services and experience a hassle-free borrowing experience. Download the Tata Capital app now and secure the funds you need to achieve your goals!
16 April 2024
5 mins read
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