There was a time when applying for a loan meant scrambling for a multitude of documents. You had to create a pile of documents and their copies to apply for a loan. This created a lot of hassle and extra work. However, with the coming of Aadhar, you can now apply for a loan with a minimal number of documents. This also enables you to complete your KYC online without having to visit a bank or financial institution.
Continue reading to know more about how to get a Rs. 10,000 loan on an Aadhar card.
How to apply for a Rs.10,000 Loan on Aadhar card
Applying for a Rs.10,000 loan online using your Aadhar Card involves these easy steps:
Step 1: Navigate to the website of your chosen lending institution to explore their loan offerings.
Step 2: Register by providing the necessary details and specifying your loan needs.
Step 3: Submit digital copies of your Aadhar and PAN cards.
Step 4: Post-documentation, your application will be reviewed and processed for approval.
Step 5: Once approved, the loan amount will be transferred to your bank account.
However, ensure you understand all the terms and conditions of the loan, before applying.
In the absence of a PAN card, alternatives like a driving license, salary slip, or Voter ID/passport can be submitted.
Features and Benefits of ₹10000 loan on Aadhar card
Taking out a loan on an Aadhar card comes with multiple benefits. Some of these include:
You only need a few documents: Just show your Aadhar card and some basic KYC details, and you’re good to go.
You get the money fast: You can expect to get approved and receive the funds in your account within a day.
You don’t need any collateral: This loan is unsecured, which means you don’t have to risk losing any of your assets.
You can use the money for anything: Whether you have an emergency, a small purchase, or a personal goal, you can spend the money as you wish.
You can apply online: You don’t have to visit any branch or office. You can complete the whole process from the comfort of your home or anywhere else.
These benefits make the Rs. 10,000 Aadhar card loan a smart and convenient choice for your financial needs. It can help you achieve your dreams and overcome your challenges.
Eligibility for Rs.10000 loan on Aadhar Card
Anyone can apply for an Aadhar card Rs. 10,000 loan as long as they fulfill basic eligibility criteria. If the criteria are met, you can complete the application process and get quick approvals for the loan.
- Age: The minimum age to apply for an Aadhar card loan of Rs. 10,000 is 21 years. The upper limit varies from lender to lender and could even be up to 65 years.
- Income: You need a minimum net monthly income of Rs. 25000 to avail of a loan on an Aadhar card.
- Creditworthiness: A minimum credit score of 750 and above is necessary to be eligible for a loan on an Aadhar card.
- Consistent Employment: Some lenders require proof of consistent employment for a certain minimum period, usually 3-6 months.
- Consistent Residence: Some lenders also require proof of consistent residence in the form of documents like maintenance bills, electricity bills, etc.
How is EMI calculated on a ₹10,000 loan on an Aadhar card?
Calculating the EMI (Equated Monthly Installment) for a Rs. 10,000 Aadhar card loan is straightforward. Primarily, it depends on three factors: the loan amount, interest rate, and tenure.
For a Rs. 10,000 loan, the EMI can be calculated using the formula: EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal amount (Rs. 10,000), R is the monthly interest rate, and N is the number of months.
If a person obtains a loan of ₹10,000 using his Aadhaar card, with an annual interest rate of 10% and a repayment period of one year, the calculation would be as follows:
EMI = 10000 * 0.01 * (1 + 0.01)^12 / [(1 + 0.01)^12 – 1] = ₹879
In this scenario, the total interest payable over the course of the loan amounts to ₹550, bringing the cumulative amount to be repaid to ₹10,550
To Conclude
Monetary emergencies are never in your control. However, in such circumstances, a loan on an Aadhar card enables you to ride over the exigent situation comfortably. Tata Capital provides loans against Aadhar cards on convenient repayment terms. All you need to do is share your UIDAI number and other relevant documents and you will get a Rs.10,000 loan on an Aadhar card within hours.
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27 November 2024
5 mins read
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