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Tata Capital > Blog > Personal Use Loan > How To Get A 10,000 Loan On Aadhar Card

Personal Use Loan

How To Get A 10,000 Loan On Aadhar Card

How To Get A 10,000 Loan On Aadhar Card

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.

Benefits of a Rs. 10,000 loan on an Aadhar card

Taking out a loan on an Aadhar card comes with multiple benefits. Some of these include:

1. Proof of Identity and citizenship

Aadhar is a valid proof of identity and citizenship in India. Therefore, it is used as a Know-your-customer (KYC) document in most loan applications.

2. One document as proof

Aadhar card acts as proof of identity, age, citizenship, photo and residence, hence saving you from the hassle of submitting separate documents for all of these.

3. e-KYC

Since the details of one’s Aadhar card are also available digitally, it enables you and the lender to complete your KYC without your physical presence, hence saving you multiple trips to the lender.

4. No need for a physical copy

You can just share your 12-digit Aadhar number instead of submitting a copy. This is better for the environment and is certainly more convenient.

5. Efficient Application

The loan application process becomes simpler, faster and more efficient when done through your Aadhar.

How to apply for a Rs. 10,000 loan on an Aadhar card

A loan on an Aadhar card is an unsecured loan – and hence doesn’t require collateral. To apply for the loan, you must first check your eligibility for a loan on Aadhar.

Next, identify the lenders who give a Rs. 10,000 loan on an Aadhar card. Then pick the one whose terms and conditions suit you the best. Finally, go to their website and apply for the loan after submitting the requisite documents.

Features of a Rs. 10,000 loan on an Aadhar card

Here are some of the features of a Rs. 10,000 loan on an Aadhar card:

1. Loan Amount

You can avail a loan amount from Rs. 10,000 to Rs. 50,00,000 using your Aadhar card. The actual amount will vary from lender to lender and applicant to applicant.

2. Interest Rate

The interest rate on a Rs. 10,000 loan on Aadhar cards, starts at around 10.50% per annum, with 8.5% per annum for government banks

3. Processing Fee

The processing fee for a loan of Rs. 10,000 on an Aadhar card doesn’t usually exceed 2% of the sanctioned loan amount

4. Tenure

The term of the Aadhar card-based Rs. 10,000 loan usually ranges between 1 to 5 years. In certain circumstances, the tenure may even go up to 6 years.

5. Turn Around Time

The turnaround time for the approval of the Aadhar card Rs. 10,000 loan usually varies from a few hours to a few days. Some instant loan applications even approve the same within a few minutes.

6. Prepayment charges

Most lenders charge a penalty on the repayment of a loan earlier than its tenure. These are called prepayment charges. A loan of Rs. 10,000 on an Aadhar card can usually attract a prepayment penalty of up to 4% of the outstanding loan amount.

Eligibility Criteria for an Aadhar Loan

Anyone can apply for an Aadhar card Rs. 10,000 loan as long as they fulfil basic eligibility criteria. If the criteria are met, you can complete the application process and get quick approvals for the loan.

1. 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.

2. Income

You need a minimum net monthly income of Rs. 25000 to avail of a loan on an Aadhar card.

3. Creditworthiness

A minimum credit score of 750 and above is necessary to be eligible for a loan on an Aadhar card.

4. Consistent Employment

Some lenders require proof of consistent employment for a certain minimum period, usually 3-6 months.

5. Consistent Residence

Some lenders also require proof of consistent residence in the form of documents like maintenance bills, electricity bills, etc.

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 Rs. 10,000 loan on an Aadhar card within hours.

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