Are you in need of some quick cash to meet an urgent expense or fulfill a personal goal? Do you want to avoid the hassle of arranging multiple documents and visiting a bank branch? If yes, then secure a quick approval for a ₹10,000 loan using your Aadhaar card, tailored for students and non-salaried people seeking swift financial assistance

Aadhaar card is a 12-digit unique identification number issued by the Indian government to every resident of India. It contains your biometric and demographic information, such as your name, date of birth, address, gender, photo, and fingerprints. It serves as proof of identity and address for various purposes, such as opening a bank account, getting a SIM card, availing government subsidies, etc.

But did you know that you can also use your Aadhaar card to get a personal loan of up to 10,000 rupees? Yes, you read that right. Many banks and non-banking financial companies (NBFCs) now offer instant loans of 10,000 rupees or more on your Aadhaar card. You don’t need any other documents, collateral, or guarantor to get this loan. You just need to have a valid Aadhaar card, a PAN card, and a bank account.

In this article, we will tell you everything you need to know about how to get a 10,000 loan on Aadhaar card, what are the eligibility criteria, what are the advantages, and what are the features of this loan. Read on to find out more.

Steps to Get Rs 10,000 Loan on Aadhaar Card

Getting a 10,000 loan on Aadhaar card is very easy and convenient. You just need to follow these simple steps:

• Step 1: Choose a lender that offers Aadhaar card loans. You can compare different lenders based on their interest rates, processing fees, loan amount, tenure, etc. You can also check their customer reviews and ratings online.
• Step 2: Visit the lender’s website or app and fill in the online application form. You will have to provide some basic details, such as your name, mobile number, email id, Aadhaar number, PAN number, loan amount, and tenure.
• Step 3: Upload a scanned copy or a photo of your Aadhaar card and PAN card. These are the only documents you need to submit for this loan. If your Aadhaar card is linked to your PAN card and bank account, you don’t need to upload any other documents. If not, you may have to provide some alternative documents, such as voter ID, passport, driving license, salary slip, etc.
• Step 4: After submitting the application form and the documents, the lender will verify your details and check your eligibility. This process may take a few minutes or hours, depending on the lender. You will receive a confirmation message or email once your loan is approved.
• Step 5: Once your loan is approved, the lender will transfer the loan amount to your bank account. This may take a few hours or a day, depending on the lender. You can then use the money for any purpose you want.

Eligibility Criteria of Getting a INR 10000 Loan on Aadhaar Card

To get a 10,000 loan on Aadhaar card, you need to meet some basic eligibility criteria. These criteria may differ from lender to lender, but generally, they include:

• Age: You should be at least 21 years old and not more than 65 years old to apply for this loan.
• Income: You should have a minimum net monthly income of 25,000 rupees to avail yourself of this loan. Some lenders may also accept lower income levels i.e. at least 15000, depending on your credit profile and repayment capacity.
• Credit Score: You should have a good credit score of at least 750 or above to get this loan. A credit score is a numerical representation of your creditworthiness, based on your past repayment history, credit utilization, and other factors. A higher credit score indicates a lower risk of default and hence, a better chance of getting loan approval and a lower interest rate. Some lenders may also approve your loan application if you have a lower credit score, but they may charge you a higher interest rate or impose stricter terms and conditions.
• Bank Account: You should have a valid bank account in your name, where the loan amount will be transferred. The bank account should be linked to your Aadhaar card and PAN card.

Advantages of Taking a Loan on Aadhaar Card

Taking a loan on Aadhaar card has many advantages over other types of loans. Some of these are:

• Minimal Documentation: You only need to submit your Aadhaar card and PAN card to get this loan. This saves you a lot of time and hassle by cutting off your search for income proof.
• Fast Approval and Disbursal: You can get this loan approved and disbursed within a day or even a few hours. Since the verification process is done online using your Aadhaar card, the loan processing time is reduced significantly. You don’t have to wait for days or weeks to get the money in your account.
• Flexible Usage: You can use this loan for any purpose you want, without any restriction or limitation. You can use it to pay for your medical bills, home renovation, travel, education, wedding, or anything else. You don’t have to justify your loan purpose to the lender.
• Online Application: You can apply for this loan online, from the comfort of your home or anywhere else. You don’t have to visit any branch or office. You can complete the whole process on your smartphone or laptop, with just a few clicks.

Features of ₹10,000 Loan on Aadhaar Card

A 10,000 loan on Aadhaar card has some unique features that make it different from other loans. Some of these are:

• Loan Amount: You can get a loan of up to 10,000 rupees or more on your Aadhaar card, depending on your eligibility and the lender’s policy. Some lenders may offer you a higher loan amount, if you have a good credit score and income level.
• Interest Rate: The interest rate for this loan may vary from lender to lender, but generally, it ranges from 18% to 36% per annum. The interest rate is determined by various factors, such as your credit score, income level, loan amount, tenure, etc. A lower interest rate means a lower cost of borrowing and a lower EMI.
• Tenure: The tenure for this loan may vary from lender to lender, but generally, it ranges from 3 months to 12 months. Tenure is the period within which you must repay the loan amount along with the interest. A longer tenure means a lower EMI, but a higher interest cost. A shorter tenure means a higher EMI, but a lower interest cost.
• Repayment: The repayment for this loan is done through EMIs or equated monthly installments. An EMI is a fixed amount you must pay the lender every month until the loan is fully repaid. The EMI consists of both the principal and the interest components. The EMI amount is calculated based on the loan amount, interest rate, and tenure. You can use an online EMI calculator to find out your EMI amount and plan your budget accordingly.
• Prepayment and Foreclosure: Prepayment is the act of paying off a part or the whole of the loan amount before the due date. Foreclosure is the act of paying off the entire loan amount before the end of the tenure. Some lenders may allow you to prepay or foreclose your loan without any penalty or charge. This can help you save on the interest cost and reduce your debt burden. However, some lenders may charge you a prepayment or foreclosure fee, which may vary from lender to lender. You should check the prepayment and foreclosure policy of the lender before applying for the loan.

Conclusion-

To sum up, a 10000 loan on Aadhaar card is a great option for anyone who needs some quick cash for their personal needs. It is easy to apply, fast to get, and flexible to use. You only need your Aadhaar card and PAN card to get this loan. You can compare different lenders online and choose the one that suits your requirements. However, you should also be careful about the interest rate, tenure, and repayment terms of the loan. You should borrow only as much as you can afford to repay and avoid defaulting on the loan. A 10,000 loan on Aadhaar card can help you solve your financial problems, but it can also create new ones if you misuse it. So, use it wisely and responsibly.