Aadhar Card Loan
With your Aadhar card as identification, you can quickly secure a loan of up to Rs. 40 Lakhs. The interest rates for these loans start at 10.50% per annum (or 8.35% per annum for government banks), and you can choose a repayment tenure of up to 5 years. Obtaining this loan is straightforward and can be completed online with minimal documentation.
What is Aadhar Card Personal Loan?
In the past, individuals faced the hassle of providing numerous documents
to prove their address and identity when applying for a personal loan,
leading to confusion and delays. However, things have changed. Nowadays,
you can streamline the entire Know Your Customer (KYC) process using just
your Aadhar card as a single document. Banks can now perform electronic
KYC (e-KYC) using their Aadhar card. This advancement means that you can
access various kinds of personal loans more conveniently and easily tap into a broader range of financial services.
List of Top Banks and NBFCs Using Aadhar Card as Primary Identity
Proof
Personal Loan | Features | Document |
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HDFC Personal Loan |
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ICICI Personal Loan |
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Bajaj Finserv Personal Loan |
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Tata Capital Personal Loan |
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MoneyTap |
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MoneyView |
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APSRTC CCS Loan Information: Eligibility & Apply Online
Features & Benefits of Aadhar Card Personal Loan
Key features of Aadhaar Card Loan are:
Loan amount: Minimum Rs. 10,000 to Rs. 50 Lakhs loan on Aadhar Card can be
availed
Rate of interest: Personal Loan Interest Rates start from 10.49% p.a. for private lenders and 8.35% p.a. for
public sector banks.
Tenure: Usually personal loan repayment tenure varies between 1 to 5 years.
However, some banks may provide tenure of up to 72 months.
Processing fee: Up to 2% of the sanctioned amount for an Aadhar Card Loan.
Prepayment charges: Up to 4% of the outstanding loan amount.
TAT: TAT Full form is Turn Around Time. Depending on each lender’s process, the
turnaround time of an Aadhar Card Personal Loan may vary between a
few hours to a few days. Some mobile-based apps also disburse the
loan amount within a few minutes.
Key benefits of an Aadhaar Card Personal Loan are:
Easy access to loans and other financial services as service
providers ask their customers for Know Your Customer (KYC)
documentation and Aadhar is the best way to prove your identity and
citizenship.
Single document for multiple proofs like citizenship, address, age,
photo, and identity.
The card can also be used for e-KYC, i.e., online
verification.
The application process gets simplified and fast.
One document (Aadhaar Card) can be used for age proof, identity
proof, photo identity proof, and address proof. Also, you can check
the importance of the PAN Aadhar link to enjoy other benefits at one
go.
At times, you don’t even have to provide a copy of an Aadhaar Card,
only the 12-digit UID number is enough
Eligibility Criteria for Aadhar Card Loan
Age: The applicant must be a minimum of 21 years old when applying for the
loan and a maximum of up to 60 years (60 years for self-employed) at
loan maturity.
Credit score: To be eligible for an Aadhar Card Personal Loan your credit score
must be 750 or above.
Salary: The minimum net monthly income required to apply for the loan is
Rs. 25,000.
Minimum work experience: You must have a total work experience of a minimum of 2 years and at
least 1 year of experience with the current organisation.
Years in current residence: You must be residing in your current residence for at least last 1
year.
500+ Fake loan app list you should avoid at any cost [2023]
EMI Calculation On Rs 10,000 Loan on Aadhaar Card
The EMI on an Aadhaar card loan can be calculated manually using the formula –
P x R x (1+R)^N / [(1+R)^N-1].
Here,
- P = Principal amount of the loan
- R = Rate of interest
- N = Number of monthly installments
- So if Mr. X has taken a ₹10,000 loan on an Aadhaar card at 10% p.a. interest rate for a tenure of 1 year, then
- EMI = 10000* 0.01* (1+ 0.01)^10 / [(1+ 0.01)^12 ]-1= 879
- Here, the total interest to be paid on the loan is Rs 550 and the total amount payable is Rs 10,550.
- However, manual calculation of EMI can be tedious and increases the scope for errors. To beat these problems a personal loan EMI calculator can be used for quick results.
The EMI on an Aadhaar card loan can be calculated manually using the formula –
P x R x (1+R)^N / [(1+R)^N-1].Here,
- P = Principal amount of the loan
- R = Rate of interest
- N = Number of monthly installments
- So if Mr. X has taken a ₹10,000 loan on an Aadhaar card at 10% p.a. interest rate for a tenure of 1 year, then
- EMI = 10000* 0.01* (1+ 0.01)^10 / [(1+ 0.01)^12 ]-1= 879
- Here, the total interest to be paid on the loan is Rs 550 and the total amount payable is Rs 10,550.
- However, manual calculation of EMI can be tedious and increases the scope for errors. To beat these problems a personal loan EMI calculator can be used for quick results.
7 Days Loan App List, Fake Loan App List
Frequently Asked Questions :
Can I get loan on my Aadhar card?
Ans : Yes, you can obtain a personal loan overdraft using your Aadhar
Card in India. This facility allows you to withdraw and repay funds at
your convenience within your eligibility limits.
How to get 10k loan instantly?
Ans : To obtain a personal loan overdraft through the MoneyTap app,
follow these steps: Download the MoneyTap app and complete the
registration process. Provide basic details such as your age, city, PAN
number, and income. This information helps determine your eligibility.
Complete the KYC (Know Your Customer) documentation as required. After
approval from the MoneyTap system, they will schedule a KYC visit to
your home or office to collect the necessary documents. Once your KYC
documents are verified, your credit line will be ready to use. This
process allows you to access a personal loan overdraft through the
MoneyTap app in an efficient and convenient manner.
Can I get a personal loan on my Aadhar card without income proof?
Ans : Yes, if you want to apply for a personal loan using your Aadhaar
Card without providing a salary slip, you typically need to provide your
bank statement for at least the past 6 months. This bank statement
serves as an alternative proof of your financial stability and repayment
capacity when you don't have a salary slip to submit as part of your
loan application.
Can I get loan without salary slip?
Ans : Most lenders require an extensive list of documents before
approving a loan which includes a salary slip. But what if you don't
have one? The good news is that you can still get an instant loan
without salary slip.
What is the limit of Aadhar Card loan?
Ans : Get instant loan on Aadhar card of up to Rs. 50 Lakhs at rate of
interest starting from 10.50% p.a. (8.35% p.a. for government banks) and
tenure up to 5 years. The loan can be availed of online easily and the
requirement for document.
How can I get a 5000 loan without salary slip?
Ans : Personal loan without a salary slip Produce an alternate proof of
income. Maintain a healthy credit score. Offer to pledge an asset as
security. Sign up for funding with a co-applicant. Find a lender with
simple eligibility terms.
Which app gives loan in 5 minutes?
Ans : Top 25 Instant Loan Apps Comparison 2023 - India
Can I get a 30000 instant loan without salary slip?
Ans : Yes, you can apply for a ₹30,000 loan without a salary slip. Instead
of a salary slip, you can typically submit your recent bank statement as
part of your loan application. Many lenders may accept bank statements as
an alternative way to assess your financial eligibility for the loan.
However, the specific requirements and documentation may vary depending on
the lender, so it's advisable to check with them for their exact
application process and document requirements.
What is Aadhaar cash loan?
Ans : Aadhaar cash loans are typically unsecured loans, which means you do
not need to pledge any collateral or assets to avail of the loan. To apply
for such a loan, you usually need to provide your Aadhaar details,
personal information, and specify the amount you wish to borrow. The
process is designed to be straightforward, offering a quick and
hassle-free way to obtain a loan based on your Aadhaar identification.
However, it's essential to be cautious and ensure you are dealing with a
reputable and authorized lender when applying for such loans.
How can I get a loan for 1 hour?
Ans : How can I get a loan for 1 hour? List of Required Documents to Avail
Cash Loan within 1 Hour Address Proof - Utility Bills, Passport, Rent
Agreement. Income Proof - Latest salary/pay slip, latest bank statement.
Employment Proof - Offer letter, official mail ID, employee ID card. KYC
Documents - Aadhar Card, PAN card or any government-issued ID.
Who is eligible for instant loan?
Ans : Age: You must be at least 21 years old at the time of your instant cash loan application. You must not be older than 55 years.
What is mini cash loan?
Ans : A mini-cash loan is a short-term unsecured personal loan and is generally used to meet day-to-today needs such as groceries, utilities, gas for your car, and other necessary household expenses.