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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Here are some key features of these small cash loans.
The eligibility criteria for a 10,000 loan on Aadhaar card are as follows:
Note: The eligibility criteria will vary across lenders.
When you apply for a 10,000 loan on an Aadhaar card, the Aadhaar card is the main document required to be furnished. Aadhaar makes the KYC verification process very smooth for both consumers and financial institutions. This is because the 12-digit unique identity number can be verified easily. However, some lenders can request for additional documents like the PAN card, bank statements, etc. The document requirement will vary across lenders but will be minimal.
Here are the steps to get a Rs. 10,000 loan on Aadhaar card.
Step 1: Choose a lender by comparing the interest rates, processing fees, prepayment charges, tenure, terms and conditions, etc.
Step 2: Log in to the lender’s app or website using your credentials. You may be asked to provide some basic details like name, mobile number, Aadhaar number, loan amount, PAN, and tenure.
Step 3: Upload digital copies of all the documents required.
Step 4: Verify your mobile number.
Step 5: Verify your salary using salary slips and bank account.
Step 6: After you submit your application and documents, the lender will verify the details and your eligibility. An offer will be given based on your eligibility and creditworthiness.
Step 7: A confirmation will be sent to you after the loan is approved by the lender.
Step 8: Once your loan is approved, the loan amount will be disbursed to your bank account within 24 hours in most scenarios.
The EMI on a 10,000 loan is computed using the formula: EMI = P x R x (1+R)^N / [(1+R)^N-1].
Here P is the principal = Rs. 10,000.
R is the monthly interest rate
N is the number of months.
Let us take an example. Suppose you take a 10,000 loan on Aadhaar with an annual interest rate of 8% and a repayment tenure of 1 year, the EMI will be:
EMI = 10000 * 0.006 * (1 + 0.006)^12 / [(1 + 0.006)^12 - 1] = 866.189
Therefore the EMI would be approximately 866.189.
The process of computing the EMI manually can be cumbersome. So, you can use an EMI calculator to compute the monthly EMI. The result will be displayed instantaneously. All you have to do is enter the interest rate, tenure, and the loan amount.
Note: The values may vary slightly across various online EMI calculators and also when compared to the value obtained from manual calculation.
1. Is it possible to get a 10,000 loan without a salary slip?
Yes, you can get a 10,000 loan without providing your salary slip. In that case, you must provide the bank statements of an account linked to your salary.
2. Is it compulsory to have a PAN card to get a 10,000 loan on Aadhaar card?
It is not mandatory to have a PAN card to get a 10,000 loan on an Aadhaar card. However, some lenders may ask for your PAN card to process a 10K loan on your Aadhaar card.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.