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Key Highlights of Rs. 10,000 Loan on Aadhaar Card
Here are some key features of these small cash loans.
- Collateral-free loan: A personal loan on your Aadhaar is an unsecured loan. So, no collateral is required to obtain a Rs. 10,000 loan on Aadhaar card.
- Speedy approval process: An Aadhaar card can be verified easily, speeding up the approval process.
- Interest rates: The interest rates for this loan will vary across lenders. It depends on various impacting factors such as your credit profile, income, tenure, etc. A lower interest rate implies lower EMIs and a lower cost of borrowing.
- Quick disbursal: Your loan amount will be disbursed within 24 hours or less, in most cases.
- Flexibility in repayment tenure: You can choose your desired loan repayment tenure.
- No end usage restriction: You can use the funds from this loan for any purpose be it home renovation, travel, marriage, course fees, medical exigency, etc. You don't have to explain the purpose of getting the loan to your lender.
- Apply from anywhere anytime: You can apply for a 10,000 loan on Aadhaar from the comfort of your home online, anytime. You don’t have to go to the branch physically.
- Lesser documentation: The Aadhaar card alone can be furnished as both identity and address proof. So, less documentation is required.
- Prepayment or foreclosure: Some lenders may allow you to prepay or foreclose your 10,000 loan on Aadhaar without charging any penalty. While others may impose some penalties. Foreclosure or prepayment free of charge will help you save on interest. Since the charges will vary across lenders, you should check with your lender’s prepayment or foreclosure policy before applying for the loan.
Eligibility Criteria for Rs. 10000 Loan on Aadhaar Card
The eligibility criteria for a 10,000 loan on Aadhaar card are as follows:
- Age: The age of the applicant must be above 18 years.
- Credit score: You must have a good credit score. The credit score is a three-digit number that summarizes your creditworthiness based on your past repayment history, credit utilization, total levels of debt, and other factors. The credit score requirements vary across lenders. Based on the lender, the credit score requirement can range between 650 to 750. Some lenders may even sanction a loan for a lower credit score but they will charge you a high interest rate and impose stringent terms and conditions.To know your eligibility for the 10,000 loan on Aadhaar, check your credit score here on CreditMantri and download your credit report. Also, if you want to improve your score, subscribe to our credit improvement services.
- Income: Your minimum net monthly income will vary across lenders. It may differ depending on factors like your repayment capacity and credit profile.
- Valid Bank account: You should have a valid bank account in your name. The minimum in-hand income must be credited directly to your bank account.
- Nationality: You must be an Indian resident.
Note: The eligibility criteria will vary across lenders.
Documents Required for 10,000 Loan on Aadhaar Card
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.
How to Get Rs. 10,000 Loan on Aadhaar Card?
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.
How is the EMI computed on a 10,000 Loan on Aadhaar?
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.
FAQs on 10,000 Loan on Aadhaar card:
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.
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