10000 Loan On Aadhaar Card

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.

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: