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Yes, it is possible! The Aadhar card issued by the Indian government can help you get a loan in case of emergencies. You can also use it to complete your KYC online without having to visit a bank physically.
Let’s see all the information you need to know about this, how to apply, and which lenders offer this loan.
Get a Rs. 50,000 Loan on Aadhaar Card - How to Apply
Here's how to easily apply for a Rs. 50,000 personal loan online using your Aadhar card:1. Visit the lender's website: Choose a lender and go to their website to see their loan options.
2. Register and apply: Fill out a registration form with your details and how much you want to borrow.
3. Submit your documents: You'll generally need to upload scanned copies of your Aadhar card, PAN card, and income proof (like bank statements or salary slips). Some lenders might ask to submit additional documents.
4. Application review: After you submit your documents, the lender will review your application.
5. Get your loan (if approved): If your loan is approved, the money will be deposited into your bank account.
Before applying, make sure you understand all the loan terms and conditions.
₹50,000 Loan on Aadhaar Card - Features and Benefits
- Quick and Easy Application: Less paperwork is needed. Just use Aadhaar e-KYC and submit income proof.
- Get Approved Fast: Apply online and get a decision in mere minutes or a couple of days (subject to eligibility).
- Get Money Quickly: Receive the loan amount in your bank account within 24 hours after verification.
- No Collateral Required: You don't need to give anything as security for the loan.
- Flexible Repayment: Choose a repayment plan that works for you, up to 8 years. This can vary depending on the lender or bank you choose.
- Transparent Costs: There are no hidden fees when you get this loan.
Eligibility Requirements to Get a ₹50,000 Loan on Aadhaar Card
To get a Rs. 50,000 loan using your Aadhar card, you'll need to meet some basic requirements. If you meet these, you can apply and potentially get fast approval.
- Age: At least 21 years of age is required. The maximum age can vary by lender, but some go up to 60.
- Income: You need a net monthly income of at least Rs. 25,000.
- Credit Score: Most lenders require a credit score of 700 or higher. Check your credit score on CreditMantri for free.
- Employment: Some lenders require proof of steady employment for 3-6 months.
- Residence: Some banks or lenders may also ask for proof of stable residence, like utility bills.
Keep in mind that the eligibility criteria can differ according to the lender you opt for.
If your credit score is low and you want to improve it to get better offers on loans, you can subscribe to our credit improvement services.Benefits of Getting a Loan with Your Aadhaar Card
- Faster Approval: Aadhar card verification is quick and easy, speeding up the loan process.
- Less Paperwork: You'll need fewer documents since your Aadhar card acts as both ID and address proof.
- No Collateral Needed: Unlike some loans, this is an unsecured loan, so you don't need to put up any assets as security.
- Fast Funds: In most cases, you can get the loan amount in your bank account within 24 hours (for instant loans).
How to Calculate Your EMI for a Rs. 50,000 Loan on Aadhar Card
Figuring out your EMI (monthly payment) for a Rs. 50,000 Aadhaar card loan is easy! It mainly depends on 3 things: loan amount, interest rate, and repayment time.
Here's a formula you can use: EMI = Loan amount x Monthly interest rate x (1 + Monthly interest rate)^Repayment months / [(1 + Monthly interest rate)^Repayment months - 1]
For example, let's say your loan is Rs. 50,000, the interest rate is 10% per year (which is 0.0833 monthly), and you repay in 1 year (12 months). Here's the calculation:
EMI = Rs. 50,000 (P) x 0.0833 (R) x (1 + 0.0833)^N / [(1 + 0.0833)^N - 1]
In this case, you'd pay Rs. 4,396 each month. The total interest you'd pay over a year is Rs. 2,750, bringing the total amount repaid to Rs. 52,750.
Some Lenders Offering 50,000 Loan on Aadhaar Card
1. Tata Capital
Tata Capital makes it easy to get a Rs. 50,000 loan with your Aadhaar card.1. Simple Online Application: Head to Tata Capital's website and start the loan application process.
2. Quick Details: Enter your personal information and the loan amount you need (Rs. 50,000).
3. Minimal Documents: Upload scanned copies of your Aadhaar card and any other required documents as per Tata Capital's instructions.
4. Fast Verification: Tata Capital will use Aadhaar e-KYC to verify your identity quickly.
5. Approval and Disbursement: Once approved, the loan amount will be deposited directly into your bank account, potentially within 24 hours.
6. Flexible Repayment: Choose a repayment plan that works for you from the options offered by Tata Capital.
2. KreditBee
KreditBee offers a quick and efficient way to get a Rs. 50,000 loan using your Aadhaar card.1. Convenient Online Application: Visit KreditBee's website and initiate the loan application.
2. Provide Key Information: Fill out the application with your personal details and the loan amount (Rs. 50,000).
3. Digital Documents: Upload scanned copies of your Aadhaar card and any additional documents requested by KreditBee.
4. Approval Through e-KYC: KreditBee utilises Aadhaar e-KYC for swift verification of your identity.
5. Fast Funding: If approved, KreditBee will transfer the loan amount directly into your bank account, potentially within minutes.
6. Flexible Repayment Options: Choose a manageable repayment plan from the available options offered by KreditBee.
3. Kotak Bank
Below is how to apply for a Rs. 50,000 loan using your Aadhar card at Kotak Mahindra Bank:1. Go to Kotak Mahindra Bank's website: Visit their website and start browsing.
2. Find Personal Loans: Look for the section on personal loans.
3. Start your application: Click the button to "Apply Now" for a personal loan.
4. Fill out the form: Enter your personal information and the loan amount (Rs. 50,000) on the application form.
5. Submit your application: Once you've filled out the form, click "Submit" to send it to the bank.
6. Wait for a response: A Kotak Mahindra Bank representative will contact you if your application using an Aadhar card is approved.
4. Money View
Money View makes getting a Rs. 50,000 loan with your Aadhar card quick and easy.1. See if you qualify: Check your eligibility for the loan in just 2 minutes by entering some basic details on Moneyview's website.
2. Choose your loan terms: Select the amount you need (Rs. 50,000) and the repayment period that fits your budget from the available options.
3. Upload your documents: No need for a trip to the bank! Submit the required documents online conveniently.
4. Get your money fast: Once Moneyview verifies your documents and you sign the loan agreement, the loan amount will be deposited into your bank account within 24 hours (in most cases).
5. Zype
Below is the process on how to get a Rs. 50,000 loan on Zype using your Aadhar card in no time:
1. Download the Zype App: Get started by installing the Zype app on your phone.
2. Fill Out the Application: Enter your name, phone number, PAN card details, and employment information in the app.
3. Get Your Credit Limit Offer (Fast!): Zype will review your information and generate a credit limit offer within 60 seconds.
4. Complete KYC with Aadhaar: Verify your identity by completing a one-time password (OTP) process linked to your Aadhaar card mobile number and take a selfie.
5. Choose Your Loan Amount & Repayment: Select the Rs. 50,000 you need and choose a repayment plan that works for you.
6. Get Funded Quickly: Once approved, the money will be transferred from your Zype credit line directly to your bank account.
Disclaimer: The above information is written as of 19th May 2024 and is subject to change. Please refer to the respective bank’s official website for the latest information.
FAQs on 50000 Loan on Aadhaar Card:
1. What is the maximum loan amount on an Aadhaar card?
The maximum loan amount available on an Aadhaar card varies depending on the lender and the type of loan. Typically, personal loans offered using Aadhaar-based KYC verification can range from ₹10,000 to ₹50 lakhs. However, the exact amount depends on factors such as the applicant's credit score, income, and repayment capacity. It's best to check with specific financial institutions for their terms and conditions.
2. How to get a 50k loan without income proof?
It's less common, but some lenders may approve you for a personal loan of Rs 50,000 without income proof. They will likely consider other factors to assess your ability to repay the loan, such as your credit score and employment history.
3. How can I get 50,000 rupees fast?
Begin by researching lenders that offer instant personal loans. Contact them and provide them with the necessary documents like Aadhar card, PAN card, and income proof. If you meet the eligibility criteria, you can get 50,000 rupees in a period of 24 hours.
4. Can I get a 50000 loan without a salary slip?
It might be tough to get a Rs. 50,000 loan without a salary slip, but there are options. Some lenders may accept other proof of income, like bank statements or tax documents. Look for lenders that offer loans based on Aadhaar card verification, but be aware these might come with stricter requirements or higher interest rates.
5. Do banks give 50,000 loans?
Yes, banks do offer personal loans of Rs. 50,000. These are unsecured loans, meaning you don't need to put down any assets as security. However, you'll typically need a good credit score and a steady income to qualify.
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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