How to Get a ₹10,000 Loan on Aadhar Card

Eligibility Criteria

Before applying for a loan, ensure you meet the following general eligibility requirements:

• Age: Applicants must be between 21 and 65 years old (Some lenders may have different age bracket requirements).
• Credit Score: Certain lenders accept scores as low as 600, a score above 750 is often preferred for better terms.
• Income: A minimum monthly income of around ₹25,000 is typically required. This may vary based on the lender.
• Documents: You will need to provide your Aadhar card and PAN card. Additional documents like salary slips or bank statements may be required depending on the lender.

Steps to Apply for the Loan

Here’s a step-by-step guide to applying for a loan using your Aadhar card:

• Choose a Lender: Research various banks and non-banking financial companies (NBFCs) that offer loans against Aadhar cards. Compare interest rates, processing fees, and repayment terms.
• Online Application: Visit the lender’s website or download their mobile app. Fill out the personal loan application form with your details, including your Aadhar number. Complete the Know Your Customer (KYC) process by verifying your mobile number and providing necessary documents.
• Verification: The lender will verify your details and check your eligibility. This process can take anywhere from a few minutes to several hours.
• Loan Offer: Based on your creditworthiness and the information provided, you will receive a loan offer detailing the amount, interest rate, and tenure options.
• Approval and Disbursement: Once you accept the offer and your documents are verified, the loan amount will typically be credited to your bank account within 24 hours.

Advantages of Aadhar Card Loans

Here are some advantages of taking loans against your Aadhar card:

• Quick and Easy Approval Process: Small personal loans feature a fast and easy approval process with minimal documentation, often completed online.
• Minimal Documentation Required: Basic identification proof such as an Aadhar card or PAN card, along with proof of income, is usually sufficient.
• Flexibility in Repayment Options: Borrowers can choose a repayment plan that fits their financial situation, with terms ranging from a few months to several years.
• Lower Interest Rates Compared to Other Loans: Personal loans often have lower interest rates than credit card and payday loans, leading to savings over time.
• Positive Impact on Credit Score: Timely repayment can boost your credit score, which may lead to better terms on future loans.
• Suitable for Emergency Expenses: These loans offer a quick solution for emergencies, such as medical costs or unexpected repairs.
• Customized Loan Amounts to Fit Your Needs: Borrowers can request amounts tailored to their needs, making it easier to manage finances.
• Unsecured Loans with No Collateral Required: Personal loans do not typically require collateral, reducing the risk for borrowers.

Conclusion

Obtaining a loan using your Aadhar card can be a straightforward process, especially in emergencies. By understanding the eligibility criteria and following the steps outlined, you can secure the funds you need quickly and efficiently. Always ensure you compare offers from different lenders to find the best deal suited to your financial situation.