₹10,000 Loan on Aadhaar Card: Eligibility, Process, and Common Mistakes

An emergency situation can arise at any time like a medical emergency, home repair or unplanned travel. The need for finance in such times will be quite small. Due to digital lending, these needs are easily fulfilled with an Aadhar card loan.

You can apply for a ₹10,000 loan on an Aadhar card, which is offered by many lenders. These are instant cash loans and are approved very fast. You just have to provide your Aadhar ID, and the loan will be disbursed in minutes.

What is an Aadhar Card Loan?

An Aadhar card loan is one type of personal loan offered by banks and NBFCs. Here Aadhar Card serves as a primary document for verification. The verification is conducted by the EKYC process. The Aadhar card loan is specially designed for individuals who require quick funds without much paperwork formalities. The loan process is quite fast as there is minimal documentation.

Key Features of ₹10,000 Loan on Aadhar Card

Here are some key features of a 10,000 loan on an Aadhar Card: – 

1.    Quick Processing

₹10,000 Loan on Aadhar Card is processed very fast. This is because it’s approved based on an Aadhar card and not many documents are needed. The entire processing takes place online. Hence, the loan is processed in less time.

2.    Minimal Documentation

Unlike traditional personal loans here you don’t require many documents. Just an Aadhar card and a few basic documents are enough. Hence, the loan is processed with minimal documentation.

3.    No Collateral

This is an unsecured loan, which means that you don’t have to provide any security or collateral. This is very useful to those borrowers who don’t have any assets to pledge.

4.    Small Loan Amounts

This loan is idle for those who want a loan for a small amount like ₹10,000. The repayment tenure is also very short, which makes it easy to manage.

5.    Flexible Repayment

₹10,000 loan on Aadhar Card offers flexible repayment options. You can choose the flexible tenure from 3 months to 15 months. This will help you to manage debt efficiently.

Eligibility Criteria for ₹10,000 Loan on Aadhar Card

Before you apply for a ₹10,000 loan on an Aadhar Card, you shall meet the eligibility criteria. The minimum eligibility requirements are as follows: –

1.    Age

The minimum age required to apply for a ₹10,000 loan on an Aadhar Card is 21 years. The upper age limit can vary from lender to lender, but it’s mostly not more than 65 years.

2.    Income

The loan applicant shall have a minimum net monthly income of ₹20,000.

3.    Nationality

You should be an Indian Citizen. Only Indian citizens with an Aadhar card are eligible.

4.    Credit Score

A minimum credit score of 750 is expected from the loan applicant. The better the credit score, the lower the interest rate.

5.    Consistent Employment

You shall have consistent employment for at least one year in the present organization.

How to Apply for a ₹10,000 Loan on an Aadhar Card?

Application for a ₹10,000 Loan on an Aadhar Card is online. Here are the steps that you need to follow: –

1.    Choose the Lender

There are many banks and NBFCs offering a ₹10,000 loan on an Aadhar Card. You shall check and compare their offer and choose the one which is best.

2.    Check Your Eligibility

Each lender has different eligibility criteria. Before initiating the application do check if you meet the eligibility criteria of the lender or not. Apply only if you fulfil the criteria, or else your application will be rejected.

3.    Collect Documents

No doubt the Aadhar card is the main document required. But the lender can also ask for additional documents like a PAN Card, a Bank statement and a photograph. So be prepared with these documents.

4.    Enter Basic Details and Aadhar Number

Visit the website of the lender or download the app. Fill out the basic details like name, employment, PAN, city, etc. Enter Your Pan number and complete the E-KYC verification.

5.    Choose Loan Amount and Tenure

Choose ₹10,000 as the loan amount. Select the tenure as per what suits you best.

6.    Upload the documents

Upload Aadhar card and other basic documents like bank statements and income proof. No heavy paperwork is needed.

7.    Review and Disbursement

The lender will review your loan application. If everything is perfect, then the loan will be disbursed within a few hours.

Common Mistakes to Avoid

For fast approval, there are certain common mistakes that you need to avoid: –

●       Make sure that your Aadhar is linked to your mobile number. Because in the absence of this, your EKYC OTP verification will fail.

●       You shall not have a low credit score. Because it can lead to loan rejection or high interest on the loan.

●       Many apply with an incomplete application. This will slow down the loan process as you will be asked to apply again or complete the form.

●       Sometimes applicants upload unclear documents. Avoid doing this because it delays the verification process.

●       You may have loan offers from multiple lenders. But you shall avoid applying to multiple lenders. Because it can affect your credit score.

Conclusion

Your short-term financing needs can be easily fulfilled with a ₹10,000 instant personal loan. It requires minimal documents and is processed quickly, which makes it an attractive choice for borrowers in India.

You can apply for this loan just from your phone itself. It will just take a few minutes to complete the application process. And if everything is okay, then the loan will be disbursed within a few minutes. Make sure that your Aadhar Card is linked to your mobile number, or else the loan verification will fail.