Get 10000 Loan On Aadhaar Card – Step By Step Guide

10000 Loan On Aadhaar Card

What is an Aadhaar card?

Aadhaar is like your unique social security number but for India. It’s a 12-digit code that’s linked to your fingerprints and other personal info. Anyone who lives in India or has spent more than 6 months there in the past year can get one. It’s totally voluntary, but it can be really helpful for things like opening a bank account or getting a job.

personal loan

So, let’s be real, we’ve all been there—sudden expenses popping up out of nowhere and hitting us hard. Bills stacking up, and aah! It feels like a financial tension. But hey, here’s the deal: ever thought about using your Aadhaar card for a quick personal loan fix? No collateral is needed and with cool schemes like snagging a 10K loan just using your Aadhaar card.

Check this out: Credmudra. It’s your ticket to ease those money woes. Tap into it, apply for the loan hassle-free, and wrap things up with a few clicks. Easy-peasy, right? Follow these really simple steps to get a loan of 10,000 on your Aadhar card.

Now, let’s see the the criteria for eligibility to get the 10,000 loan on your Aadhar card. 

Eligibility Criteria for Rs 10,000 Loan On Aadhaar Card 

A seamless application process and a list of basic eligibility credentials make Aadhaar card loans an impressive scheme. Before seeking the loan, check out these pointers to ensure an error-free application:

  • Only Indian residents are fit for Aadhaar loans.
  • The minimum age while applying should be 21 years whereas those above 65 years of age are held ineligible.
  • The applicant needs to be a working individual linked with a public/ private company or an MNC at present.
  • Credit score should be at least 650 or above.

Besides these conditions, it is important to note that the income proof one presents must only include the transactions that directly get credited to their bank account. 

Aadhaar card loans, with their simplified application process and collateral-free nature, have emerged as a popular choice for many, who want quick access to funds. In this comparison table, explore the interest rates, processing fees, and prepayment charges,  associated with a ₹10,000 loan facilitated through Aadhaar cards.

Interest rate Starts at 9.30% per anum
Processing FeeUp to 2% of the approved loan amount
Prepayment ChargesUp to 4% of the outstanding loan amount
Also, Read: How To Apply For Rs. 5000 Loan On Aadhaar Card?

List of Mandatory Documents for Rs 10,000 Loan On Aadhaar Card

Here we have mentioned all the necessary documents for both self-employed and salaried Indians willing to apply for a 10000 loan on an Aadhaar card:

1. For Self-Employed Individuals

Self-employed Indians wishing to secure an online personal loan on an Aadhaar card need to submit the following documents:

  • Any 1 ID proof document (Aadhaar card/ PAN card/ Valid Voter ID/ Driving Licence/ Passport)
  • Any 1 address proof document (Utility bills like gas or electricity bills/ Passport/ Voter ID)
  • Bank statements showcasing transactions of the previous 3 months (in PDF format)
  • IT returns or Form 16

However, if you are already registered with Credmudra and have finished the oKYC process, we will take care of these formalities. 

2. For Salaried Individuals

For salaried applicants too, the required documentation is almost similar. Only there is a small difference in the income-proof segment. 

Go through this list to get an idea of the necessary documents:

  • Any 1 ID proof document (Aadhaar card/ PAN card/ Valid Voter ID/ Driving Licence/ Passport)
  • Only 1 address proof document (telephone/ electricity/ gas bill or a valid Voter ID)
  • Pay slips of the previous 3 months issued by the current employer

Usually, Credmudra’s internal team requires just 2-3 minutes to verify your eligibility. So, you may expect an instant disbursal while applying.

Also, Read: How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?

EMI Calculation On Rs 10,000 Personal Loan on Aadhaar Card:

To calculate the EMI (Equated Monthly Installment) for a Rs 10,000 loan, the interest rate and loan tenure are essential. In the absence of specific details, a general formula and an example with assumed figures are provided below.

EMI Calculation Formula:
The EMI can be calculated using the formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

  • P is the loan amount (Principal),
  • R is the monthly interest rate,
  • N is the number of monthly installments.

Now, let’s assume an interest rate of 12% per annum (which is 1% per month) and a loan tenure of 12 months.

P=10,000 (the loan amount),
R=1%=0.01 (monthly interest rate),
N=12 months (loan tenure).

Let’s calculate the EMI based on these assumptions.

Based on the assumptions of a 12% annual interest rate and a 12-month loan tenure, the EMI for a Rs 10,000 loan would be approximately Rs 888.49.
Remember, the actual EMI can vary depending on the lender’s specific interest rate and loan terms. ​

Easy Steps to Apply for Rs. 10,000 Aadhaar Card Loan 

Getting a loan in India based solely on an Aadhaar card involves a process that typically includes the following steps. It’s important to note that while an Aadhaar card serves as vital identity proof, lenders will require additional documents and checks to evaluate your creditworthiness and comply with KYC (Know Your Customer) norms.

1. Check Eligibility Criteria:

As outlined earlier in the blog, it’s crucial first to determine if you meet the general eligibility criteria. Once you’ve confirmed your eligibility, you should then review the specific eligibility requirements set forth by various lenders.

2. Research Lenders:

  • Banks and NBFCs: Traditional banks and Non-Banking Financial Companies (NBFCs) offer personal loans that can be applied for with minimal documentation, including Aadhaar.
  • Online Lenders: Fintech companies and digital lending platforms often have less stringent requirements and faster processing times.

3. Understand the Terms:

  • Interest Rates: Compare the interest rates offered by different lenders to find the most cost-effective option.
  • Repayment Terms: Understand the loan tenure, EMI amount, and any prepayment charges.

4. Prepare Necessary Documents:

Compile the necessary documents listed in the blog’s previous sections for further processing or application steps.

5. Apply for the Loan:

  • Online Application: Many lenders allow you to apply online by filling out a form and uploading digital copies of your documents.
  • Verification Process: After application, there might be a verification process where the lender verifies the documents and information provided.

6. Loan Approval and Disbursement:

The loan amount is typically disbursed to your bank account if your application is approved. The time taken for disbursement can vary from a few hours to a few days, depending on the lender.

7. Repayment

Ensure timely repayment of EMIs to avoid penalties and negative impact on your credit score.
To know the EMI on a 10,000 loan on an Aadhar card, you can check out the below calculation:

Also, Read: 20000 Loan on Aadhaar Card : Check Eligibility, and Steps to Apply

Points to Remember Before Applying for Rs. 10,000 Aadhaar Card Loan

Before you think about getting a loan with your Aadhaar card, here’s what you should keep in mind:

1. Look Around Before Choosing: Before you decide on a loan, take the time to look at what. different lenders offer. You’ll want to compare things like interest rates, how easy it is to apply (like if it’s all done online), and any additional costs like processing fees. Choose someone you can trust.

2. Know Your Credit Score: Your credit score is like a report card for your finances, and lenders look at it to decide if they can trust you with a loan. If your score is low, there’s a chance your loan application might not make the cut. Keep an eye on your credit score to steer clear of any surprises when applying for a loan. If you find your score isn’t where it should be, check out our tips on improving your credit rating.

3. Only Borrow What You Need: Here’s a friendly piece of advice: only ask for the amount you actually need, not the maximum you might get approved for. This way, you won’t be overwhelmed by too much debt. For instance, if you get an offer for a Rs.5 lakh loan but only need Rs.1 lakh, just go for the Rs.1 lakh. Of course, if you’re sure you can handle paying back more, then adjusting your loan amount accordingly is okay.

4. Be Aware of Extra Fees: It’s not just about the loan amount and interest rates—some lenders might also charge you for paying off your loan early or for processing your loan application. These fees aren’t the same everywhere, so it’s something to look out for.

Tips for a Smooth Process for Aadhaar Card Loan

1. Check Credit Score: Before applying, check your credit score to ensure there are no surprises.

2. Read the Fine Print: Be aware of all terms and conditions, including any hidden fees and charges.

3. Consider Loan Insurance: For larger loan amounts, consider getting loan insurance to cover unforeseen circumstances.

The best part about Aadhaar loans is they do not attract any processing fees as well as pre-closure charges. Also, one may apply for a personal loan of up to Rs. 50,000 only by submitting their Aadhaar details. So what are you thinking about?

Join the Credmudra community and check out other related offerings today!

Also, Read: How to Apply for a ₹1000 Loan on Aadhaar Card?

FAQs On 10000 Loan on Aadhaar Card:

1. How does the disbursal take place for Aadhaar loans?

Upon receiving your personal details and income proof documents, Credmudra determines your creditworthiness and finds the perfect lender for you. If you meet all the lender-specific criteria, the amount gets transferred to your account immediately.    

 2. Why is Credmudra the best platform to apply for a 10000 loan on an Aadhaar card?

Credmudra allows its users to apply for 100% paperless personal loans that come with low interest rates. Also, in case of any confusion the loan applicant may connect with customer support for real-time solutions. 

 3. Is it possible to get an Aadhaar card loan without owning a PAN card?

Yes, lenders do not decline your Aadhaar loan request even if you do not possess a PAN card. However, all the other documents, as mentioned on the lender’s website, have to be provided.  

4. Can anyone get a loan of Rs. 50,000 by submitting their Aadhaar?

First, the applicant must mention their requirements and fill up the application form. After that, the lender will analyse their summary and come up with a counteroffer mentioning the maximum permissible loan.

5. What is the age limit for a 10,000 personal loan on an Aadhar card?

Anyone who falls into the age group of 21 to 60 years old, can apply for this type of loan.

Also, Read: Apply for a Rs. 50,000 loan on an Aadhaar Card

 

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