We all have faced those moments where we needed an immediate financial cushion. It might have been a medical emergency, an unplanned trip, or an overdue bill. In such scenarios, where you don’t have the time and leeway to apply for a full-fledged loan, a small and quick financial fix can be a lifesaver.
Well, it’s possible now, and the only document you require is your Aadhar Card. Yes, you can avail of an instant paperless Rs.20,000 loan on Aadhar Card. All you need is your 12-digit Aadhar Number; no prolonged loan application, processing, and documentation required.
Here’s everything you need to know.
Interest Rates & Charges for Rs. 20,000 Loan on Aadhaar Card
Charges
Details
Interest Rate
This refers to a percentage charged by the lender on the loan amount that you borrow.
Interest Rate (Govt. Banks)
This refers to a percentage charged by the government ender on the loan amount that you borrow.
Repayment Tenure
This refers to the time period for which you’ve taken the loan.
Processing Fee
This is a charge levied by the lender to process your loan application.
Pre-closure Fee
This is referred to the fee levied by the lender in case you decide to repay your loan amount entirely before the end of the loan tenure.
Eligibility for Rs.20,000 loan on Aadhar Card
Like with any loan, to get the ₹20k loan on your Aadhar Card, you need to meet certain eligibility criteria, including:
– You must be an Indian citizen. – You should be between 21 and 65 years of age. – You should have an active Aadhar Card. – You need to have a steady source of income, be it through a job or self-employment.
These are just typical requirements. Note that lenders will have their own specific salary and credit score requirements. And these will change from lender to lender. So, it’s best to check multiple lenders and their loan terms to find the one that’s most financially suitable for you.
Documents Required for Rs. 20,000 Loan on Aadhar Card
Here is a general list of documents you might need to furnish for a Rs 20,000 loan on an Aadhar card:
Aadhar card
Proof of income
Address proof
Bank statements
Other relevant financial documents
How to Apply for An Instant ₹20,000 Personal Loan on Aadhaar Card?
You need to follow these simple steps to get an amount of Rs.20,000 in your account.
Step 1: Visit your lender’s website and check their loan offers.
Step 2: Sign in by filling in the required details and the loan requirements
Step 3: Upload a copy of your Aadhar Card and PAN card.
Step 4: Once documentation is done, your application will undergo a screening and approval process.
Step 5: Upon approval, the lender will disburse the sanctioned amount to your bank account.
But before you apply for an Aadhar card loan online, carefully go through the loan terms and the fine print associated with it.
If you don’t have a PAN card, you can submit your driver’s license, salary slips, or Voter ID/passport.
How to calculate EMI for a Rs.20,000 loan on an Aadhar card?
You can use the Tata Capital personal loan EMI calculator to calculate your EMI for a Rs 20,000 loan on an Aadhar card. Simply add your loan amount, duration, and rate of interest. The calculator will instantly calculate your monthly EMI, total amount payable, and total interest payable. Alternatively, you can also make these calculations using the following formula:
A = P (1 + r/n) *nt
A= total amount paid in interest
P= principal
r= interest rate
t= tenure
n= compounding frequency
For instance, let’s say you take a Rs 20,000 loan on an Aadhaar card at an 11% interest rate for 18 months. Adding these numbers to the formula, your total interest amount will come to Rs 3,535. And so, you will have to pay Rs 23,535 (Rs 3,535 + Rs 20,000) over the tenure of 18 months.
Features and Benefits of Rs. 20,000 loan on Aadhar Card
Apart from being pretty convenient, this quick loan scheme also provides you with:
Swift Approval: You don’t have to wait for an extended processing, approval, and disbursement procedure. With a Rs.20,000 loan on Aadhar card, you can get the money you need in minutes.
No Collateral: This loan falls into the unsecured category, meaning that your lender won’t ask you to put up any of your assets as collateral or security.
Flexibility: You can choose your loan amount and tenure per your financial requirements. The maximum loan amount is Rs.20,000, and the maximum tenure is two years.
Minimal Documentation: Loan documentation is typically quite extensive. Thankfully, the only document you require for this small loan is your Aadhar card. However, the documentation requirement varies between lenders. However, they’re usually minimal.
How to ensure loan approval
As easy and hassle-free as it seems, there’s still a chance for your loan application to be rejected or delayed. To make sure that doesn’t happen, here are some fool-proof tips you can follow:
1. Maintain a good credit score: If you want speedy approvals, pay attention to your credit score. Lenders usually favour buyers with higher credit scores, as it indicates good financial habits. Hence, the higher your score, the faster the approvals.
2.Don’t make too many applications: When shopping around for favourable loan offerings, make sure you don’t apply for multiple loans, as too many applications can quickly bring down your credit score and creditworthiness. In some instances, lenders will outright reject your application.
3. Fill forms correctly: When applying, ensure you put in all information correctly. If the lender finds any discrepancies, they will return the application for correction or reject it entirely.
With these simple tips, you can procure a Rs.20,000 loan on Aadhar card without hiccups.
Tips to Get a Small Cash Loan on Aadhar Card
To ensure a smooth small cash loan application, make sure your Aadhaar and bank account are linked. Next, explore your options and choose an authorised lender who offers online loan applications for a hassle-free process. Further, maintain a good credit score and have a stable source of income. Lastly, make sure you complete all the required documentation promptly and choose a repayment plan that suits your financial needs and goals.
In summary
As you can see, this instant Rs.20,000 loan on Aadhar card provides a quick, hassle-free, and convenient way to get some cash. It doesn’t require extensive documentation, doesn’t have strict eligibility requirements, and allows you to make repayments flexibly via a tenure of your choice.
But before you opt for this quick loan, remember to assess your liabilities and make a borrowing decision accordingly.
If you require more than Rs.20,000 and want a process as simple and disbursement as quick as an Aadhar card loan, Tata Capital is here to make that happen.
With our personal loans, you can borrow up to Rs.35 lakhs for a maximum tenure of 7 years and affordable interest rates starting at 10.99%. And all this with our simple 4-step application process, super-fast disbursals, and flexible terms.
Why wait? Finance today with Tata Capital’s personal loans.
What CIBIL score is required to avail ₹20,000 Personal Loan on Aadhaar Card?
The CIBIL score required to avail of a Rs 20,000 personal loan on an Aadhaar card can vary with lenders. Generally, a credit score of more than 650 is considered good.
What is the minimum age to apply for ₹20,000 personal loans by Aadhaar card?
The minimum age to apply for a Rs 20,000 personal loan by Aadhar card is 21 years. The maximum age is 65 years.
Do I need a salary slip to avail 20000 personal loan on Aadhaar card?
While some lenders might require a salary slip to avail 20,000 personal loans on an Aadhar card, others might not. This will depend on the list of documents your chosen lender requires to process the loan.
How do I get a small cash loan on an Aadhaar Card?
To get a small cash loan on an Aadhar card, visit your lender’s website, sign in and share the required details and loan requirements. Next, upload a copy of your Aadhar card and PAN card. Once your application is approved, the lender will disburse the loan directly into your account.
Can I apply for a small cash loan on my Aadhaar card if I have a low credit score?
Unfortunately, a low credit score reduces your chances of getting a small cash loan on your Aadhar card. Aim to maintain a CIBIL score of 685 or higher for a smooth application.
Can a salaried person apply for Rs 20,000 Aadhaar card loan, if he is earning Rs 15,000 per month?
Yes, a salaried person can apply for a Rs 20,000 Aadhar card loan, even if they’re earning Rs 15,000 per month. Lenders consider many criteria other than income, such as your CIBIL score, credit history, age, residential status, etc., to approve or reject the loan application.
How much loan can I get with a CIBIL score of 700?
The loan amount you can get with a CIBIL score of 700 depends on your chosen lender’s policies and eligibility criteria.
What credit score is needed for a Rs 20,000 Aadhaar card loan?
A credit score of 650 and higher will help qualify you for a Rs 20,000 loan. However, the approval of the loan will depend on other factors, such as age, current liabilities, income, etc.
09 September 2024
9 mins read
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