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10000 Loan on Aadhar Card

Updated on: 31 May 2023 // 4 min read // Personal Loans
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How to Apply for an Rs. 10,000 Personal Loan on an Aadhar Card?

You can apply for an Rs. 10,000 loan on aadhaar online by following the steps mentioned below:

  • Visit the official website or dedicated mobile application of the lender.
  • Enter all the required information, such as your name, aadhaar number, employment and employer details, income, and so on.
  • Check your personal loan eligibility for the product you wish to apply for. 
  • Select the required loan amount and repayment tenure.
  • Then click the Apply button to proceed. 
  • Complete your KYC process using the aadhaar card
  • Once your application is verified and approved by the lender, the amount is disbursed to your bank account directly within a few minutes.

Rs. 10,000 Loan on Aadhaar Card: Features & Benefits

The key features and benefits of an Rs. 10,000 aadhaar card loan are given below:

  • Getting instant disbursal on your aadhaar card loan is easy by just furnishing your aadhaar card details for the verification process. Once the request is approved, the loan amount is sanctioned and disbursed to your account in a jiffy.
  • These short-term loans do not require bulky documents. To get an Rs. 10,000 aadhar card loan, you just need to provide your aadhaar card details and sometimes income proof.
  • These loans are usually offered at competitive interest rates as the loan amount is small. However, the final rate of interest is decided considering the borrower’s eligibility.
  • An aadhaar card loan of Rs. 10,000 is offered with flexible tenure, usually ranging from 3 months to 5 years. You can choose a suitable tenure as per your convenience and requirement.
  • This loan can be used for any legitimate purpose, including but not limited to travel, weddings, higher education, home renovation, gadget purchase, bill payment, etc.
  • Applicants with excellent credit scores may also get pre-approved personal loan offers from the lender.
  • A short-term Rs. 10,000 personal loan does not require any collateral submission.

Eligibility Criteria for Rs. 10,000 Aadhar Card Loan

Following are the detailed eligibility criteria for an Aadhaar card loan of Rs. 10,000:

  • Occupation: Salaried, self-employed professional or self-employed non-professional.
  • Age: The age of the applicant should be between 21 to 60 years if salaried. Self-employed individuals should be aged between 25 to 65 years.
  • Credit score: The minimum credit score required is 700 or more.
  • Income: The applicant must have a minimum net monthly income of Rs. 25,000 or more to be eligible for this loan.
  • Work experience: The salaried applicant must be working with their current organisation for at least the last 6 months. Self-employed applicants should be in the current business for at least the last 2 years. 

Documents Required for Rs. 10,000 Loan on Aadhaar Card

Generally, for loans on aadhaar card, you will need only your aadhaar card as the primary document for identity and address proof. Once verified, the loan gets disbursed to your account. However, some loan providers may also ask for the following additional documents:

Common Documents for All:

  • Duly filled & signed in loan application along with a passport-size photograph.
  • Identity proof, such as Adhaar Card, Voter ID, PAN Card, Driving License, etc.
  • Address proof, such as Adhaar Card, Voter ID, Driving License, Utility Bills, Passport, etc.

Additional Documents for Salaried:

  • Salary slips for the past 3 months
  • Income Tax Return/ Form 16

Additional Documents for Self-employed:

  • Income Tax Return, P&L account, balance sheet, and income computation for the last 2 years.
  • Form 26 AS, Income Tax Challan/ TDS Certificate (Form 16A) for declared income tax.

Rs. 10,000 Aadhar Card Loan Interest Rate

The interest rate for Rs. 10,000 aadhaar loan begins from just 9.30% per annum onwards, depending on certain factors like the borrower’s credit score & repayment history, income, loan amount required, repayment tenure, and so on. Apart from the interest rate, the borrowers are also required to pay a nominal personal loan processing fee of up to 2% of the sanctioned loan amount. The interest rate and processing fee on an instant loan of Rs. 10,000 may vary from lender to lender.

EMI Calculation for an Rs. 10,000 Loan on the Aadhaar Card

You can calculate the Rs. 10,000 loan on aadhaar card EMI online with a Personal Loan EMI Calculator. 

Example:

Suppose you borrowed a personal loan of Rs. 10,000 on aadhaar card at an interest rate of 9.30% p.a. for 2 a tenure of years. Now, using our Personal Loan EMI Calculator, your loan EMI would be as follows:

EMI: Rs. 458

Total interest to be paid: Rs. 997

The total amount payable: Rs. 10,997

Amortization Table

YearOpening BalanceAmount paid by the customerInterest paid during the yearPrincipal paid during the yearClosing Balance
1Rs. 10,000Rs. 3,666Rs. 536Rs. 3,130Rs. 6,870
2Rs. 6,870Rs. 5,499Rs. 426Rs. 5,072Rs. 1,798
3Rs. 1,798Rs. 1,833Rs. 35Rs. 1,798Rs. 0

Things to Consider Before Applying for an Rs. 10,000 Aadhaar Card Loan

Before you apply for an Rs. 10,000 aadhaar card loan, you must consider these things:

  • Compare the personal loan interest rates, processing fees and other charges offered by different lenders before applying for the loan to decide better. 
  • Check your credit score because a high CIBIL score can improve your chances of getting loan approval. It can also get you a low-interest-rate loan.
  • Check the online reviews of the loan provider to understand them better.
  • Read the fine print carefully before you sign the document.
  • Check your loan EMI in advance. It will help you manage your finances in a better way.