Nowadays, obtaining personal loans is easier with an Aadhaar card. You don’t have to worry about lengthy paperwork or taking multiple trips to and from the bank. Aadhar card is one of the most demanded identities to obtain a loan from NBFCs or banks. We know technological advancements have made acquiring loans easy through the online process. Banks or private institutions can provide loans within an hour or a day. If you want to know how to Rs. 10000 loan on Aadhar card with lendingplate, so you must read the complete guide.
Instead of relying on multiple documents to assess your identity, lenders are now turning to the Aadhaar card as a single KYC document. This expedites the verification process considerably and leads to quick approvals. It simplifies verification, thus eliminating delays and providing quick funds.
What’s an Aadhar Card and It’s Use in Personal Loan?
The Aadhar card is a 12-digit ID number linked to an individual’s biometric data, including their photo and fingerprint. The Aadhar card provided by the Indian government to Indian citizens. The Aadhar card is mostly used everywhere in India as the main identity for Indian citizens.
Lending institutions such as banks and NBFCs use this as proof of identity, residence address, and age. You can get a loan with an Aadhar card, and financial institutions provide personal loans that require an Aadhar card as a KYC document. lendingplate is also consider Aadhar card as an important document for loan.
Previously, individuals had to provide numerous identification and address documents to obtain a personal loan, causing confusion and delays. Nowadays, Aadhar cards can be used as the only document for completing the KYC process. Similarly, banking institutions can use the Aadhar card to carry out e-KYC.
Financial institutions will verify borrowers’ eligibility using biometrics, which means the process is paperless. Although not required for all loans, for other documents such as bank statements, you may be required to provide PAN cards or salary statements during the application process.
1. Fewer Documents
An Aadhar card acts as a KYC document to help identify a person. Any financial organization that provides personal loans uses this data to find the right people to get the loans. When applying for a personal loan with your Aadhar card, you need to provide a few documents. A single Aadhar card can be used for main ID and address proof for your loan application, but you must also meet other criteria to be approved for the loan.
2. Quick Approval
A loan of Rs. 10,000 or above on Aadhar card is approved quickly since there are not many documents needed. When compared to other loans, these loans are verified faster, which leads to quick approval. The approval process takes minutes, or sometimes a few hours. This can be incredibly helpful in times of financial emergency when you urgently need money.
3. Favorable Interest Rates
Loans on Aadhar cards come at competitive interest rates and are very different from credit cards, which offer a high-interest rate. Generally, they are known for having low annual percentage rates (APR).
4. Flexible Repayment
lendingplate offers loan on Aadhar card with flexible repayment options. You will have a flexible tenure from 3–15 months with EMI, which will help you manage your debt efficiently.
5. The Application is Online
lendingplate has an online loan application process and can get loan from Rs. 10,000 to 2,00,000. You just need to apply for an online loan through their official website or mobile phone app.
6. No Need for Collateral
Private institutions such as lendingplate provides unsecured loans, and the unsecured loans are collateral-free. So, you don’t have to worry about offering security to be eligible for such loans. This makes them the easiest and most flexible loan options available.
You should consider your age when applying for a loan on an Aadhar card. The borrower must be 21 years of age and no older than 60 years when the tenure ends.
2. Credit Score
Credit score is one of the main aspect when a borrower applies for a loan, and interest rate also depends on credit score. You can get a lower interest rate with a higher credit score. lendingplate doesn’t have a minimum parameter for a credit score subject to a good repayment history. A person with a higher credit score has higher chances of getting the loan approved.
You should be earning a net monthly salary of at least Rs. 20,000 before applying for the loan. You should also have had more work experience and spent one year with your current organization.
You must provide some documents before you can get a personal loan on an Aadhar card. Here are the documents required:
Aadhar Card: You must submit an Aadhar card as one of the required documents. It will serve as proof of identity, showing the lender who you are.
Address Proof: You must provide documents like a utility bill or driving licence to show your address.
Identity Proof: You must provide documents like a PAN card to prove your identity. This will help ascertain whether you are truly who you said you were.
Income Proof: Lastly, you must provide documents such as salary slips to prove your income. It will also show the loan amount repayment capability of the borrower.
These are all necessary documents for applying for a loan of Rs. 10000 loan on Aadhar card with lendingplate.
With lendingplate, you can apply for a 10000 loan on Aadhar card easily and conveniently through the website or mobile app. Since no collateral is required, it is one of the best ways to get cash. It is quick and hassle-free. All that’s required are a few documents; no collateral is needed.
Before you can apply for a loan on an Aadhar card, consider the things below:
Ensure you have a high credit score: Before applying for a loan, ensure your credit score is at least 750. If it is bad, work on improving it before you apply for the loan. However, lendingplate can offer personal loan to those who have a low credit score.
Consider your capacity to repay the loan: You should consider your capability to pay back the loan. Once you are given a loan, know that you will make regular EMI payments, and failing to do so could lead to negative consequences. Therefore, before starting a loan application, consider your financial stability and whether you can repay it without straining your budget.
The purpose of the loan: Why are you getting the loan? Is it for paying school fees or travelling? Make sure you are taking the loan to use on something useful.
If you need an instant loan of Rs. 10,000 with lendingplate. You can follow the below steps:
Step 1. Check the Eligibility Criteria – Before you apply for the loan, look into the eligibility criteria at lendingplate and confirm that you meet all the requirements. You’ll have to check factors such as age, income level, and credit score.
Step 2. Fill Out the Form – Visit the official website of lendingplate and click on the “Apply Now Page”. Fill your mobile number and sign up with an OTP.
Step 3. Verify Your Location – After OTP submission, you’ll have to fill pin code of your city, then click on “Continue.
Step 4. PAN Verification – Enter your PAN number and click on “Continue.”
Step 5. Fill Your Personal Details – Submit your basic details, such as name, DOB, gender, residence address, and email.
Step 6: Income Details – Fill income details such as designation, company name, pin code, and city or state name.
Step 7: Review Your Application – Check every detail that you filled out and proceed.
Step 8: Capture and Selfie – Adjust your camera, take a selfie, and click on submit.
Step 9: Upload Required Documents – Upload all the required documents and submit your application.
Step 10: Review and Disbarment Process – Our representative will review the loan request and get in touch with you. After getting loan approval, you get a personal loan in your bank account.
Lendingplate app is available on Google play store and IOS store you can download the app and apply through the mobile application.
Download Android App: lendingplate personal loan app
Download IOS App: lendingplate personal loan app
When calculating EMI on an Aadhar card, you can use the lendingplate EMI calculator or go with manual calculations.
In manual calculations, the formula to use is as follows:
P x R x (1+R)^N / [(1+R)^N-1] where;
P is the principal amount,
R is the interest rate,
N is the number of installments.
You borrowed 10000 loan on Aadhar card with an interest rate of 12% per annum for 1 year. Your loan equated monthly instalment (EMI) will be as follows:
EMI = 10000* 0.01* (1+ 0.01)^12 / [(1+ 0.01)^12 ]-1 = ₹1056.
The total interest on your loan would be ₹558, and the total amount you need to pay back, including the interest, is ₹10,558.
The manual process can be very time consuming and could result in errors. Instead, use a personal loan EMI calculator for faster results. It is simpler to calculate the loan amount, rate, and tenure with an EMI calculator.
Borrowers who require quick access to funds with minimal documentation can consider securing a 10000 loan on Aadhar card. Before applying for the loan, ensure you qualify and have the necessary documents. Ultimately, ensure you carefully examine the finer technical points in the loan agreement.
Taking out a loan on your Aadhar card can provide great financial relief, but remember that there are potential risks too. Failure to repay the loan can have detrimental effects on your credit score. Ensure you pay the loan at the set time without missing any EMIs. You should follow these precautions to make a well-informed decision and prevent any possible risks when obtaining a loan on an Aadhar card.