10,000 Loan on Aadhaar Card

How to Take a ₹10,000 Loan on Aadhaar Card

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Getting a ₹10,000 loan using your Aadhaar card is now easier than ever in India. Thanks to digital technology and simple processes, many banks, Non-Banking Financial Companies (NBFCs), and loan apps offer small personal loans with minimal paperwork. Your Aadhaar card acts as a key document for identity and address proof, making the loan process quick and hassle-free. In this guide, we’ll explain everything you need to know about taking a ₹10,000 loan on your Aadhaar card.

What is an Aadhaar Card Loan?

An Aadhaar card loan is a type of personal loan where your Aadhaar card is used as the main document for verification. The Aadhaar card is a 12-digit unique ID issued by the Government of India. It has your biometric details (like fingerprints and photo) and personal information (like name, address, and date of birth). This makes it easy for lenders to verify your identity quickly through a process called e-KYC (electronic Know Your Customer).

These loans are usually unsecured, which means you don’t need to give any property or asset as security. A ₹10,000 loan on an Aadhaar card is a small loan that you can use for emergencies, paying bills, medical expenses, travel, or any personal need.

Benefits of Taking a ₹10,000 Loan on Aadhaar Card

Here are some reasons why an Aadhaar card loan is a good choice:

  1. Less Paperwork: You mainly need your Aadhaar card for identity and address proof. Sometimes, a PAN card or bank statement is also required, but it’s much less compared to traditional loans.
  2. Fast Approval: Since Aadhaar allows quick e-KYC verification, loans are approved within minutes or hours.
  3. No Collateral Needed: You don’t have to pledge any asset, like gold or property, to get this loan.
  4. Quick Disbursal: Once approved, the money is transferred to your bank account within 24 hours or even faster.
  5. Online Process: You can apply from home using a smartphone or computer through a lender’s website or app.
  6. Flexible Use: You can use the ₹10,000 for anything—paying rent, medical bills, shopping, or even a small trip.
  7. Build Credit Score: If you repay the loan on time, it can improve your credit score, making it easier to get bigger loans in the future.

Eligibility Criteria for a ₹10,000 Aadhaar Card Loan

To get a ₹10,000 loan on your Aadhaar card, you need to meet some basic requirements. These may vary slightly depending on the lender, but here are the common ones:

  1. Age: You should be at least 21 years old. The maximum age limit is usually 60 or 65 years, but this depends on the lender.
  2. Income: You need a regular income. Most lenders ask for a minimum monthly income of ₹15,000 to ₹25,000. If you’re in a metro city, the requirement might be slightly higher (e.g., ₹18,000).
  3. Credit Score: A good credit score (750 or above) is preferred. However, some lenders, like Fibe or MoneyView, may give loans even if your credit score is lower, based on other factors.
  4. Aadhaar Card: You must have a valid Aadhaar card linked to your mobile number for e-KYC verification.
  5. Bank Account: You need an active bank account where the loan amount will be transferred.
  6. Residence: You must be an Indian citizen living in India. Some lenders may ask for proof of staying at your current address for at least 1 year.
  7. Employment: You should be either salaried, self-employed, or have a stable income source. Some lenders may ask for 3-6 months of employment proof.

Note: If you’re unemployed, some apps allow a family member or friend with a job to apply on your behalf. Also, students can sometimes get these loans through apps like Buddy Loan or MoneyTap.

Documents Required

The best part about an Aadhaar card loan is that you don’t need a pile of documents. Here’s what you’ll typically need:

  1. Aadhaar Card: This is the main document for identity and address proof. It must be linked to your mobile number for e-KYC.
  2. PAN Card: Most lenders ask for a PAN card for additional identity proof. If you don’t have a PAN card, some lenders accept alternatives like a Voter ID, passport, or driving license.
  3. Bank Statement: You may need to submit bank statements for the last 3-6 months to show your income or transactions.
  4. Income Proof: Salaried people may need to show salary slips for the last 3 months or Form 16. Self-employed individuals might need to provide ITR (Income Tax Return) or business account statements.
  5. Photograph: Some lenders ask for a recent selfie or passport-size photo.
  6. Address Proof: If your Aadhaar card is not enough, you may need to provide a utility bill (electricity or water bill), rent agreement, or driving license.

Tip: Linking your Aadhaar card to your PAN card and bank account makes the process even faster, as you may not need to upload extra documents.

How to Apply for a ₹10,000 Loan on Aadhaar Card

Applying for a ₹10,000 loan is simple and can be done online or offline. Here’s a step-by-step guide for the online process, which is more common:

Step 1: Choose a Lender

  • Research and pick a trusted lender. You can choose from banks (like HDFC, ICICI, or IDFC FIRST Bank), NBFCs (like Bajaj Finance, Tata Capital), or loan apps (like MoneyView, Fibe, Navi, or Lendingplate).
  • Compare interest rates, processing fees, and repayment terms to find the best deal.
  • Check customer reviews online to ensure the lender is reliable.

Step 2: Visit the Lender’s Website or App

  • Go to the lender’s official website or download their mobile app from the Google Play Store or Apple App Store.
  • For example, you can use apps like MoneyView, Fibe, Airtel Thanks App, or Buddy Loan.

Step 3: Register and Fill the Application Form

  • Sign up using your mobile number and verify it with an OTP.
  • Fill in basic details like your name, age, address, income, and Aadhaar card number.
  • Select the loan amount (₹10,000) and the repayment tenure (e.g., 3 months to 12 months).

Step 4: Complete e-KYC

  • Enter your Aadhaar card number and allow the lender to verify it through e-KYC. You may need to enter an OTP sent to your Aadhaar-linked mobile number.
  • Upload a scanned copy or photo of your Aadhaar card and other documents (like PAN card or bank statement).
  • Some apps may ask you to take a selfie for verification.

Step 5: Check Loan Offer

  • After verifying your details, the lender will check your eligibility and credit score.
  • You’ll get a loan offer with the approved amount, interest rate, and EMI details. For example, for a ₹10,000 loan at 12% interest for 1 year, your EMI might be around ₹879–₹1,056.

Step 6: Submit the Application

  • Review the loan terms (interest rate, fees, and repayment schedule).
  • Submit the application and wait for approval. This usually takes a few minutes to a few hours.

Step 7: Loan Disbursal

  • Once approved, the ₹10,000 will be transferred to your bank account within 24 hours or less.
  • You’ll get a confirmation message or email with the loan details.

Offline Option: If you prefer, you can visit a bank or NBFC branch, fill out a loan form, and submit physical copies of your Aadhaar card and other documents. However, this takes more time.

Interest Rates and Fees

The interest rate and fees for a ₹10,000 Aadhaar card loan vary depending on the lender. Here’s what to expect:

  • Interest Rate: Ranges from 9.9% to 24% per year. For example:
    • Navi offers rates starting at 9.9% p.a.
    • Airtel Finance starts at 11.5% p.a.
    • MoneyView starts at 14% p.a.
    • NoBroker InstaCash starts at 12.99% p.a.
  • Processing Fee: Usually 2% to 8% of the loan amount (e.g., ₹200–₹800 for a ₹10,000 loan).
  • Prepayment Fee: Some lenders charge 3%–4% if you repay the loan early. Others, like Creditt+, have no prepayment charges.
  • Late Payment Fee: Around ₹200 per late payment.
  • Other Charges: Some lenders may charge ₹300 for loan document preparation.

Example Calculation:

  • Loan Amount: ₹10,000
  • Interest Rate: 12% p.a.
  • Tenure: 1 year
  • EMI: ₹1,056 (approx.)
  • Total Interest: ₹558
  • Total Amount to Repay: ₹10,558

You can use an EMI calculator on the lender’s website to check the exact EMI and total repayment amount.

Popular Lenders for ₹10,000 Aadhaar Card Loans

Here are some trusted lenders and apps you can consider:

  1. MoneyView:
    • Loan Amount: ₹5,000 to ₹10 lakh
    • Interest Rate: Starts at 14% p.a.
    • Disbursal: Within 24 hours
    • App-based, minimal documents
  2. Fibe:
    • Loan Amount: ₹10,000 to ₹5 lakh
    • Interest Rate: Starts at 14% p.a.
    • Eligibility: Minimum salary of ₹15,000 (non-metro) or ₹18,000 (metro)
    • No credit score needed in some cases
  3. Navi:
    • Loan Amount: ₹10,000 to ₹20 lakh
    • Interest Rate: Starts at 9.9% p.a.
    • Disbursal: Within minutes
    • 100% paperless process
  4. Airtel Finance (Airtel Thanks App):
    • Loan Amount: Starts at ₹10,000
    • Interest Rate: Starts at 11.5% p.a.
    • Disbursal: Within 24 hours
    • No hidden fees
  5. Bajaj Finance:
    • Loan Amount: Up to ₹55 lakh
    • Interest Rate: Varies based on eligibility
    • Flexible tenure up to 96 months
  6. Tata Capital:
    • Loan Amount: ₹10,000 to ₹35 lakh
    • Interest Rate: Starts at 10% p.a.
    • Disbursal: Within 24 hours
  7. Buddy Loan:
    • Loan Amount: ₹10,000 to ₹15 lakh
    • Interest Rate: Varies
    • Suitable for students and salaried individuals
  8. Lendingplate:
    • Loan Amount: ₹10,000 to ₹2 lakh
    • Interest Rate: Starts at 12% p.a.
    • App-based, quick disbursal

Tips to Get a ₹10,000 Loan Easily

  1. Check Your Credit Score: A score of 750 or above increases your chances of approval and lower interest rates. If your score is low, choose lenders like Fibe or MoneyView that are lenient.
  2. Compare Lenders: Look at interest rates, fees, and customer reviews before applying.
  3. Link Aadhaar to Bank Account: This speeds up the verification process.
  4. Avoid Multiple Applications: Applying to many lenders at once can lower your credit score.
  5. Choose a Short Tenure: A 3–12 month tenure keeps interest costs low for a ₹10,000 loan.
  6. Repay on Time: Timely EMI payments improve your credit score and make future loans easier.
  7. Check for Hidden Fees: Read the loan agreement carefully to avoid surprises like high processing fees.

Things to Keep in Mind

  1. Not Just Aadhaar: While the Aadhaar card is the main document, most lenders ask for a PAN card or bank statement too. Don’t expect a loan with only an Aadhaar card.
  2. RBI Rules: The Reserve Bank of India (RBI) says Aadhaar alone cannot be used as address proof for loans. You may need to provide an extra address proof like an electricity bill.
  3. Repayment Ability: Only borrow what you can repay comfortably. Calculate your EMI and ensure it fits your monthly budget.
  4. Beware of Fraud: Only use trusted lenders or apps. Avoid sharing your Aadhaar number with unknown websites or agents.
  5. Interest Rates Vary: Your interest rate depends on your credit score, income, and the lender’s policy. A good credit score gets you a lower rate.
  6. Loan Rejection: If your application is rejected, it could be due to a low credit score, incomplete documents, or not meeting eligibility criteria. Fix these issues and reapply.

Frequently Asked Questions (FAQs)

1. Can I get a ₹10,000 loan with only an Aadhaar card?
No, most lenders also ask for a PAN card, bank statement, or income proof. However, Aadhaar is the main document for e-KYC.

2. How fast can I get the loan?
Some lenders (like Navi or Fibe) disburse the loan within minutes. Others may take up to 24 hours.

3. Do I need a job to get this loan?
You need a regular income (salaried or self-employed). If unemployed, a family member or friend with a job can apply for you.

4. What if I don’t have a PAN card?
You can use alternatives like a Voter ID, passport, or driving license, depending on the lender.

5. Can students get this loan?
Yes, apps like Buddy Loan or MoneyTap offer loans to students with an Aadhaar card, provided they meet other criteria.

6. What happens if I miss an EMI?
You may be charged a late payment fee (e.g., ₹200), and it can lower your credit score. Always repay on time.

Conclusion

Taking a ₹10,000 loan on your Aadhaar card is a quick and convenient way to meet small financial needs. With minimal documents, fast approvals, and no need for collateral, it’s perfect for emergencies or personal expenses. Just make sure to choose a trusted lender, check your eligibility, and repay on time to avoid extra charges and improve your credit score. By following the steps and tips in this guide, you can easily get a ₹10,000 loan and manage your finances smartly.

Sources: Information compiled from trusted financial websites like MoneyView, Navi, Tata Capital, and Bajaj Finance.

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