How to Apply for ₹5,000 Loan on Aadhaar Card?
Aadhaar card is an essential identity proof for all Indian citizens. From opening a new bank account to availing of government services, the aadhaar card has become a crucial part of every Indian citizen’s life. And, now you can get a ₹5,000 loan on your aadhaar card in one of the easiest and convenient ways to meet your urgent cash requirements.
Read on to know how to get a loan of ₹5,000 using your aadhaar card. Learn about the eligibility criteria, benefits, interest rates and more. Dive in!
How to Apply for ₹5,000 Loan on Aadhaar Card?
You can apply for a ₹5,000 loan on aadhaar card online. The entire process is efficient, simple and hassle-free. Just follow the steps below:
- Step 1:
Visit the lender’s website or download the loan app
- Step 2:
Register with your mobile number
- Step 3:
Enter your personal details, including monthly income, employer’s name, etc.
- Step 4:
Select loan amount and repayment tenure
- Step 5:
Provide your bank account details, set up auto-debit and get the loan amount disbursed directly to your account
Features and Benefits of ₹5,000 Loan on an Aadhaar Card
An aadhaar card loan is one of the easiest ways to get instant cash. Here are its features and benefits:
1. Instant Disbursal
In case of a monetary emergency, an aadhaar card loan is one of your best options to get cash fast. The loan processing time is very short and the money is disbursed immediately after KYC verification.
2. Minimal Documentation
With an aadhaar card loan, you do not need to submit a pile of documents. Just enter your aadhaar card details to get a ₹5,000 loan instantly disbursed into your account.
3. Fast Processing Time
Usually, loan applications are a cumbersome process that takes time to get approved and disbursed. That is not the case with an aadhaar card loan. The loan processing and disbursal take place within a few minutes.
4. Flexible Repayment Tenure
You can choose your loan repayment tenure based on your financial circumstances and eligibility and make the payback process work for you. The repayment tenure is usually up to 72 months.
5. No End-Use Restrictions
Unlike any other type of loan, aadhaar card cash loans have no end-use restrictions. You can use the loan amount to meet any and all urgent cash requirements.
6. No Collateral
Another benefit of ₹5,000 loan on aadhaar card is that it is an unsecured personal loan. You do not need to pledge collateral to get an instant loan.
Eligibility Criteria for ₹5,000 Aadhaar Card Loan
Here are the eligibility criteria for ₹5,000 loan on aadhaar card:
- Age: The age of the loan applicant must be between 21 and 65
- Documents: Aadhaar card
- Employment: Salaried or self-employed
- Income: The applicant’s monthly salary must be above the minimum income criteria as stated by the lender
- Credit Score: Applicant must have a credit score of 650 or above to be eligible for the loan
- Bank Account: The applicant must have an active bank account connected to their aadhaar card and an internet banking facility
Documents Required for ₹5,000 Loan on Aadhaar Card
The aadhaar loan application process is 100% paperless and you just need your aadhaar card to get a ₹5,000 loan. Just visit the website of the lender or download an instant loan app, enter your personal details, loan amount and tenure, link your bank account and add your aadhaar card details. If you are eligible, after KYC verification, you will get ₹5,000 personal loan instantly.
Interest Rate on Aadhaar Card Loan of ₹5,000
The rate of interest offered for the aadhaar card loan differs based on the applicant’s eligibility. Here’s a quick checklist:
| Loan Amount | Up to ₹20 lakh |
| Interest Rate | 9.9% p.a. onwards |
| Processing Fee | Nil |
| Loan Tenure | Up to 72 months |
Calculate Your EMI on ₹5,000 Loan on Aadhaar Card
The interest rate for a loan depends on the loan amount, tenure and the applicant’s eligibility.
Let’s assume you receive ₹5,000 Loan on aadhaar card at 9.9% interest per annum for 36 months.
Then, the monthly EMI will be ₹161
The total interest charged will be ₹796
Hence, the total repayment amount will be ₹5,796
Calculate Your ₹5,000 Aadhaar Card Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
Things to Remember Before Applying for an Aadhaar Card Loan
Keep the following considerations in mind when applying for ₹5,000 loan on your aadhaar card:
1. Compare Lenders
Before applying for a loan, it is important to compare different lenders. Do some research to compare factors like interest rates, processing fee and the lender’s reliability.
2. Good Credit Score
Your eligibility to avail of a loan is judged based on your credit score. If your credit score is too low, it could result in application rejection or higher interest rates. Different lenders have different credit score requirements. Usually, a credit score of 650 is a minimum requirement, and a score of 750 is considered good.
3. Apply Only for the Amount You Need
A good borrowing practice is only applying for the loan amount you need. This will help ensure that you can repay the loan based on your circumstances. Let’s say, you need a ₹5,000 loan urgently on aadhaar card, but are eligible for a ₹20,000 loan. Instead of getting swayed and taking a ₹20,000 loan, stick to getting a ₹5,000 loan. You could increase your loan principal if you require the amount and are confident in your repayment ability.
4. Processing Fee and Other Charges
Different lenders charge different amounts of processing and other fees. A higher processing fee could mean that the amount disbursed to you is lower. Ensure to check the processing fee and other charges (such as foreclosure charges) before applying for a loan.
4. Make Timely Repayments
Remember to make the monthly payments on time when repaying the loan. A delay in repayment can adversely affect your credit score, which could make it difficult to get loan approvals at a comparatively lower interest rate.
Final Word
Aadhaar card loans are time-saving and hassle-free. Also, such loans facilitate a 100% paperless loan journey, eliminating the need for paperwork. However, to get the best deal on your loan, it’s recommended to compare different lenders on the basis of interest rates, fees and charges and tenure, before applying.
For any immediate financial need, apply for a cash Loan from Navi app. You can get loans up to ₹20 lakh at attractive interest rates starting from 9.9% p.a. with flexible repayment tenure of up to 72 months from Navi. Download the Navi app, apply for a loan and get the amount in your account within minutes!
FAQs
Yes, you can easily get a ₹5,000 loan on your aadhaar card. All you need to do is download the loan provider’s app on your mobile phone, enter your information and KYC details and link your bank account and set up auto-debit for loan EMI payments. That’s all! If you are eligible and your KYC verification is complete, you will receive the amount in your bank account instantly.
The interest rate starts from 9% p.a. The loan’s interest rate depends on various factors, such as the borrower’s eligibility and repayment tenure.
The loan repayment tenure is usually up to 72 months.
Here are the benefits of an aadhaar card loan:
-The loan amount is disbursed instantly
-You can get a loan on aadhaar card online
-Requires minimal documentation
-There is no restriction on the end use
-Flexible repayment tenure
-No need to pledge collateral
No, there is no collateral or security required to apply for an aadhaar card loan since cash loans are unsecured loans.
It will take just a few minutes to get the money disbursed directly to your bank account if you opt for a loan on your aadhaar card.
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