How to Get ₹50,000 Loan on Aadhaar Card?
Financial emergencies come unannounced. In such a situation, taking an instant personal loan could help in beating monetary problems. Thanks to the technological advancements in the lending sector, you can now avail of a personal loan on aadhaar card. To get the loan, all you need to do is complete your KYC norms with the help of your aadhaar card. The best part is you can use the loan amount for any purpose – from paying your bills, medical expenses to financing your next trip.
This blog talks about everything you need to know about ₹50,000 loan on aadhaar card, its EMI, interest rates, fees and charges, and application process.
How to Apply for a ₹50,000 Loan on an Aadhar Card?
You can follow the steps given below to avail of a ₹50,000 loan on aadhaar card online:
- Step 1:
Visit the loan provider’s website or download the loan app
- Step 2:
Fill in a few personal and KYC details (aadhaar number)
- Step 3:
Check your loan eligibility, choose your preferred loan amount, and tenure and apply
- Step 4:
Complete your KYC with aadhaar card
- Step 5:
Get the amount disbursed to your account within minutes
Features and Benefits of a ₹50,000 Loan on Aadhaar Card
Here are some of the features and benefits of ₹50,000 loan on aadhaar card:
1. Instant Disbursal
Enjoy instant disbursal on your aadhaar card loan. All you need to do is provide your aadhaar card details to complete the loan verification process. Upon approval, your loan will be disbursed to your account within minutes.
2. Minimal Documentation
You don’t need a bag full of documents to get a ₹50,000 loan on aadhaar card. Just provide your aadhaar details to get your preferred loan amount.
3. Attractive Interest Rates
You can enjoy competitive rates on loan against aadhaar card starting at 9.9% p.a. However, the final rate offered will depend on your eligibility and is at the sole discretion of the lender.
4. Flexible EMI Options
Enjoy flexible repayment tenures ranging from 3 months to 72 months. Select your preferred tenure while applying and repay at your convenience.
Eligibility Criteria for Aadhar Card Loan
The table below lists the eligibility criteria for an Aadhaar card loan:
| Age | Minimum age: 21 yearsMaximum age: 65 years |
| Credit score | 650 or above |
| Type of Employment | Salaried or Self-employed |
Documents Required for ₹50,000 Loan on Aadhaar Card
Generally, for loans on aadhaar card, you would only need your aadhaar card as the primary document. Your aadhaar card is used for KYC verification. Once verified, you would get the loan amount disbursed to your account. However, some lenders might ask for your PAN card as well.
Interest Rate on Aadhar Card Loan
The table below highlights the interest rate and other fees and charges on aadhaar card loan:
| Banks | Interest rates |
| Interest Rate | 9.9% p.a. onwards |
| Processing Fee | Nil* |
| Pre-closure Fee | Nil |
Calculate your EMI on a ₹50,000 Loan on the Aadhaar Card
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Months)
Monthly EMI
0
Total Interest
Total Amount
You can calculate your ₹50,000 loan on aadhaar card EMI both manually and via a loan EMI calculator. For manual calculation, use this formula – P x R x (1+R)^N / [(1+R)^N-1],
P = Principal amount of the loan, R = Rate of interest, N = Number of monthly instalments. Let’s understand this with an example:
Suppose you have taken a small cash loan on aadhaar card of ₹50,000 for 2 years at an interest rate of 19% per annum.
Going by the formula, your loan EMI would be:
EMI = 50000* 0.015 * (1+ 0.015)^24 / [(1+ 0.015)^24 ]-1 = ₹2,520
Here, the total interest you would have to pay on loan would amount to ₹10,490.
The total amount payable would be (₹50,000 + ₹10,490) = ₹60,490.
However, this process can be extremely time consuming and may leave room for errors. Instead, you can use the Navi personal loan EMI calculator to get quick results. These calculators are extremely easy to use. All you need to do is enter the loan amount, tenure and interest rate to check the results.
Things to Remember Before Applying for Aadhaar Card Loan
Keep the following points in mind before applying for a ₹50,000 Loan on aadhaar card:
1. Compare Lenders
Compare the interest rates offered by different lenders before applying to make an informed decision. Make sure to check other fees and charges, including loan foreclosure fee, processing fee, etc. Ensure you meet the eligibility criteria for an aadhaar card loan.
2. Check your Credit Score
A high credit score could improve your chances of loan approval. Similarly, a poor or average credit score could either lead to loan rejection or higher interest rates. So, try to keep your credit score above 650 to get quick access to credit under favourable terms and conditions.
3. Read the Fine Print Carefully
Go through your lender’s terms and conditions carefully to ensure there are no hidden charges involved. This could also help you understand your aadhaar card loan details so that you don’t face any unpleasant surprises white repaying your loan.
Final Word
Check your loan EMI in advance to better manage your finances. Also, make sure to compare different lenders and their interest rates before applying.
You can apply for an instant cash loan of ₹50,000 on your aadhaar card with the Navi app. With Navi Cash Loan, you could get loans up to ₹20 lakh, at a low interest rate starting at 9.9% p.a. with flexible EMI options. Download the Navi App and enjoy instant disbursal.
FAQs
You can avail of a loan ranging from ₹10,000 to ₹20 lakh on your aadhaar card. However, the final loan amount offered depends on your eligibility including your credit score, monthly income, employment status and other parameters.
Yes, you can get a personal loan on your aadhaar card provided you are eligible. Make sure to check your loan eligibility before applying.
An aadhaar cash loan is a type of personal loan that you can get from public or private lenders on your aadhaar card. Most lenders don’t ask for any other documents since the aadhaar card acts as proof of identity, age, and address.
The main benefit of an aadhar card loan is that you can apply for such loans from the comfort of your home. Moreover, there is limited documentation required with such a loan, making it a hassle-free process.
The repayment tenure for aadhar card loans is usually up to 6 years. You have the freedom to choose the tenure as per your convenience. However, it’s advised to clear your loan early to relieve yourself from the EMI burden.
You can take a loan on your aadhaar card with Navi Cash Loan. The benefits include – instant disbursal, 100% paperless process, loans up to ₹20 lakh and attractive interest rates. Download the Navi app today.
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