How to Get ₹20,000 Loan on Aadhaar Card?
Short on cash? What if we told you it’s possible to get an instant, convenient, paperless ₹20,000 loan in a matter of minutes – that too with just your aadhaar card details. Now, you can get an instant ₹20,000 loan on aadhaar card at attractive interest rates starting from 9.9% p.a. with minimal documentation.
Let’s look into ₹20,000 aadhaar card loan and its other salient features.
How to Apply for a ₹20,000 Loan on Aadhaar Card?
You can follow the steps to avail of a ₹20,000 loan on aadhaar card online:
- Step 1:
Visit the loan provider’s website or download the loan app
- Step 2:
Register with your phone number and email ID
- Step 3:
Enter your personal details, and KYC details, and check your eligibility
- Step 3:
Choose your preferred loan amount, tenure and apply
- Step 4:
Complete your KYC with aadhaar card
- Step 5:
Get the amount disbursed to your account within minutes
Feature and Benefits of ₹20,000 Loan on an Aadhaar Card
Here are some of the features and benefits of ₹20,000 loan on aadhaar card:
1. Instant Disbursal
Enjoy instant disbursal with minimal paperwork. 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
No heavy paperwork is required. All you need to do is provide aadhaar card details to get a ₹20,000 loan on aadhaar card.
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 ₹20,000 Aadhaar Card Loan
The table below lists the eligibility criteria for an Aadhaar card loan:
| Age | Minimum age: 21 years Maximum age: 65 years |
| Credit score | 650 or above |
| Type of Employment | Salaried or Self-employed |
Documents Required for ₹20,000 Loan on Aadhar Card
Usually, you would only need to provide aadhaar card details to get a loan. Your aadhaar card is required for KYC verification. However, certain lenders might ask for additional documents during KYC verification.
Interest Rate on Aadhaar Card Loan of ₹20,000
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 |
*Varies from lender to lender
How to Calculate EMI on ₹20,000 Loan on Aadhaar Card?
You can calculate your EMI on the loan amount in two ways – manually and using the Personal 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 cash loan on aadhaar card of ₹20,000 for 3 years at an interest rate of 9.9% p.a.
Going by the formula, your loan EMI would be:
EMI = 20000* 0.008 * (1+ 0.008)^24 / [(1+ 0.008)^24 ]-1 = ₹644.
Here, the total interest you would have to pay on loan would amount to ₹3,199.
The total amount payable would be ₹23,199.
However, this process can be extremely time-consuming and may leave room for errors. Instead, you can use a 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.
Calculate Your ₹20,000 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 Aadhaar Card Loan
Consider the following pointers while applying for a ₹20,000 loan on Aadhar Card.
1. Compare Lenders
Research to compare lenders based on their eligibility criteria, interest rates, repayment tenures, and reliability. This would help you make an informed decision while applying for a 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 while repaying your loan.
Final Word
Aadhaar card loans have simplified the loan journey quite significantly. Most of these loans facilitate a 100% paperless process with minimal human intervention. However, it’s always recommended to compare different lenders on the basis of interest rate, tenure, and fees and charges before applying so that you can make an informed decision.
You can apply for a cash loan of ₹20,000 on aadhaar card with the Navi Cash Loan app. The benefits include – instant disbursal, minimal documentation, competitive interest rates starting at 9.9% p.a. and flexible repayment tenures up to 72 months. Download the Navi App, apply for a loan, and enjoy instant disbursal.
FAQs
An aadhaar card loan is a personal loan where you can apply for a loan with just your aadhaar card details. Aadhaar card loan service providers consider your aadhaar card as your primary verification document.
Some lenders may ask for PAN card details if they find that your aadhaar details are insufficient for KYC verification. Check with your concerned lender regarding the documents required to avoid unpleasant surprises.
You can check your eligibility via the lender’s loan eligibility calculator. The process is fairly simple. All you need to do is enter a few basic details pertaining to your income, employment type, etc. Once done, you can check how much loan you’re eligible for.
The loan’s interest rate depends on various factors, such as the borrower’s eligibility and repayment tenure. At Navi, the interest rate starts from as little as 9.9% p.a. for a ₹20,000 loan on Aadhar Card.
You can take a loan on your aadhaar card with the Navi Cash Loan App. The benefits include – instant disbursal, a 100% paperless process, loans up to ₹20 lakh, and attractive interest rates. Download the Navi app today.
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