Arranging funds at short notice is never easy and involves a lot of time and effort. With the advent of online loan apps, garnering emergency funds has become easier without enduring a sea of paperwork, numerous bank trips, and endless waiting periods.
Let us understand how the Aadhar card can secure an emergency loan of Rs. 10000. We will get detailed insights into the eligibility, documents required, features, benefits and how EMI is calculated for this 10000 rupees loan. We can make an informed decision by comparing Instamoney’s Rs. 10000 loan offering with similar products in the market.
Convenient Process
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Features and Benefits of 10,000 Loan on Aadhar Card
Availing of a Rs. 10000 loan on an Aadhar card comes with numerous benefits:
- Collateral free loans
- Easy repayment options
- Low interest rate
- Quick loan approval with minimum documentation
- Complete digital processEligibility Criteria for 10,000 Loan on Aadhar Card
Eligibility criteria for a ₹10,000 Loan on Aadhar Card.
- You need to be an Indian citizen aged between 18 and 45.
- You need to earn a minimum salary of Rs.12000/month
- You should have a minimum credit score of 600
How is EMI Calculated on a 10,000 Loan on an Aadhar Card?
You can use this formula to calculate the EMI on your small loan of Rs.10000:
E = P x R x (1+R)^N / [(1+R)^N-1]
Where E is the EMI, P is the principal, R is the rate of Interest and N is the number of instalments.
When the principal is Rs. 10000 and the rate of interest is 12% per annum, then EMI will be 10000* 0.01* (1+ 0.01)^12 / [(1+ 0.01)^12 ]-1 = ₹1056.
You can use the Instamoney EMI calculator if you find manual calculation tedious and prone to mistakes. Simply enter your loan amount, the tenure and the interest rate to get your EMI.
Documents Required for 10,000 Loan on Aadhar Card
The documents required for a Rs.10000 loan on an Aadhar card are:
- KYC documents- Aadhar card and PAN card
- The last 3 months’ bank statement with your monthly salary being reflected in it
- NACH Form (E-NACH is also accepted)
Apply for a 10,000 Loan on Aadhar Card
The Aadhar card, with its unique 12-digit Aadhar number issued by the government, is primarily an identity and residency proof for Indian citizens. With the Aadhar card being linked with the PAN card and bank accounts, it can now fetch you an instant loan of Rs. 10000 through online loan apps.
“I need a 10000 rupees loan urgently“. If this is your current scenario, let us take you through the step-by-step process for applying for a Rs. 10,000 loan through an online loan app using your Aadhar card:
1. Check Eligibility
Visit the InstaMoney website or download the app, enter all the necessary details, and you will receive your eligibility status within 2 minutes.
2. Choose Loan Duration
Select your preferred loan amount and repayment period from the available options.
3. Upload Documents
Upload all the required documents online for verification.
4. Loan Amount Disbursed
Once your documents are verified and the loan agreement is submitted, the approved amount will be transferred to your bank account within 2 hours.
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Final Thoughts
An instant loan of Rs. 10000 on your Aadhar card offers you a financial safety net to navigate unexpected expenses with ease and confidence. You can get a Rs. 10000 loan on an Aadhar card instantaneously through an online loan app. However, beware of the risks associated with missing your EMIs. Choose your loan app wisely based on factors like approval time, interest rates, tenure and reputation.
If you are looking for an online loan that ticks the right boxes and offers you an urgent loan of Rs. 10000, look no further than InstaMoney. Download the app to make use of its convenient digital process. Take control of your financial needs now.
FAQ - Frequently Asked Questions
1. Do online loan apps charge the same interest rate as banks for Rs. 10000 loans?
Online loan apps charge a higher interest rate on Rs. 10000 loans than banks and the rates might vary between lending apps.
2. What repayment options are available in the personal loan apps?
The repayment options vary between lenders. However, most apps offer EMI and full repayment options (bullet repayment).
3. Can the loan amount be increased after approval?
No, the loan app approves the loan amount after considering various factors. However, you can refinance your loan later.
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