Life can be full of surprises; some are joyful while others are not. Be it a medical emergency, an unexpected home or vehicle repair or a sudden family trip, having access to quick funds can help immensely during stressful financial emergencies.

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. 

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Applying 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. Download the Instamoney loan app or visit the Instamoney website. 
  2. Create an account with the loan app or use your social media login details to sign up. Complete your application by entering all the necessary details. You will receive your loan eligibility within a few minutes.
  3. You can proceed to avail of the loan if you are happy with your eligibility. Choose your loan amount and the loan tenure for repayment. The registration charge of Rs.199 has to be paid every time you apply for a loan.
  4. Upload all the KYC documents as requested.
  5. Your loan amount will be credited directly to your bank account after document verification.

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 process

Features of Rs. 10000 Loan on Aadhar Card

Here is a comparative analysis of the top 10 Reserve Bank of India (RBI) approved online loan apps and their loan features.

Online App Credit Limit in Rs. Interest Tenure Features Rating /5
Instamoney 5k to 50k From 2.99%/ month 3 to 5 months 
  • A leading digital loan platform
  • Streamlined application process
  • Quick disbursal within 2 hours
  • Low CIBIL score requirement
CASHe 1000 to 4 lakhs From 2.5%/month  3 to 18 months
  • Loan eligibility is determined by a unique social loan quotient (SLQ)
  • Loyalty programs offering lower interest rates or higher loan amount
KreditBee 1000 to 4 Lakh 15% – 29.95% p.a. 3 – 24 months
  • Disbursal within 10 mins
  • Minimal documentation
  • Digital process
  • Personal loans and purchase financing
PaySense 5K to 5 lakhs 1.4% – 2.3% p.m. 3 to 60 months
  • Offers personal loans to people without a credit history
  • Loans to both salaried and self-employed
  • EMI tracking tools
Bajaj FinServ Up to Rs.40 Lakh 10.49% p.a. onwards 12 – 72 months
  • You can choose between a flexi-term loan, a flexi-hybrid loan, or a term loan.
  • Collateral-free loan which is approved within 5 minutes
Credy Upto 1 lakh  1% – 1.5%/month 3 to 12 months
  • Top-up loans available
  • Very low interest rate
  • Transparent fee structure
Moneyview 5K to 10 lakh 1.33%/month 6 to 60 months
  • Ranked as one of the best online loan apps
  • It is known for its credit scoring model and offers loans to individuals with low or no credit score
mPokket 500 to 30,000 Upto 4% Maximum of 3 months 
  • Simple loan application process
  • Loans are offered to students also
  • No credit history check
  • Flexible payment options
Fibe 5K to 5 Lakh From 14% p.a Maximum of 24 months
  • Reducing balance interest rates
  • No prepayment penalties
  • Salary advance and school fees loans
Home Credit Upto 5 Lakh 2%/month 12 to 48 months 
  • Easy loan approval process
  • Collateral-free loans for salaried, self-employed and pensioners
  • Low interest rates

Eligibility Criteria for 10,000 Loan on Aadhar Card

Here are the 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 mini 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 various online EMI calculators 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)

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. 

Frequently Asked Questions(FAQs)

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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