Going to the bank and seeking a loan can be time-consuming, especially if you need emergency cash. Everything must be completed in time and with lots of paperwork. Further, the bank will engage in a longer KYC process, eventually taking a day.
You don’t have to endure all this stress, especially if you have an Aadhar card. In the digital and online loans era, you can get as much as a 50,000 loan without visiting a bank. Better yet, you can get it faster and paperless.
So, if you are wondering, ‘I need 50000 rupees loan urgently,’ don’t struggle, here are some details to get the cash fast.
Convenient Process
100% Digital and No Paperwork
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Disbursal Within 2 Hours
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Documents Required to Get 50000 Aadhar Card Loan
If you are considering getting an urgent 50000 loan on Aadhar card, you will need the following documents:
- Filled Application Form
- Aadhar card
- PAN card
- Proof of income: Bank statements/ Income Tax Returns/ Salary slips
- Proof of address: Passport/Driving License/Ration Card/Electricity Bills
- Passport-size photos
Check with the lender to see if you need to provide any extra documentation before you begin the application process.
Eligibility for a 50000 Loan on Aadhar Card
Here are some guidelines to help you determine your eligibility.
- You can never access an Aadhar loan without having an Aadhar card. It is the first requirement to prove eligibility.
- You must be an Indian citizen and between 21 and 55 years old. This is usually stipulated within the card application guidelines.
- Paying back an INR 50000 personal loan will require some source of income. You must prove that you are salaried or self-employed and have a monthly income of at least INR 12,000. Additionally, you must show a consistent income earning for twelve months or above.
- For an instant loan of 50,000, you must have a good credit score of about 600 or above. This means that you should not have any pending Aadhar card loans, and you should not have violated any previous repayment terms.
Steps to Apply for a 50000 Loan on 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 50000 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.
50000 Aadhar Loan Interest Rates
Before you apply for a 50000 loan for 1 year, you should know the annual interest rate based on various banks and NBFCs.
So, if you are applying for the 50,000 personal loan, expect the rates to be between 24% and 48%, depending on the lender. These rates are normally higher than regular loan interest rates due to the factor of urgency.
Benefits of 50000 Aadhar Card Loans
So, why should you consider a 50000 loan on Aadhar card? Here are some advantages of borrowing money on your Aadhar card:
- You can choose which firm to acquire the loan from based on the rates and tenure period.
- If you have an Aadhar card, you can get an emergency loan 50,000 within the shortest period since KYC is shortened.
- The card is proof of your loan eligibility, so the lender does not need more details.
- The entire process can be completed online. There is no need to visit a bank, making the process simple and fast.
Calculator for 50000 Loan on Aadhar card
To know how much interest you will be paying, you can use loan calculators.
The best one in the market is InstaMoney’s EMI calculator:
- This calculator is comprehensive and reliable, giving you the best estimates and monthly payable amounts.
- Once you have entered all the details, the site will tell you your monthly EMI. The monthly repayable amount will depend on the lender, but the calculator can tell you an estimated amount you will pay.
50000 Loan on Pan Card
What other option do you have if you cannot get an instant loan of 50,000 on your Aadhar card? You can use your PAN card to get your loan.
However, your Aadhar card will still be required to verify and submit the required documents.
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FAQ - Frequently Asked Questions
1. I Need 50000 Rupees Loan Urgently Without Income Proof?
Yes, you can get a 50,000 personal loan without proof of income; however, not all lenders will accept these terms. Such lenders tend to use other factors to verify your eligibility besides income documentation. Since the risks for such loans are high, be ready for higher interest rates.
2. Can I get a 50,000 loan without security?
Yes, not all Aadhar card loans require collateral. Instead, lenders will require other documents to prove income, including bank statements. Some may also ask for your PAN card for the extra KYC details.
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