Aadhaar card is a government-issued document that bears a unique identification number. In the event of a sudden financial emergency, this document can serve as a valid proof of identity. You can avail a loan amount as low as ₹1000 on aadhaar card.
₹1000 loan with aadhaar card is the one of the easiest way to obtain fast small cash loan.
This article provides all the information about eligibility criteria, features, and a step-by-step breakdown of the application process.
Eligibility For A Personal Loan Through Aadhaar Card
Here are the eligibility criteria that you need to meet to avail instant Aadhaar Card Loan:
- Age: The Minimum of 21 years and a maximum of 60 years.
- Credit Score: Depending on the lender, a minimum credit score of 700 or 750 is required.
- Residence: Aadhaar Card is a document unique to Indian residents. To avail an Aadhaar Card loan, the borrower must be a resident of India.
- Aadhaar Card: The borrower must have a valid Aadhaar Card as it is the primary document against which you will receive the loan.
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Interest Rates & Charges for 1000 Aadhaar Card Loan
Interest rate is one of the most important factors and before applying for a loan, you need to be aware of the Aadhaar Card Loan interest rate and other fees and charges. But rate will vary for every bank and NBFCs.
Refer to the table below to know the interest rate of 1000 Aadhaar Card Loan.
| Aadhaar Card Loan Interest Rate | 9.9% p.a. onwards |
| Processing Fees | 1% - 2% |
| Preclosure Fee | 2% - 3% |
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Is Only Aadhaar Card Sufficient for an Instant 1000 Rupees Loan?
Aadhaar card is now the sole document accepted by the majority of lenders for KYC. Due to the elimination of the need to produce additional documents as proof of address, identity, or income, the process has become more seamless for both lenders and borrowers. Hence, for a personal loan with Aadhaar, you only need your Aadhaar card. But some lenders may also ask for PAN card for approving the small cash loan. In that case, the borrower should provide in PAN card along with the aadhaar card.
One can avail small cash loans on Aadhaar starting from Rs. 1000 to a few Lakhs as per one’s eligibility and the terms set by the lender.
| Check other Aadhaar Loans | |
|---|---|
| 50000 Loan on Aadhaar Card | 20000 Loan on Aadhaar Card |
| 10000 Loan on Aadhaar Card | 5000 Loan on Aadhaar Card |
₹1,000 Loan on Aadhaar Card Loan Calculator
EMI is an important part of the whole loan process. Therefore, it is always advisable to calculate the monthly EMI before applying for any loan. You can use this calculator provided here to calculate your EMI for ₹1000 Aadhaar card loan.
Calculate Your Interest Rate on ₹1,000 Loan on Aadhaar Card
You can calculate your EMI on a loan of ₹1,000 on Aadhaar card using the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P implies principal loan amount, R implies rate of interest, and N is the tenure in months.
You can also use our EMI calculator and get an estimate of your EMI within seconds. All you need to do is enter the loan amount, interest rate, and loan tenure.
For example:
If you take a loan of ₹1,000 with a repayment term of 1 year at the interest rate of 9.9%, then your EMI will be:
As per the formula,P x R x (1+R)^N / [((1+R)^N) - 1]
P = ₹1,000
N is 1 years or 12 months (we will use the tenure in months in the formula)
R is 9.9% = 9.9/12/100 (we will use the rate of interest in months in the formula)
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = [1000 x 0.00825 x (1+0.00825)^12]/[((1+0.00825)^12) - 1]
EMI = [1000 x 0.00825 x 1.00825^12]/[(1.00825^12)-1]
EMI ≈ 87.48 (rounded to two decimal places)
The monthly loan EMI amount will be ₹87.48/-
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Features & Benefits of an Instant Aadhaar Card Loan
Aadhaar Card loan is a highly convenient way to obtain an instant loan for any urgent cash crunch. Check out the features and benefits of an ₹1000 loan instant Aadhaar Card loan and enjoy the benefits from the comfort of your home.
- Easy Application: You can apply for an aadhaar card loan in minutes and get an instant loan.
- Only Aadhaar: Since it is an Aadhaar card loan, only one document is enough to get your loan approved.
- Instant Disbursal: It is an instant small cash loan. Therefore, the loan amount can be disbursed in just 24 hours.
- No Collateral: This loan does not require any collateral. No need to risk any of your assets for availing a loan.
- Easy Repayment: It also offers a easy and flexible repayment. You can your preferred loan repayment period.
- Low Interest Rates: Get an affordable interest rate starting from 9.9% p.a. onwards
Procedure to Apply For A Personal Loan Based On Aadhaar
Steps To Apply For a Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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Small Cash Loan on Aadhaar Card without PAN Card
Usually, the Aadhaar card is the only document needed for your KYC. To confirm your citizenship, address, age, work, tax returns, and other information, certain lenders may further request extra documents. Some lenders may also request your PAN card.
Thanks to the Aadhaar Card Loan, you can avail a small cash loan on your Aadhaar card from anywhere, at any time, making the process simpler and more convenient. What are you waiting for? Apply for a small cash loan and keep your financial worries at bay.
Frequently Asked Questions
A small cash loan on Aadhaar card is an unsecured loan that can be availed by individuals with a valid Aadhaar card.
You can get a Rs. 1000 loan on Aadhaar card instantly, within a few minutes of applying but the processing may vary depending on the lender.
The repayment time of a Rs. 1000 loan on Aadhaar card is typically 3 to 12 months. The interest rate is around 10% to 15% per annum.
The fastest way to get a Rs. 1000 loan through Aadhaar card is to apply for an instant loan online via Buddy Loan. You can get the loan amount disbursed to your bank account within 24 hours.
You can obtain ₹1,000 loan using Aadhaar card by visiting the lender bank’s branch or you can apply online via the lender’s website. You can also apply here on Buddy Loan.
Aadhaar card is the sole document required for aadhaar card loan but some lenders may ask for PAN card as well.
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