Aadhaar card primarily serves as a unique identification number and proof of identity and address for residents of India. With your Aadhaar card, you can also avail financial services, including personal loans typically provided by banks, financial institutions, and lending agencies. Not only can you avail 20000 instant loan on Aadhaar card but also get it at an attractive interest rate with minimal documentation.
Now, let’s proceed to understand ways you can avail ₹20,000 loan designed for individuals possessing an Aadhaar card.
Interest rates and charges for a ₹20,000 loan on Aadhaar card can vary depending on the lender. However, before you apply for an instant loan, it's important to compare the interest rates and any additional charges in order to make an informed decision. Hence, take into consideration the interest rate and processing fees charged to prioritize Aadhaar Card loans.
|9.9% p.a. onwards
|Interest Rate (Govt.Banks)
|8.35% p.a onwards
|3 to 72 months
|2.5% to 6% + GST
While applying for a ₹20,000 personal loan with your Aadhaar card, lenders generally require certain details and documents. However, the eligibility criteria might vary among the lenders. Hence,here is a quick reference for you to know about the basic requirements for 20000 instant loan:
|You must be a citizen of India
|At Least 21 years old
|Have a valid Aadhaar card
|650 or above (Depends)
The primary document that is required to provide for your KYC verification is your Aadhaar card. However, some lenders may ask for additional documents during the KYC process. These additional documents could include proof of income, address verification, bank statements, or other relevant financial documents during the verification process of your 20000 loan
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.
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The Aadhaar Card is an essential identification document in India that also provides access to Aadhaar Card Loans, offering convenience for those in need of financial assistance. And when it comes to availing a loan, calculating your EMI is necessary for easy management of your finances. To have a clear idea about your payable EMI, you should use an EMI calculator to calculate your ₹20,000 Aadhaar Card loan.
Enter your desired loan amount, interest rate, and loan tenure to calculate you Aadhaar Loan EMI using the calculator given below:
|Loan Paid to Date (%)
You can calculate the Equated Monthly Installment (EMI) for a loan amount of ₹20,000 loa on an Aadhaar Card, using the formula below:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ N-1]
EMI = Equated Monthly Installment, P = Principal amount (loan amount), R = Interest rate, N = Number of monthly installments
Now, say if you plan to avail a personal loan of ₹20k, for a tenure of 24 months at an interest rate of 12% p.a
Then using the EMI formula,
P = ₹20,000
N is 2 years or 24 months (we will use the tenure in months in the formula)
R is 12% = 12/12/100 = 0.01 (converting to monthly interest rate)
= [20,000 x 0.01 x (1 + 0.01) ^ 24] / [(1 + 0.01) ^ 24] -1
= Rs. 941/-
The monthly loan repayment amount will be Rs. 941/-
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Now get a 20000 instant loan without any hassles with flexible options to avail. Get ₹20,000 loan on Aadhaar card & experience features and benefits of an instant Aadhaar Card loan.
Steps To Apply For a Personal Loan with Buddy Loan
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Eligibility for a ₹20,000 loan on Aadhaar Card can vary among lenders, based on factors such as income, credit history, and repayment capacity. However, you can also refer to the eligibility criteria table mentioned above.
The CIBIL score requirement for a ₹20k Loan on Aadhaar Card can vary among lenders. However, it is suggested that applicant should a credit score more than 650
The processing time for a ₹20000 instant loan through Aadhaar Card can vary depending on the lender and their internal processes. However if the eligibility criteria fulfilled that loan application might get accepted within 24 hours.
The minimum age requirement to apply for an instant loan on Aadhaar can vary among lenders, but it is generally around 18 years or above.
Not all lenders ask to provide a salary slip to get a personal loan of 20000 on Aadhaar Card. Some lenders may have different income verification methods or alternative documentation requirements.
The minimum age requirement to apply for a ₹20,000 personal loan on Aadhaar Card can vary among lenders, but it is generally around 18 years or above.
You can apply for ₹20,000 personal loan on Aadhaar Card with the Buddy Loan app. However, there are several lending apps and platforms in India for ₹20000 loan such as PaySense, MoneyTap, EarlySalary, and KreditBee.
To get an urgent ₹20,000 loan , you can explore instant loan options offered by digital lending platforms or apps. Ensure you have the necessary documents and meet the eligibility criteria for a quick loan approval process.
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