Rs 20,000 Loan On Aadhaar Card

The applicable rate of interest on Rs.20,000 Aadhaar card loan remains dynamic as it can be 12% for a customer while the rate of interest can escalate to 14% for another customer. 

The processing fee, repayment tenure and other loan conditions including pre-closure fee, late repayment fee, bounce charges, and approval-to-disbursal time can vary from lender to lender. 

It can be different depending on the customer profile, CIBIL score, status of employment, and repayment history, if any. 

Some banks and NBFCs run various promotional activities wherein the processing fee on Aadhaar card-based personal loan is waived off for a limited period.

1. Quick Disbursal: Rs 20,000 Aadhaar card loan is quite popular due to the quick processing time right from checking the eligibility to verifying your identity, and documents, filling in the form, loan approval, and disbursal. With an Aadhaar Card acting as the primary document for Rs 20,000 Aadhaar card loan, the money is instantly credited into the bank account of the borrower within an hour.

2. Collateral-Free Loan: Aadhaar Card loans are not backed by any collateral, likewise Rs 20,000 loan on Aadhaar Card is an unsecured credit facility. Individuals can apply for a Rs 20,000 Aadhaar card loan based on credit score, banking transactions, present earnings, and ongoing liabilities.

3. Less Documentation: For an Aadhaar Card-based personal loan of Rs 20,000, applicants are not required to furnish a long list of documents. A handful of requisite documents including an Aadhaar card, a PAN card, and recent months’ bank statements can help in applying for Rs 20,000 loan on an Aadhaar card.

The application process for Rs 20,000 Aadhaar card loan is quick & easy. Interested users can apply for a Rs 20,000 loan on an Aadhaar card through https://www.mymoneymantra.com.

• Step 1: Visit https://www.mymoneymantra.com
• Step 2: Scroll towards the ‘Loan’ option at the top-left side on the Home Page.
• Step 3: Click on the ‘Personal Loan’ option from the drop-down menu.
• Step 4: The applicant will be prompted to fill in a form for a Rs 20,000 personal loan on an Aadhaar card.
• Step 5: Enter the needful such as Full Name, Phone Number, Email Address, and the desired Loan Amount.
• Step 6: Click on Let’s go!

Minimal documentation and quick disbursal are the two highlights of Aadhaar card-based loans. A Rs 20,000 loan on an Aadhaar card requires proof of address, proof of identity, proof of income, bank statements, PAN card, etc are required to process the application.

The eligibility of Rs 20,000 Aadhaar card loan is very basic. Please refer to the table below.

Please note that these are basic eligibility conditions only and are subject to change from lender to lender. Over and above this, the lender may ask you to provide the bank statements, current residential proof, etc. 

People with damaged or no credit history may not qualify to get a Rs 20,000 Aadhaar card loan as lenders are less willing to onboard customers who have a disturbed repayment history or the ones who are new to credit. However, customers can improve their respective eligibility for an Aadhaar card loan by a series of modifications.

1. Improve Your Credit Score: Improving your credit score should be the first and foremost step if you have a damaged credit score due to past repayments or defaults on EMIs. People who are new to credit can look for alternatives if they can’t qualify for an Aadhaar card-based personal loan from one lender. Banks and NBFCs are eagerly looking forward to boosting their respective loan books but they are also mandated by stern RBI directives, especially for unsecured credit.
2. Wait Till You Achieve Minimum Age Limit: Fulfilling the minimum age limit doesn’t guarantee a loan approval. Some lenders have a minimum age requirement of 18 years, while some demand 21 years. People below the minimum age bracket of a lender will not be eligible for Rs 20,000 Aadhaar card loan.
3. Residential Status Constraints: Other than the minimum age requirement, there can be some limitations on the residential status as there can be some lenders and NBFCs that are servicing a select few metro cities, while there can be a new-age financier focused on Tier-2 and Tier-3 cities.
4. Local Address Proof: As the Rs 20,000 Aadhaar card loan remains an unsecured credit facility, some lenders may ask you to furnish a local address proof, it could be a government-issued ID, maybe an electricity bill, etc. Non-judicial rental agreements are no longer supported as valid proof of address, however, some lenders still accept it alongside an Aadhaar card.
5. Secure Small-Ticket Credit: You can try securing a smaller loan first in case you are not able to make it to a Rs 20,000 Aadhaar card-based loan. Taking a smaller loan, and repaying the dues well within the designated repayment tenure can help in building your credit profile for large-ticket credit facilities.

Individuals aiming to take a Rs 20,000 Aadhaar card loan can calculate the EMIs according to a desired tenure before giving the final go-ahead. In order to calculate the EMIs for a Rs 20,000 Aadhaar card loan, you can use MyMoneyMantra’s personal loan EMI calculator.

Rs 20,000 Aadhaar Card Loan EMI Table