How to Get ₹50,000 Loan on Aadhaar Card?

Short-term financial exigencies may come unplanned without prior intimation, for instance, an urgent need of Rs. 50,000. Asking friends or family members could be embarrassing for many. On such occasions, taking a personal loan could help helpful. The good news is that you can now avail of an instant personal loan or Rs. 50,000 on aadhaar card now. 

All you need to do to get an Rs. 50,000 loan on aadhaar is complete your KYC formalities using your aadhaar card. The loan amount can be used for any purpose including bill payments, medical expenses, gadget purchases, financing a trip, and so on. 

Here is all the information you have about a Rs. 50,000 loan on aadhaar card.

How to Apply for an Aadhar Card Loan Rs. 50,000?

To apply for an Rs. 50,000 loan on aadhaar online, follow the steps mentioned below:

• Visit the official website or mobile app of the loan provider.
• Enter the required details including your aadhaar number, name, employment, income, and other information.
• Check your personal loan eligibility. 
• Choose the loan amount and repayment tenure required by you.
• Click the Apply button. 
• Complete the KYC process using your aadhaar card
• On approval, get the amount disbursed to your bank account within a few minutes.

Rs. 50,000 Loan on Aadhar Card: Features & Benefits

Below are the key features and benefits of a Rs. 50000 loan on aadhar card:

You can easily get instant disbursal on your aadhaar card loan by just providing your aadhaar card details to finish the verification process. On approval, the loan amount will be disbursed to your account in no time.

These loans do not require a huge pile of documents. To get an Rs. 50,000 loan on aadhaar card, you just need to provide your aadhaar details and sometimes income documents as well, to get the preferred loan amount.

These loans are offered at competitive interest rates. However, the final rate of interest depends on the borrower’s eligibility and is at the sole discretion of the lending institution.

Aadhaar card loan of Rs. 50,000 is offered with flexible repayment tenure, usually ranging from 3 to 60 months. You can select a suitable tenure while applying for the loan and repay it at your own convenience.

This loan can be used for any legitimate purpose such as weddings, travel, higher education, home renovation, etc. There is no restriction on end usage. 

Applicants with excellent credit profiles may also get pre-approved personal loan offers with instant disbursal.

A short-term personal loan of Rs. 50,000 does not require applicants to submit any collateral.

Eligibility Criteria for Rs. 50,000 Aadhar Card Loan

The eligibility criteria for an Aadhaar card loan of Rs. 50,000 are mentioned below:

• Employment type: Salaried or self-employed.
• Age: The age of the applicant must be between 21 years to 60 years for salaried and 25 to 65 years for self-employed individuals.
• Credit score: The minimum CIBIL score requirement is 700 or above.
• Income: The applicant must have a minimum monthly income of Rs. 25,000 or above to be eligible.
• Work experience: The salaried applicant must be working with the current organisation for at least the past 6 months and the self-employed person should be in the business for at least the last 2 years. 

Documents Required for Rs. 50,000 Loan on Aadhaar Card

Generally, for loans on aadhaar card, you will require only your aadhaar card as the primary document for KYC verification. Once verified, the loan amount gets disbursed to your account. However, some lenders may also ask for additional documents as mentioned below:

Common Documents for all applicants:

• Duly filled and signed application form along with passport-size photograph.
• Identity proof like Adhaar Card, Voter ID Card, PAN Card, Driving License, etc.
• Address Proof like Adhaar Card, Voter ID Card, Driving License, Utility Bills, Passport, etc.

Additional Documents for Salaried Employees:

• Salary slips of last 3 months
• Income Tax Return (ITR) or Form 16

Additional Documents for Self-employed:

• Last 2 years ITR along with P&L account, balance sheet & income computation.
• Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for declared income tax.

Rs. 50,000 Aadhar Card Loan Interest Rate

The interest rate for Rs. 50,000 aadhaar loan starts from just 9.30% per annum, depending on various factors like the borrower’s credit history, CIBIL score, income, loan amount to be borrowed, repayment tenure, and so on. Apart from the rate of interest, these loans often involve processing fees of up to 2% of the sanctioned loan amount. The personal loan interest rate and processing fee may vary from lender to lender.

EMI Calculation for an Rs. 50,000 Loan on the Aadhaar Card

You can calculate the Rs. 50,000 loan on aadhaar card EMI online using a loan EMI calculator. 

Example:

Suppose you borrowed a loan of Rs. 50,000 on aadhaar card at an interest rate of 10% per annum for 2 years tenure. Using our Personal Loan EMI Calculator, your loan EMI would be as follows:

• EMI: Rs. 2,307
• Total interest to be paid: Rs. 5,374
• The total amount payable: Rs. 55,374

Amortization Table

Things to Consider Before Applying for an Rs. 50,000 Aadhaar Card Loan

Before you apply for an Rs. 50,000 aadhaar card loan, you must keep the following points in mind:

Compare the interest rates offered by different loan providers before applying for the loan to make an informed decision. 

Check other fees and charges, including processing fees, foreclosure charges, balance transfer charges, etc. 

Check your credit score as a high CIBIL score could improve your chances of getting loan approval and it can also get a low-interest rate loan.

Read the fine print carefully before signing.

Check your loan EMI in advance to manage your finances in a better way. 

FAQs

How much loan amount can I get on aadhaar card?

You can get up to Rs. 40 Lakhs on your aadhaar card along with a few other documents.

What are the benefits of an Rs. 50,000 loan on aadhaar card?

Aadhaar card loan can be availed of online instantly. For these collateral-free loans, limited documentation is required and the loan amount can be used for any purpose.

What is the tenure for aadhaar card loan of Rs. 50,000?

These loans can be repaid within 3 to 60 months of tenure. 

Which app is best for Rs. 50,000 aadhaar card loan?

You can get a loan on your aadhaar card through various short-term personal loan apps like Navi, Faircent, PaySense, KreditBee, IIFL, CASHe, Moneyview, MoneyTap, FlexSalary, Fibe (EarlySalary), Prefr, Loanbaba, and StashFin.