Do you require a 20,000 rupees loan urgently for your financial requirement? Applying for a loan using your Aadhar card could be a good option. When you take a loan based on your Aadhar card it is a type of personal loan that requires few documents and verification, you only need to provide your Aadhar card as the primary KYC document.
In this blog post, we will tell you everything you need to know about how to get a 20000 loan on Aadhar card, including the benefits, interest rates, eligibility criteria, documents required, application process, EMI calculator and the best Aadhar card loan apps for quick approval.
Benefits of Taking 20000 Loan from Aadhaar Card
There are many benefits of taking a loan from Aadhar card, such as:
- You can get instant access to funds, as the loan approval and disbursal are fast and hassle-free.
- You can enjoy competitive interest rates and flexible repayment tenures, depending on the lender and your credit profile. Check your credit report in free.
- You can use the loan amount for any purpose, without any restrictions on the end-use of the funds.
- You can reduce the documentation and verification process, as your Aadhar card serves as your identity, address, age, and citizenship proof document.
- You can avail of a collateral-free loan, which means you do not have to provide any security or guarantee to get the loan.
Interest Rate 20000 loan on Aadhar Card
If you want a personal loan using your Aadhar card then interest rate can be different for each lender. It changes based on your income, credit score, borrowing amount, tenure and additional fees. Generally, the interest rate ranges from 8.35% p.a. to 20% p.a. for a personal loan on Aadhar card.
Apart from the interest rate, you may also have to pay a processing fee which is usually up to 2% of the loan amount and a prepayment charge which is up to 4% of the outstanding loan amount if you want to close the loan before the end of the tenure.
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Eligibility Criteria for getting 20000 loan
To get an 20000 loan on aadhar card, you need to meet the following eligibility criteria:
- Indian citizen are eligible for loan based on Aadahar
- You should be in the age group of 20 to 60 years
- You should have a valid Aadhar card issued by UIDAI
- You should be a salaried professional or a self-employed individual
- You should have a minimum monthly income of Rs. 20,000
- 600+ or above Credit Score is most important requirement.
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Documents Required to Take loan on aadhar card
The basic documents required to take an 20000 loan on aadhar card are:
- Aadhar card (for e-KYC verification)
- PAN card (if linked with Aadhar card)
- Income proof of Job: Active bank A/c statements, monthly salary slips, or income tax returns)
- Bank account details (for loan disbursal and repayment)
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How to Apply for a 20,000 Loan on Aadhar Card
The common application process to apply for an Aadhar card personal loan is:
- Visit Google play store or app store to download the loan app
- Fill in the online application form with your personal and loan details
- Upload a scanned copy of your Aadhar card and income proof
- Complete the e-KYC verification using your Aadhar biometrics
- Wait for the loan approval and disbursal, which may take a few hours
Calculator EMI for 20000 loan on aadhar card
To calculate the EMI for your Aadhar card personal loan, you can use an online EMI calculator like this one. All you need to do is enter the following information:
- Loan amount (in rupees)
- Loan tenure (in months or years)
- Interest rate (in percentage)
The EMI calculator will show you the monthly EMI amount, total interest payable and the total payment (principal + interest) for your loan. You can also see the break-up of the principal and interest components and the loan amortization schedule.
Read Article: How to download aadhar card by name & date of birth
Best Apps Who Provide Instant Loan on Aadhar Card
There are many Aadhar card loan apps available in the market but not all of them are reliable and trustworthy. To help you choose the best Aadhar card loan app for instant loan, we have listed some of the top ones below:
| App Name | Interest Range | Tenure | Loan Amount |
| KreditBee | 0% to 29.95% p.a. | 3 to 24 months | Rs 10,000 to Rs 4 lakhs |
| IndiaLends | 10.99% to 24% p.a. | 3 to 36 months | Rs 10,000 to Rs 2 lakhs |
| Bajaj Markets | 12.99% to 16% p.a. | 12 to 60 months | Up to Rs 50 lakhs |
| PaySense | 16.8% to 32% p.a. | 3 to 60 months | Rs 5,000 to Rs 5 lakhs |
| Paytm | 14% to 18% p.a. | 3 to 36 months | Rs 10,000 to Rs 3 lakhs |
| Flipkart | 13% to 24% p.a. | 3 to 36 months | Rs 50,000 to Rs 10 lakhs |
| CASHe | 18% to 36% p.a. | 15 to 180 days | Rs 15,000 to Rs 4 lakhs |
| Fibe | 18% to 30% p.a. | 3 to 36 months | Up to Rs 5 lakhs |
| LazyPay | 15% to 32% p.a. | 3 to 24 months | Rs 10,000 to Rs 5 lakhs |
| ZestMoney | 12% to 36% p.a. | 3 to 36 months | Up to Rs 5 lakhs |
| Finnable | 18% to 24% p.a. | 3 to 36 months | Rs 50,000 to Rs 10 lakhs |
| LoanTap | 18% to 24% p.a. | 6 to 60 months | Rs 50,000 to Rs 10 lakhs |
| mPokket | 0% to 36% p.a. | 61 to 90 days | Rs 500 to Rs 30,000 |
| Navi | 10% to 24% p.a. | 3 to 60 months | Up to Rs 9 lakhs |
Conclusion
A personal loan on Aadhar card is a convenient and hassle-free way to get instant funds for your personal needs. You can credited a loan of up to Rs. 50 lakhs on your Aadhar card, with few documents and verification.
However, you should also compare the interest rates, fees, charges, and terms and conditions of different lenders before applying for a loan. You should also check your eligibility and repayment capacity before taking a loan. Lastly, you should repay the loan on time to avoid any penalties and maintain a good credit score.
Read Article: 29 best personal loan apps who provide instant loan
FAQs on 20,000 Loan on Aadhar Card
Q: What is the minimum and maximum loan amount that I can get on Aadhar card?
The minimum and maximum loan amount that you can get on Aadhar card depends on the lender and your eligibility. Generally, you can get a loan of up to Rs. 50 lakhs on your Aadhar card.
Q: What is the minimum and maximum loan tenure that I can get on Aadhar card?
The minimum and maximum loan tenure that you can get on Aadhar card depends on the lender and your repayment ability. Generally, you can get a loan of up to 5 years on your Aadhar card.
Q: What are the factors that affect the interest rate on Aadhar card loan?
The factors that affect the interest rate on Aadhar card loan are your income, credit score, loan amount, loan tenure, and other charges.
Q: Can I prepay or foreclose my Aadhar card loan?
Yes, you can prepay or foreclose your Aadhar card loan, subject to the terms and conditions of the lender. But you may have to pay a prepayment or foreclosure charge, which is usually up to 4% of the outstanding loan amount.
Last Updated on 1 year
