Applying for a ₹50,000 Loan Using Aadhaar Card

Applying for a ₹50,000 Loan Using Aadhaar Card

An Aadhaar Card is one of the important KYC documents to get a Rs. 50,000 loan. Individuals may apply for different financial products including personal loans. To apply for a loan, borrowers need to provide personal details.

We are guiding you in applying for a ₹50,000 loan using the Aadhaar Card and exploring other eligibility details.

₹50,000 Loan Using Aadhaar Card

Interest Rate16% to 18% p.a.
Loan Term6 months to 36 months
Applicant Age21 -58 years
Eligible ForSalaried / Self Employed

Benefits of Using Aadhar Card for Loan Application

Utilize your KYC documents like an Aadhaar Card for loan application comes with various benefits:

Simplified Process: Aadhaar-based loan process has simplified the application by skipping the paperwork and documentation process.

Fast Loan Approval: Aadhaar card is one of the important documents in India. So, lenders verify the Aadhaar card only and disburse the loan quickly.

Digital Access: Lenders do the KYC verification process with Aadhaar OTP. The KYC process is complete within 10 minutes and the lender approves the loan digitally.

Enhanced Security: Aadhaar maintains applicant security features with biometric authentication. This facility secures borrower documents from identity theft or fraud.

Eligibility Criteria

It would help if you understood the criteria for a ₹50,000 loan using an Aadhar card. Eligibility may be changed between lenders, but the overall eligibility is the same.

  • Residence: Borrower residence must be in India with valid KYC documents.
  • Age: Generally, the age requirement starts from 21 to 55 years.
  • Income: Salaried with Rs. 12,000 net salary and Self-employed with ABB (Average Bank Balance) of Rs. 10,000 are eligible.
  • A credit report must be good to apply for a loan. The CIBIL score of -1 or 700 is fair enough.

Also Read: Poonawalla Fincorp Instant Loan

Documents for 50,000 Loan on Aadhaar

  • KYC Documents: Aadhaar Card / Pan Card
  • Salary Slip for Salaried customer and Trade License, IT File for Self Employed.
  • 6 months latest statement
  • Utility bill or Gas bill for residential proof

Personal Loan for Salaried Customer

LenderInterest RateSalary 
WeRize 1.35% per monthRs. 12,000Apply Now
MoneyView 1.33% per monthRs. 13,500Apply Now
InCred   11.49% to 18% p.a.Rs. 15,000Apply Now
Fibe 24% to 30% p.a.Rs. 15,000Apply Now
Finnable 16% to 22% p.a.Rs. 15,000Apply Now
Faircent EEZEE 12% to 28% p.a.Not RequiredApply Now
IDFC   12.50% to 18% p.a.Rs. 15,000Apply Now
PaySense   1.4% to 2.3% per monthRs. 18,000Apply Now
Upward  9% to 32% p.a.Rs. 18,000Apply Now
Faircent12% to 28% p.a.Rs. 25,000Apply Now

Business Loan for Self Employed Customer

LenderInterest RateLoan Amount 
Faircent 14% p.a. to 21% p.a.Rs.50,000 to Rs.10 lakh Apply Now
InCred 18% p.a. to 28% p.a.Rs.30,000 to Rs.5 lakh Apply Now
IIFL11.25% p.a. to 33.75% p.a.Rs.50,000 to Rs.30 lakhApply Now
Chola Finance 14% p.a. to 21% p.a.Rs.30,000 to Rs.20 lakhApply Now
Poonawalla  Fincorp15% p.a. to 28% p.a.Up to Rs.50 lakhApply Now
FT Cash12% p.a. to 22% p.a.Up to Rs.50 lakhApply Now
NeoGrowth19% p.a. to 24% p.a.Up to Rs.75 lakhApply Now
FlexiLoans12% p.a. onwardsUp to Rs.1 croreApply Now
LendingKart12% p.a. to 28% p.a.Up to Rs.1 croreApply Now
Ashv Finance18% p.a. to 21% p.a.Up to Rs.40 lakhApply Now
Aditya Birla14% p.a. onwardUp to Rs.15 lakhApply Now
Tata Capital16.50% to 19% p.a.Up to Rs.75 lakhApply Now

Steps to Apply for a ₹50,000 Loan Using an Aadhar Card

1. Choose Your Lender: You should research and compare tenure, and interest that offer loans using Aadhaar card details.

2. Loan Eligibility: You should verify loan eligibility details before applying. Eligibility like income requirement, age, and credit score you have to know.

3. Collect Documents: Gather your documents such as income details, KYC proof, residential proof, and any other specific documents if lender needs.

4. Digital Loan Apply: Now come to the fourth stage which is a loan application. You may visit the lender’s website or apply from the “Apply Now” button.

5. E-KYC Process: Complete your e-KYC process using Aadhar authentication which is done by Aadhaar OTP verify.

6. Approval Loan Amount: Once the verification process is complete, the loan will be approved if you are eligible as per lender eligibility.

7. Loan Disburse: Complete the E-mandate / E-Nach process for loan disbursement to the applicant’s bank account. The maximum time is 48 hours to complete disburse process.

Check Tips for a 50,000 Loan Using Aadhar

Compare Lenders: Check and compare lenders for lower interest and repayment terms that will benefit to borrower.

Repayment Capacity: Aware of the repayment loan amount. If you don’t pay the EMI amount, impacts your credit score. Also, additional charges will add like bounce charges.

Borrower Responsibly: Borrow loan that is a requirement. It will be affordable to repay the loan comfortably.

Maintain Credit Score: Your timely repayment builds creditworthiness that maintains your credit score.

FAQs on 50,000 Loan Using Aadhar

  1. Who will be eligible for 50,000 loans on an Aadhaar Card?

    Individuals with complete age of 21 to 58 years are eligible for 50,000 loans on an Aadhaar Card.

  2. What is the minimum credit score required for an Aadhar Card loan?

    Borrowers minimum credit score of 700+ need to apply loan on an Aadhar card.

  3. Can I apply for a loan using an Aadhaar card without Pan Card documents?

    Some lender provides loans based on Aadhaar KYC without having a pan card.

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