In today’s fast-paced world, financial emergencies can arise at any moment. Having quick access to funds is essential, and one of the most convenient ways to secure a small personal loan is by using your Aadhaar card. A personal loan of Rs. 20,000 on an Aadhaar card offers a swift solution to urgent monetary needs, leveraging a document that is already widely used for identity verification across India. This article explores the features, benefits, eligibility criteria, required documents, and the process of obtaining a personal loan of Rs. 20,000 using your Aadhaar card.
Features and benefits of an instant personal loan on Aadhaar card
Competitive interest rates: Personal loans for travel often come with competitive interest rates compared to other borrowing options like credit cards. Lower interest rates mean you can finance your trip more affordably, reducing the overall cost of borrowing.
Immediate funding: One of the standout benefits of a personal loan is the quick disbursal of funds. Many lenders offer rapid processing times, allowing you to access the money almost immediately after approval. This speed is particularly beneficial when you need to make urgent travel arrangements or bookings.
Flexible loan amounts: Personal loans provide the flexibility to borrow varying amounts based on your needs. Whether you require a modest sum for a short getaway or a larger amount for an extensive trip, you can customize the loan amount to fit your travel budget.
No collateral required: Unlike secured loans, personal loans for travel do not require any collateral. This means you don’t have to pledge assets such as your home or car, making it a risk-free option for borrowers.
Simple personal loan application process: A personal loan application process is straightforward and hassle-free. With minimal documentation and an easy application process, securing a loan is convenient and less time-consuming, enabling you to focus more on your travel plans.
Eligibility to avail Rs. 20,000 loan with Aadhaar card
To be eligible for a Rs. 20,000 personal loan from Bajaj Finserv using your Aadhaar card, you generally need to meet the following criteria:
Nationality: India
Age: 21 years to 80 years*.
Employed with: Public, private, or MNC.
CIBIL score: 685 or higher.
Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for Rs. 20,000 loan on Aadhaar card
To apply for a Rs. 20,000 personal loan using your Aadhaar card, you'll typically need to submit a few extra documents. When applying for a personal loan from Bajaj Finserv, the Aadhaar card alone isn’t sufficient. Continue reading to find out which additional documents are required for a Bajaj Finserv Personal Loan:
KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
PAN card
Employee ID card
Salary slips of the last 3 months
Bank account statements of the previous 3 months
Interest rates and charges for Rs. 20,000 Aadhaar card loan
Interest rates on personal loan secured through Aadhaar cards are generally competitive. Rates can differ depending on your credit score, loan term, and the lender’s policies. Additionally, lenders may charge processing fees, which are usually a small percentage of the loan amount. It's essential to review the lender’s terms and conditions to understand all applicable charges.
Additional read: Personal loan interest rates and charges
How is EMI calculated on a Rs. 20,000 loan
Equated Monthly Instalments (EMIs) for a Rs. 20,000 loan are calculated based on the principal amount, interest rate, and loan tenure. The EMI amount can be determined using the formula:
EMI=(1+r)n−1P×r×(1+r)n
where:
P = Principal amount (Rs. 20,000)
r = Monthly interest rate (annual rate / 12)
n = Number of monthly instalments (loan tenure in months)
How to apply for an instant Rs. 20,000 personal loan on Aadhaar card
Check eligibility: Ensure you meet the personal loan eligibility criteria set by the lender.
Gather documents: Prepare your Aadhaar card, income proof, and other required documents.
Submit application: Apply online through the lender’s website or visit a branch. Submit your Aadhaar card along with other documents.
Verification: The lender will verify your details and process your application.
Loan disbursal: Upon approval, the loan amount will be disbursed to your bank account.
Conclusion
Securing a Rs. 20,000 personal loan using your Aadhaar card is a straightforward and efficient way to address immediate financial needs. The process is designed to be quick and convenient, with minimal documentation and competitive interest rates. By understanding the features, benefits, eligibility, and application process, you can make informed decisions, apply for a personal loan and access the funds you need with ease.
