50000 Loan on Aadhaar Card – Check Eligibility & Step to Apply

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Remember those days when applying for loans meant endless paperwork, multiple visits to the bank, and waiting for weeks on end? Thanks to the Aadhaar card, those days are long gone. Aadhaar is like your personal ID in India. It’s a unique 12-digit number that makes life a bit easier. And get this – if you’re ever in a pinch, like a sudden cash crunch or an emergency, you can actually get a loan of up to ₹50,000 using just your Aadhaar card!

It’s pretty handy, right? This loan, offered by some banks and institutions, taps into the trust and security of your Aadhaar details to quickly get you some much-needed cash when you really need it. It’s a lifesaver for unexpected bumps in the road.

So, if you’re short on cash, maybe a medical emergency, or any urgent need, you can sort it out swiftly with your Aadhaar card. It’s a safety net that can really come through in tough times.

Now, let’s break it down a bit more. To get this loan, you’ll want to check the eligibility criteria and the interest rates offered. Usually, having a decent credit history and meeting certain income criteria does the trick.

How to Apply for a 50,000 Loan on Aadhaar Card?

1. Pick your smartphone or hop on your computer: Start by downloading a trusted instant loan app or visiting the loan provider’s website.

2. Create your account: Simply enter your mobile number and email ID to get started.

3. Link your Aadhaar card: Provide a mobile number that’s linked to your Aadhaar card. This will help verify your identity and address.

4. Enter your Aadhaar and PAN details: Key in your 12-digit Aadhaar card number to serve as your KYC (Know Your Customer) proof. Also, provide your PAN card details for additional verification.

5. Upload additional documents (if required): Some websites may ask for a scanned copy of your Aadhaar card along with other income-related documents. This helps assess your financial situation.

6. Verification and Loan Disbursal: Once the verification process is complete, the approved loan amount will be directly credited to your linked bank account.

Remember:

• Eligibility criteria and interest rates may vary between lenders.
• Always compare options and choose a loan that suits your needs and financial situation.
• Repay your loan responsibly to maintain a good credit score

Feature & Benefits of ₹50,000 Aadhaar Card Loan

When you opt for a ₹50,000 loan using your Aadhaar Card, you open doors to a range of benefits. These perks go beyond the loan itself, offering you access to a variety of useful features that come with this borrowing option. Below are some key features of it:

1. Minimum Documentation

You just have to submit your income proof and KYC documents to apply for a loan on an Aadhar card. Once the lender verifies the documents, it hardly takes a few hours to receive the funds in your bank account.

2. Flexible Loan Quantum

You can opt for a Rs. 50000 loan just using your Aadhaar card. However, you can also get a loan of up to Rs. 40 lakhs from some of the leading financial institutions.

3. Instant Approval

The simple and hassle-free documentation process allows you to receive funds within the shortest turnaround times. In some cases, you might even get the loan amount within a few minutes after making the application.

4. Flexible Repayment Tenure

You have the option to choose a flexible repayment tenure of up to 84 months or 7 years. This factor also varies across lenders and the borrower’s eligibility.

5. Collateral-Free Credit

You can get a Rs. 50000 loan on an Aadhaar card without mortgaging or pledging any asset. As these loans are unsecured, you will receive the funds as per your eligibility criteria.

Ensuring a hassle-free process, the documents required for this loan on your Aadhaar Card are straightforward and easy to gather. Here’s what you’ll need.

Also, Read: How to Apply for a ₹1000 Loan on Aadhaar Card?

Eligibility Criteria for Rs. 50000 Loan on Aadhaar Card

Here are the basic requirements for being eligible to apply for a Rs. 50000 loan on Aadhaar card:

1. You must be an Indian citizen and employed in either a public or private sector

2. Your salary should be at least Rs. 15,000 per month

3. Ideally, you should fall between the ages of 23 and 58 years old

4. You must have a respectable credit rating, ideally, over 750

These eligibility parameters vary from one lender to another. Hence, you should contact your lender and discuss the personal loan eligibility criteria. This helps you comprehend the actual amount you will be eligible for.

Also, Read: How To Get A 10000 Loan On Aadhaar Card?

Interest Rate on 50000 Aadhaar Card Loan

The table below shows the applicable interest rates on a Rs. 50000 loan on Aadhaar Card:

Note: These interest rates are subject to change without any prior notice. Hence, it is always a good idea to get in touch with the lender and enquire about the features and benefits of Rs. 50000 Loan on an Aadhaar Card.

Also Read: How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?

What’s the EMI for a 50000 Aadhaar Card Loan?

To calculate the Equated Monthly Installment (EMI) for a loan, we can use the formula:

EMI = P x R x (1+R)^N / [(1+R)^N-1] 

Where:

P is the principal amount (the initial amount of the loan),

R is the monthly interest rate (annual interest rate divided by 12),

N is the number of months.

Let’s assume an average interest rate from the ones provided, as the exact rate might depend on the bank and other factors. Taking an average of the rates provided (which range from 10.25% to around 14.49%), let’s use an approximate rate of 12% per annum for calculation purposes.

First, we convert the annual interest rate to a monthly interest rate by dividing by 12:

R = 12% / 12 = 1% per month = 0.01 (as a decimal)

Then, we use the formula with:

P=50,000
R=0.01
N=12
Let’s calculate the EMI using these values.

The calculated Equated Monthly Instal lment (EMI) for a ₹50,000 loan using an Aadhaar card at an approximate average annual interest rate of 12% for a period of 12 months would be approximately ₹4,442.44 per month.

Calculate EMI of 50000 Aadhaar Card

Documents Required for 50000 Aadhaar Card Loan

The following paperwork is typically needed to apply for a loan of Rs. 50000 on Aadhaar card:

• PAN card
• Bank statements from the past three months
• Address verification documents (voter id, passport, etc.)

Note: Each lender may have their own set of requirements. Therefore, you must get in touch with the lender to keep the documents in hand and expedite the loan application procedure.

Things to Check Before Applying for a 50,000 Loan Using Your Aadhar Card:

Consider the following key factors before applying for a ₹50,000 loan using an Aadhaar card online:

1. Rates and charges: Shop around to compare various interest rates and fees to secure the most favorable deal. Grasp the overall expense of the loan.

2. Payment feasibility: Confirm that the repayment period provided by the lender matches your financial standing and repayment ability.

3. Paperwork: Make sure all submitted documents are current and valid.

4. Read the fine print: Understand all the terms and conditions before agreeing to the loan, focusing on interest rates, repayment plans, and the consequences of late payments.

5. Purpose of the loan: Ensure the loan serves your financial objectives and avoid incurring debt unnecessarily.

6. Creditworthiness: Maintain a solid credit score to minimize the chances of loan denial.

The Aadhaar card has revolutionized the way we apply for loans online, making the process incredibly simple and hassle-free. With just one document, you can now verify your identity, address, age, and citizenship, eliminating the need for a pile of paperwork. Here’s a step-by-step guide to make the process easy and convenient:

Also, Read: How To Apply For ₹5000 Loan On Aadhaar Card?

What Is The Loan Amount That One Can Avail of via their Aadhaar?

Using your Aadhar Card as the principal document for Know Your Customer (KYC) verification, you are eligible to apply for a personal loan. The loan amounts available range from Rs. 25,000 to Rs. 40 lakhs, depending on the lending institution’s terms and your financial profile.

How to Apply for Rs. 50000 Loan on Aadhaar Card from Credmudra?

The goal of Credmudra’s user-friendly application procedure is to pair you with the lender who has the best chance of approving your personal loan. Applying for a Rs. 50000 loan with an Aadhaar card is incredibly easy if you follow these simple steps:

Step 1: Enter your phone number on the Credmudra website.

Step 2: Enter your loan information after having your phone number verified.

Step 3: Provide your employment and personal information.

Step 4: Enter your contact information and submit your loan application.

That is all about a Rs. 50000 loan on Aadhaar card. This is one of the greatest loan instruments in the market, especially in light of the minimal paperwork requirements and straightforward application process. So, while your Aadhaar is the key, platforms like CredMudra are the friendly guides making sure you get the best deal when you need it most.

FAQs on Rs. 50000 Loan on Aadhaar Card

1. How much personal loan can I get using my Aadhaar card?

You can get up to Rs. 40 lakhs as a loan using your Aadhaar card. However, you have to fulfil the other eligibility criteria set by the lender.

2. What is the eligible age for an Aadhaar card loan?

In order to get a loan on Aadhaar card, you must fall in the age group of 23 to 58 years old. This parameter differs from lender to lender. Hence, you should contact the lender to know their eligibility requirements.

3. I am unemployed. Can I get a loan using my Aadhaar card?

To apply for a loan using your Aadhaar Card, you must provide your last three months’ worth of pay stubs and bank statements. As a result, if you lack a job, you cannot apply for a loan using your Aadhaar Card.

4. How much is the monthly installment for a ₹50,000 loan?

The Equated Monthly Installment (EMI) varies based on factors such as the interest rate and loan duration. By employing an EMI calculator, you can precisely compute your loan’s EMI. For instance, with a hypothetical 12% interest rate across a 24-month period, the EMI would be around ₹2,346.

5. Do I need only an Aadhaar card for a loan?

While your Aadhaar card is important for verifying your identity, lenders usually ask for more documents like proof of address, income, and other KYC papers. So, while Aadhaar is crucial, it’s not usually the only document needed for a loan.

Also, Read: How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?