A personal loan is a financial assistance in the form of a small amount provided by a financial institution. It is an easily attainable loan often opted for by people who need urgent money for personal, professional, or other reasons. The amount provided by lenders offering an instant personal loan is not usually high, but what makes it stand out is the ease with which one can apply for it. It only requires a few basic documents, and the approval process is not time-consuming or demanding.
You can get an instant loan of Rs. 10,000 using your aadhar card. This kind of loan can easily be obtained given its easy eligibility and hassle-free process.
Before we discuss the steps to get an Rs.10,000 loan on an aadhar card, let’s look at the advantages of getting this kind of loan.
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The benefits of getting a personal loan are as follows:
1) Doesn’t require collateral:
What makes getting a personal loan extremely convenient is that it doesn’t involve any collateral. Unlike traditional loans, you need not mortgage any collateral or assets like gold shares, cars, or homes as security to the bank or NBFC to get a personal loan. They will check your credibility based on your repayment history and CIBIL score.
2) Minimal paperwork:
If you take a home or car loan, the process to get approval is lengthy. On the other hand, getting an aadhar card loan of 10000 only requires basic KYC documents along with the salary slips. These documents are usually within our reach. You do not have to go out of your way to assemble complex documents. They can be uploaded to the lender’s site in a few minutes without external approval from a third party.
3) Speedy disbursal:
When you try to get a conventional loan, the lender requires various documents, and hence the verification process becomes long. On the contrary, getting a personal loan online does not take more than 24 hours for the loan amount to get credited to your account once your documents have been verified and your application has been approved. The short disbursal time makes this kind of loan suitable for someone who needs urgent cash and cannot indulge in the long and tedious process of getting a regular loan.
4) Easy Installments:
The loan amount is to be repaid into EMIs, which you can pick from the mentioned options as per your paying capacity. Instant loans often come with small, easy instalments, which can be divided into 12-60 months, depending upon the lender.
5) No restriction on usage:
Since the amount provided by the bank or the NBFC with this kind of loan is not much, they do not enquire about the usage of the amount. It can be used for personal needs, i.e. purchasing a gadget, vacation, emergency expenses, education, etc. The loan amount can be used flexibly as there is no restriction on end-use.
6) Helps build credit:
A personal loan requires you to make monthly instalments against the loan amount. Making repayment on time can positively impact your credit score, making you eligible to get a loan of a higher amount in the future. You can also consider setting up an automated payment to automatically withdraw the loan amount from your account on the due date.
7) Easy acceptance:
Your application’s chances of rejection are reasonably low compared to any traditional loan. Also, you get approval updates very quickly on your mail or on the lender’s app itself. You can be approved in a matter of minutes if your profile meets the lender’s requirements.
Prerequisites of applying for a personal loan:
A personal loan can be acquired quickly and doesn’t have a long and tedious process like a regular loan. The requirements to get a Rs 10,000 loan on an aadhar card are minimal and are as follows:
– There is a 21-year-old minimum age requirement for applicants
– A CIBIL score of 600 or a minimum Experian score of 650
– KYC document, i.e. your Adhaar card and a selfie
– Salary slips, with the minimum salary required of the loan provider
Now that you have accumulated the required documents to get a personal loan Rs. 10000, let’s have a look at the steps by step process of applying for it:
Here’s how you can get Rs. 10,000 Instant Loan:
1) Check Eligibility – The first and the most crucial step is to verify if you are eligible to get the loan in the first place. Visit the lender’s site or download their app and fill in your details to check your eligibility. It does not take more than two minutes to check whether you are eligible.
2) Select repayment plan – Once you know you are eligible to get a personal loan of Rs. 10000, you can select the desired repayment EMI option depending on the interest rate and tenure you agree to pay.
3) Upload documents – Once you have submitted the details, you will get an option to upload all the required documents and proofs with your application.
4) Wait for Loan Disbursal – It takes no more than 24 hours for the amount to be credited to your account once your documents are verified, and your application is approved.
A personal loan of Rs. 10000 is an excellent choice if you require instant money and do not want to take it out of your savings. It can be the most beneficial for people who wish to use the amount to reach a financial goal, renovate their home, or pay down debt. What makes it even better is that the lenders only look at your repayment history and credit score to check your credibility and ensure that you are a low-risk client. It doesn’t take the same efforts as a home loan or a car loan, and you need not mortgage any collateral against the loan. It is simple, can be taken in a few steps, and the amount gets credited to your account directly within 24 hours of getting the approval.