Eligibility Criteria & Documents Required to Apply for 10000 Loan on Aadhar Card

In today’s world, if one is a resident of India, the Aadhar card is an indispensable part of their life. It plays a major role in all the official works that one might be expected to do along with identifying the individual as a resident of India. It is essential no matter where one goes in India- be it the government sector or private sector. The Aadhar card is issued by the Government of India to every individual who resides in India. Through the Aadhar card, a unique identification number or UID is allotted to each Aadhar card holder. The huge importance and pivotal role of the Aadhar card in every sector are owing to the huge amount of data that comes with it, including demographic and biometric data. One single piece of document can serve as identity proof, age proof, and address proof, such is the advantage of the Aadhar card.

Apart from the above-mentioned benefits of the Aadhar card, there is another crucial benefit that one can avail using their Aadhar card. Many are unaware that they can avail 10000 loan on Aadhar card. This is a personal loan and therefore, does not require one to provide any collateral. Thus, it makes the process hassle-free and fast, therefore, making it useful in case of any emergency- medical or otherwise. One simply needs to enter and verify their Aadhar card details with their chosen lender to avail 10000 loan on Aadhar card.

Eligibility For 10000 Loan on Aadhar Card

Before moving forward to apply for a loan on an Aadhar card, one should check if they pass all the eligibility criteria. These eligibility criteria are set by the lenders and loans are given only to those who meet those eligibility criteria. These eligibility parameters are set to minimize the risk of the lender by repayment default. Usually, there is a long list of eligibility parameters that one should meet to apply for and avail any bank loan. Then follows the multiple layers of verification and cross-checking on the part of the lender, on satisfying which, the loan is granted to the applicant. But if one wishes to get a 10000 loan on Aadhar card, the eligibility parameters are extremely basic and easy to meet. Some of the common parameters that one needs to meet to be eligible for 10000 loan on Aadhar card are:

●    Age

This is the most basic eligibility criterion that one should meet to apply for a loan. A loan cannot be sanctioned to minors, that is, one cannot avail a loan under any condition if their age is below 18. One is eligible for a loan only and only if they are aged at least 18 years or above. In other words, only people who have attained legal adulthood can apply for loans. Above that, every lender can set the minimum age on attaining the loan. In most cases, this minimum age is set anywhere between 21 years to 25 years. Each lender also sets a maximum age up to which one can avail a loan from them. This maximum age falls anywhere between 65 years to 70 years for most lenders.

●    Employment status

Employment status is crucial when it comes to loans. The individual applying for a loan must have a job in the private, public, or government sector and must be a salaried employee. If they don’t work in any sector, they should be self-employed with a steady source of income. Without meeting these criteria, they can’t expect a loan sanction.

●    Minimum monthly income

It should be kept in mind that individuals from all income groups are not eligible for this loan. One needs to have a certain minimum monthly income to apply and qualify for this loan. This minimum monthly income is set by the lenders themselves and thus varies from lender to lender.

●    Credit Score

Anyone who has taken a loan before is familiar with the idea of credit score and its importance when it comes to loans being sanctioned. This credit score is also a basic criterion for taking a 10000 loan on Aadhar card. To qualify for the loan, a credit score of 750 and above is mandatory.

Documents Required to Apply for 10000 Loan on Aadhar Card

As is expected, meeting the eligibility criteria is not the only requirement for getting a loan. Once one qualifies to be eligible for Aadhar card loan, next comes the process of document verification. One needs to submit the required documents to get the 10000 loan on Aadhar card.

Here is a list of documents generally required

  • A recent colored photograph of the applicant
  • Aadhar Card
  • Income proof
  • PAN Card
  • Bank statement of last 6 months

Usually, identity proof, address proof, and age proof are required to be submitted. But as the Aadhar card acts as all three, only the submission of the Aadhar card is sufficient.

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