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₹2 Lakh Loan on Aadhaar Card: Eligibility, Documents Required With Easy Approval and Fast Disbursal in 2024
Updated : November 11, 2024
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Rapid access to a loan may be very beneficial during difficult financial times. Using your Aadhaar card might expedite and simplify the application procedure if you want a ₹2 lakh loan on Aadhar card right now. Thanks to businesses like NoBroker Insta Cash, a ₹2 lakh loan can be secured in minutes with little paperwork. This loan is particularly helpful in times of unexpected costs since it provides a safe, easy, and speedy financial solution.
Quick Overview of a ₹2 Lakh Loan on an Aadhaar Card
This loan can meet various personal demands thanks to features including quick disbursal, flexible payback terms, and less documentation. The key characteristics of a ₹2 lakh loan on an Aadhaar card are summed up in the table below:
| Criteria | Details |
| Loan Amount | ₹2,00,000 |
| Interest Rate | 10-18% per annum |
| Processing Fee | 1-2% of loan amount |
| Repayment Tenure | 12 to 60 months |
| Documents Required | Aadhaar Card, PAN Card, Address Proof, Income Proof (if required) |
| Approval Time | 24-48 hours |
| Eligibility Criteria | Indian citizen, age 21-60, valid Aadhaar card, stable income source |
| Collateral Required | None |
| Penal Interest | 2-3% on overdue EMI |
| Application Process | Online or via the lender's mobile app. Aadhaar, complete KYC, and wait for approval. |
Eligibility Criteria for a ₹2 Lakh Loan on Aadhaar Card
You must fulfil certain qualifying requirements to apply for a ₹2 lakh loan using your Aadhaar card:
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- Citizenship: Only Indian citizens are eligible for this kind of loan.
- Age Range: Candidates must be between the ages of 21 and 65.
- Credit Score: To be eligible for this loan, you typically need a strong credit score of at least 650. Nevertheless, depending on other variables like income, certain lenders could have considerable leeway.
- Income Proof: It is critical to have a steady source of income. Depending on their conditions, lenders could demand a minimum monthly income. The lender is more confident in your ability to repay if you have a steady source of income.
- Aadhaar Card: As the main form of identity, the Aadhaar card is required.
- Advice: Maintaining a high credit score through timely bill payment and minimal credit use may allow you to get a reduced interest rate and increase your chances of acceptance.
Required Documents for a ₹2 Lakh Loan on Aadhaar Card
Prepare the necessary paperwork in advance for a smooth and speedy approval process:
- Aadhaar Card: This is the primary form of identification to apply for a loan.
- PAN Card: The PAN card is essential for financial transactions and is a supplementary identification form.
- Bank Statements: These should include information about your income over the last three months to assist lenders in evaluating your financial stability.
- Passport Size Photograph: Usually, a current, passport-sized picture is needed.
- Address Proof: Additional documentation, such as a utility bill, voter ID, or passport, may be required to confirm the address.
It might speed up the loan application and approval procedure if you have all the paperwork.
How to Apply for a ₹2 Lakh Loan on an Aadhaar Card through NoBroker Insta Cash?
Using the NoBroker Insta Cash App to apply for a loan of ₹2 lakh is simple. To get your money in a matter of minutes, follow these steps:
- Step 1. Download the App: To begin, download the NoBroker Insta Cash app from the Apple App Store or Google Play Store.
- Step 2. Sign Up: To register on the app, enter your email address and phone number. You will then receive a one-time password (OTP) to confirm your contact details.
- Step 3. Enter Your Details: Fill out the form by entering your personal information and attaching the required files.
- Step 4. Choose Loan Amount: Decide on a loan amount of ₹2,00,000
- Step 5. Upload Documents: Include any required documentation and your PAN and Aadhaar cards.
- Step 6. Finish KYC: Confirm your identification using the Aadhaar-based e-KYC (electronic Know Your Customer) system.
- Step 7. Get the Funds: Once the ₹2 lakh loan has been authorised, it will be sent straight into your bank account.
NoBroker Insta Cash is an excellent choice for prompt and dependable financial aid since it processes applications rapidly thanks to cutting-edge technology.
Calculating EMI for a ₹2 Lakh Loan
You may prevent repayment problems and create an efficient budget by figuring out your monthly EMI (Equated Monthly Installment) for a loan of ₹2 lakh. This is how to figure it out:
EMI Formula:
EMI=P×R×(1+R)N/ (1+R)N−1
Where:
- P = Principal amount (₹2,00,000)
- R = Monthly interest rate (annual rate divided by 12)
- N = Tenure in months
Example: For a ₹2 lakh loan at 10.5% interest with a 3-year tenure, your monthly EMI will be approximately ₹6,487.
The NoBroker EMI Calculator is an additional option. When you enter your loan amount, duration, and interest rate, the EMI, total interest due, and total payback amount are all immediately calculated.
Fees for a ₹2 Lakh Loan
For cost management, it is essential to comprehend the fees related to a ₹2 lakh loan on an Aadhaar card. Below are the main details:
| Feature | Details |
| Interest Rate | Starts from 10.5% per annum |
| Processing Fee | 1% to 5% of the loan amount |
| Penal Interest on Overdue EMIs | Daily interest on the overdue balance |
These fees vary depending on the lender, so verifying and comparing them before applying is a good idea. Additionally, some lenders may remove fees or provide lower rates to customers with excellent credit ratings.
Monthly Instalments of a ₹2 Lakh Loan: EMI Breakdown
The interest rate and the selected payback period determine a ₹2 lakh loan's monthly EMI. This is an example of an EMI table with a 10.5% interest rate:
| Loan Amount | Interest Rate (p.a.) | Tenure | EMI |
| ₹2,00,000 | 10.5% | 1 Year | ₹17,540 |
| ₹2,00,000 | 10.5% | 2 Years | ₹9,284 |
| ₹2,00,000 | 10.5% | 3 Years | ₹6,487 |
| ₹2,00,000 | 10.5% | 5 Years | ₹4,299 |
Choosing the appropriate tenure may balance affordability and EMI amount. While longer tenures result in lower EMIs but greater interest paid over time, shorter tenures result in higher EMIs but lower total interest expenses.
Benefits of a ₹2 Lakh Loan on Aadhaar Card
Obtaining the money you require quickly and with little paperwork is possible with personal loans. Opting for a ₹2 lakh loan on an Aadhaar card offers several advantages:
- Minimal Documentation: Since your UID card is your main form of identity, you will only need a few more papers. This simplified procedure lessens the burden of gathering a lengthy list of documents.
- Fast Approval: These loans are perfect for last-minute situations since they provide immediate approval alternatives via sites like NoBroker Insta Cash. Funds are accessible when required most since the approval procedure is automated and often takes just a few minutes.
- Flexible Repayment Tenure: This loan type accommodates varying financial capabilities by offering alternatives to repay the loan over a range of tenures, from a few months to up to five years.
- Unsecured Loan: No collateral is needed since this is a personal loan. Therefore, you may avoid jeopardising any precious assets.
- Open to All Eligible Citizens: You may apply if you have a valid Aadhaar and satisfy the basic eligibility requirements, which include age and income. The procedure is inclusive since it is simple and accessible to most eligible individuals.
Purpose of a ₹2 Lakh Loan on an Aadhaar Card
A loan of ₹2 lakh may be utilised for several things, including financial assistance when required. Typical applications include:
- Medical Emergencies: Utilize the money for unforeseen hospital stays, doctor visits, or medical fees.
- Expenses for Education: Pay for short-term courses, purchase study aids, or cover tuition.
- Home Improvements and Repairs: Use the loan to finance essential painting, leak repair, or other improvements.
- Debt Consolidation: Combine minor loans into a single loan to make repayments easier and reduce the total interest rate.
- Travel and Relocation expenditures: This covers unforeseen travel or relocation expenditures caused by work changes or other circumstances.
- Business Needs: Independent contractors and small business owners may use the loan as working capital to fund their endeavours.
Tips for Managing a ₹2 Lakh Loan
An important impact may be made by managing your debt effectively. Here are some tips:
- Establish a Repayment Budget: Make sure your EMI payments are within your means by planning your monthly budget.
- Automate Payments: Set up automated payments to prevent missing EMIs and pay late penalties.
- Make Additional Payments: If feasible, make extra payments to lower the loan principle more quickly and save interest.
- Check Your Credit Score: A high credit score occasionally results in reduced interest rates. If necessary, monitor your score and try to raise it.
Get Instant Loan Options Based On Aadhar Card Easily
Find the perfect loan options that you can apply for instantly using your Aadhar card. Explore below to discover available loan amounts, eligibility requirements, and quick approval processes tailored to meet your financial needs:
NoBroker Insta Cash: Get a ₹2 Lakh Loan Instantly
NoBroker Using Aadhaar-based apps, Insta Cash streamlines the Rs 2 Lakh loan on Aadhar card. It is quick and easy to use, eliminating the need for in-person meetings and laborious documentation. Apply now to get the money you need in minutes and take care of your financial obligations right now. An instant cash loan is a stress-free approach to handling your monetary demands. To choose the finest loan offer for you, all you have to do is evaluate your eligibility and criteria. NoBroker provides the ideal option. Get a loan that meets your needs instantly by using our platform.
Frequently Asked Questions
Ans: It is possible to obtain a personal loan of Rs 2 lakh without putting up any collateral. Collateral is not needed as security for personal loans. Your income and credit score will determine your approval.
Ans: Yes, you can use Moneyview to get a fast personal loan by presenting proof of your PAN or Aadhaar card. Our partner lenders offer reasonable interest rates, and if a loan is accepted, it is typically disbursed within 24 hours.
Ans: It is possible to get a ₹2 lakh personal loan without a pay stub. Just upload your bank statement and any additional documents needed to do so.
Ans: To demonstrate financial stability, you should have been employed continuously for at least a year after graduating. A high CIBIL score, which indicates creditworthiness and prudent credit behaviour, is essential.
Ans: Since there are no limitations, you can apply for two personal loans from the same lender at the same time. You must, however, fulfil the requirements for the second loan, which include having a stable job, having money, being older, having a high credit score, having previous loans, and so on.
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