The demand for quick and convenient personal loans has grown favourably as people increasingly seek flexible financial solutions to meet their immediate needs. Having unique identity features, the Aadhaar card has made it easy to apply for a ₹40,000 small personal loan. People can now obtain credit without the tedious process of filing lengthy documents and waiting for approval.
The approval process for a ₹40,000 Aadhaar card loan online usually takes only a few hours, significantly streamlining the loan acquisition process. Additionally, research findings reveal that 67% of individuals in India have resorted to personal loans at some point to address their financial requirements. For all the benefits of a ₹40000 loan with an Aadhaar card online, read this detailed blog to understand its features, eligibility criteria, required documents, and more.
What Are the Eligibility Conditions for a ₹40,000 Loan with an Aadhaar Card Online?
The requirements to be eligible for a ₹40,000 loan with an Aadhaar card online are as follows:
Age Requirement
The loan with an Aadhaar card is only available for applicants who are 21+ years old.
Maximum Age
The maximum age to obtain a loan is 60 years or the retirement age.
Indian Citizenship
The loan is only available to Indian nationals who want to apply for it.
Employee Status
Individuals who want to apply for the loan should be working and included in the payroll of a public, private, or international corporation. The applicant can also be self-employed with a monthly earning of more than ₹15,000.
Credit Score
A healthy credit score of 650 or more is a prerequisite for the loan application.
What is the Interest Rate for a ₹40,000 Aadhaar Card Loan?
Aadhaar card loans are susceptible to interest rate fluctuations that depend on the lender’s creditworthiness and policies. Accordingly, the personal loan interest rate in India usually varies between 7% and 24% per annum. Searching for the best rates from various lenders is recommended to acquire favourable options.
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What Will be the EMI for a ₹40,000 Loan with an Aadhaar Card?
To calculate the Equated Monthly Installment (EMI) for a ₹40,000 loan with an Aadhaar Card, you can use the EMI formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P is the principal loan amount (₹40,000),
R is the monthly interest rate (Annual interest rate / 12/100),
N is the loan tenure in months.
Assuming an annual interest rate of 15% and a loan tenure of 24 months:
R=1512×100=0.0125 R=12×10015=0.0125 N=24N=24
Placing these values into the formula:
EMI=(40,000×0.0125×(1+0.0125)^24)/((1+0.0125)24−1)
After computation, the EMI for a ₹40,000 loan at a 15% interest rate for 24 months is approximately ₹1,959.
Therefore, the EMI for a ₹40,000 loan with an Aadhaar Card, based on the given assumptions, would be approximately ₹1,959 per month.
You can use the provided formula to calculate the Equated Monthly Instalment (EMI) for a ₹40,000 loan with an Aadhaar Card.
| Loan Amount (₹) | Interest Rate (%) | Tenure (months) | Monthly EMI (₹) |
|---|---|---|---|
| 40,000 | 15 | 12 | 3,324 |
| 40,000 | 15 | 18 | 4,917 |
| 40,000 | 15 | 24 | 6,547 |
| Loan Amount (₹) | Interest Rate (%) | Tenure (months) | Monthly EMI (₹) |
|---|---|---|---|
| 40,000 | 15 | 12 | 3,324 |
| 40,000 | 15 | 18 | 4,917 |
| 40,000 | 15 | 24 | 6,547 |
How to Apply for an Online ₹40,000 Loan with an Aadhaar Card?
Applying for a ₹40000 loan with an Aadhaar card online is a straightforward process. Follow these simple steps:
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Step 1: Find a Reliable Lender
Start by researching and identifying a trustworthy lender or financial institution that offers ₹40000 loan with an Aadhaar card online. Major Non-Banking Financial Companies (NBFCs), which are usually registered with RBI, often streamline the loan approval process by integrating Aadhaar-based verification.
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Step 2: Initiate the Online Application
Visit the official website of the selected lender to initiate the online loan application process. Look for the Aadhaar card loan section and fill in your details, including your name, Aadhaar Card number, contact information, and the desired ₹40,000 loan amount.
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Step 3: Aadhaar Card Verification
To streamline and accelerate the verification process, the lender uses e-KYC verification based on Aadhaar. Your identification is verified through this verification procedure, eliminating the need for heavy documentation and speeding up the loan approval process.
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Step 4: Loan Approval
After submitting your application for an Aadhaar loan online and completing the necessary verification steps, the lender evaluates your eligibility. Upon a quick assessment, you can receive approval for the ₹40,000 Aadhaar loan based on the agreed-upon terms, such as an annual interest rate of 9.99%.
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Step 5: Review Repayment Terms
Carefully review the loan agreement, and pay close attention to details such as the repayment tenure and interest rate. To apply for a ₹40,000 loan, you can choose a repayment tenure of up to 24 months (2 years).
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Step 6: Funds Transfer
Once you accept the Aadhaar loan offer and agree to the provided terms, the lender initiates the disbursement process. The approved loan amount of ₹40,000 is transferred directly into your registered bank account.
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Step 7: Repayment Flexibility
With a repayment tenure extending up to 24 months, you can select a payment plan that perfectly matches your budgetary constraints. This flexibility ensures the process of repaying the loan is straightforward and easily manageable, providing you with a stress-free experience throughout the repayment period.