Do You Need An Urgent Loan of Rs 50000? Get a Loan on Aadhaar Card

aadhar card loan 50000

Friends, if you need an urgent loan of Rs 50000, you have come to the right place. In this article we will give you information on how to get an urgent loan of Rs 50000 on your Aadhaar card. According to this information, you can get a loan of Rs 50000 from your Aadhaar card very easily.

Read: Instant Cash Loan In 5 Minutes: 25 Instant Cash Loan Apps (Rs. 5000 to Rs. 5 lakhs)

An Easy Way To Get A Loan Of Rs 50000 On Low Interest

What Is an Aadhaar Card Loan?

Aadhaar card loan is a loan that you can get with just minimal documentation. Some time ago, people had to submit identity proof, address proof and many other documents to get a personal loan, as a result of which they had to face delay in taking the loan. Nowadays, you can get an instant loan by presenting only two documents, Aadhaar card and PAN card.

How To Get Rs 50000 Loan On Aadhaar Card?

To get a loan of Rs 50000 on Aadhaar card, there are 2 options:

  1. Bank
  2. NBFC and mobile apps

1. How to get a Rs 50000 loan on your Aadhaar card from a bank?

The first thing is why do you need a loan of Rs 50000? If you need a loan to do business, then you can get a loan of Rs 50000 with the help of Mudra loan under the government scheme. Under this scheme, you do not have to give any kind of security.

Second is personal loan. You can apply for a personal loan in any bank. Here also you do not need to give any kind of security to take a loan of Rs 50000. Getting this loan depends on your credit score and income. You can apply for this loan online from the comfort of your home.

2. How to get a loan of Rs 50000 through mobile apps?

There is another way through which you can easily get a loan within the shortest possible time and that is through loan apps. You will find many loan apps on Google Play Store from which you can get a loan. But there are also many fraud apps, which can cause you a huge loss.

To get a loan from loan apps, you have to check whether the loan app is registered by NBFC or not. If registered by NBFC then you can apply for a loan through that loan app and if not registered by NBFC then please stay away from such loan apps. But before taking a loan from any of the apps, you should know about the loan interest rate, processing fee and other hidden charges.

Download The Money Club App To Save, Borrow and Invest

Eligibility For Rs 50000 Loan On Aadhaar Card

If you want to get an urgent loan of Rs 50000, you need to fulfill the following criteria.

  • You must be an Indian citizen
  • You must be over 18 years of age
  • You must have a PAN card
  • You must have a source of income
  • You should have a good CIBIL or credit score

Read: How can you get a personal loan on a low CIBIL score? Learn Now

Low Credit Score Loans: 20 Low Credit Score Loan Apps

Interest Rate Of Rs 50000 Loan On Aadhaar Card?

  • If you need an urgent loan of Rs 50000 and you plan to take this loan from a government bank like SBI Bank, then its interest rate will be 7% per annum.
  • On the other hand, if you take a loan of Rs 50000 from a private bank, then their interest rate starts at 10% annually.
  • If you take through NBFC companies, then their interest rate starts at 15% per annum.

How To Get A Loan Of Rs 50000 With The Help Of Your Phone?

In today’s era all the work is done from mobile. Similarly, you can also apply for a loan from your mobile from the comfort of your home in just a few easy steps.  In many of these loan apps, you only need to submit your Aadhaar card. However, sometimes some other documents can also be sought along with it. But, mostly on taking a loan from this type of loan apps, the interest rate etc. is high. Apart from this, some other hidden charges are also taken from you.

But if needed, this is also an option, a person can also take a loan of up to Rs 50,000 on an Aadhaar card from these mobile apps. Below are some of the mobile loan apps from where your need of an urgent loan of Rs 50000 will be solved.

  • Dhani
  • Paytm
  • Phonepe
  • Google pay
  • Navi
  • Cashbean
  • SmartCoin
  • CreditB
  • Bullet
  • Freepay
  • Lazypay
  • CasHe
  • Money View
  • Money Tap
  • KreditBee

Best Instant Loan App – 15 Best Apps For Instant Loan

Repayment Period Of Aadhaar Card Loan of Rs 50000

If you take a loan of Rs 50000, then the minimum repayment period will be from 6 months to a maximum of 24 months only. However, the terms of repayment of loans of many companies may differ.

Documents Required For Rs 50000 Loan On Aadhaar Card

If you want to take a loan of Rs 50000, you will have to provide the following documents.

  • Aadhaar card
  • Address proof
  • Age certificate
  • Income certificate
  • ID card
  • Bank account passbook
  • Mobile number

How to get a Rs 50000 loan on your Aadhaar card from a bank?

You can apply for the loan either online or offline. Whether you are doing it to take a loan from a bank or through NBFC loan apps, below we have explained about it in detail. By reading this carefully, you can easily apply for the loan.

Online Application

  • To apply online, you have to go to the official website of the bank from which you want to take a loan. And if you are applying through loan apps you need to download the app from the Google Play Store. Rest of the process is the same.
  • Then you will see the loan section.
  • You have to click on Personal Loan.
  • On clicking, a form will open in front of you.
  • You have to fill the form correctly.
  • After this, all the documents sought will have to be uploaded.
  • Then after selecting the loan amount, repayment tenure, click on the submit button and it will be completed.
  • After this, if everything is correct, the bank official will contact you and after taking further action, if you are eligible for this loan, your loan will be approved.

Offline Application

  • To apply offline, you have to visit the bank.
  • Then you have to talk to the bank manager.
  • After this, you will have to take the loan application form to apply for the loan.
  • Fill the application form completely and attach all the required documents and submit it to the bank.
  • The bank official will scrutinize your loan application.
  • If you have given everything correctly then your loan will be approved or they will contact you for further action.

Instant Personal Loan Without Salary Slip With Loan Apps

The Money Club: An Alternative to Personal Loans

The Money Club is based on the peer-to-peer model. It is a concept in which people join clubs with other verified peers. They agree to pool a fixed amount and bid on the pooled amount amongst themselves. Money Club’s mission is to build a platform where 1 million people can come together to save, invest, or borrow money. This AI-driven chit fund platform has transformed the way chit funds are conducted in India by utilizing cutting-edge technology. The Money Club uses the power of technology to form trusted communities across India to ensure people save more, borrow at low interest rates, and invest for maximum returns.

How does it work?

Here, you keep pooling money for a fixed amount over a period of 3 days, 15 days, or a month. People who want to save money do not bid, and those who need money quickly bid to take the lump sum amount, which is then repaid in installments. It is similar to taking out a loan, with the exception that the interest rate is extremely low when compared to banks and other loan apps. Second, there are no requirements such as proper documentation, a high CIBIL score, or anything else to obtain the money you require immediately.

Lets us understand with the help of an example: Assume a chit fund scheme has 50 members, each paying a monthly installment of Rs 1000 to have a first-month pot of Rs 50,000. When the auction is announced, the member who bids the highest amount of the chit fund wins the bid. Let’s say I need Rs 50,000 urgently; now I can bid for 50,000 and get the lump sum amount without any hassle. In this case I may not get 50,000 completely, I may get say 45,000. Not a bad deal, without any documents and most importantly at low interest rate. Chit fund serves as a borrowing scheme in this case. The remaining Rs 5,000 (Rs 50,000-Rs 45,000) is distributed equally among the other members. In this case, the chit fund serves as a savings instrument. So, you can see that it is a win-win situation.

How To Increase CIBIL Score From 600 To 750 Immediately?

FAQ Related To Rs 50000 Loan On Aadhaar Card

If you have a low CIBIL score, then you will not be able to get a loan of Rs 50000. CIBIL score and history are very important for taking a loan. There is no requirement of CIBIL score when you bid and take the lumpsum amount required from Money Club.

To get a loan of Rs 50000, the credit score should be between 600 and 700. If it is more, it is a good thing, but if it is less, then you may have trouble getting the loan.

If you take a loan of 50000, then the processing fee charged is normal 1% + GST, but if you take a loan of 50000 through NBFC company or mobile application, then their processing fee will be more than this. There is no processing fee charged if you borrow money from chit funds, because it is your own money which you will be returning in installments.