How to Apply for a Rs. 2 Lakh Loan on an Aadhaar Card?

Apply for a Rs. 2 Lakh Loan on an Aadhaar Card

Everyone, at some point, has come across a challenging financial circumstance in their lives. During such moments, having a lakhs of rupees can be of big aid. This might be used for medical emergency, money needed to save your company, or other personal needs. Have you ever thought about taking a personal loan for such situations? Personal loans are a quick way to get the funds you need with minimal paperwork. A Rs. 2 lakh loan on Aadhaar card is convenient, giving you access to money when you need it most. In this blog, we will give you a thorough idea about the process, eligibility, and documents required for a Rs. 2 lakh loan on Aadhaar card.

What is a 2 Lakh Loan on an Aadhaar Card?

A Rs. 2 lakh loan on Aadhaar card is an unsecured personal loan option that uses your Aadhaar card as the main document. It’s ideal for those needing urgent financial help but may not have other paperwork. With minimal documentation, your Aadhaar card serves as proof of identity and address, making the approval process quicker and giving you faster access to funds.

Eligibility Criteria for a 2 Lakh Loan on Aadhaar Card

Different lenders have different criteria. Let’s take the best personal loan app like Zype as an example here. To be eligible for a Rs. 2 lakh loan on Aadhaar card, you typically need to meet the following criteria:

Indian Citizenship: The applicant must be a citizen of India.

Age Requirement: Must be 18 years old or above.

Valid Aadhaar Card: A must-have for identity and address proof.

Bank Account: An active bank account linked with your Aadhaar.

Source of Income: Proof of a stable income to ensure repayment capability will increase your chances of getting a small cash loan on an Aadhar card.

Documents Required for 2 Lakh Loan on Aadhaar Card Loan

Instant personal loans are a popular option, with the best part being that they require minimal documentation. You can access a loan of Rs. 2 lakh on aadhar card without needing to submit many documents. However, some lenders may still request the following along with your Aadhaar card:

Aadhaar Card: As proof of identity and address.

PAN Card: For tax identification.

Income Proof: Salary slips, bank statements, or tax returns.

Photographs: Passport-size photographs.

Interest Rates and Fees for 2 Lakh Loan on Aadhaar Card Loan

Different lenders offer different interest rates. Urgent personal loan of  Rs. 2 Lakh Loan  on Aadhar Card with lenders like Zype can be favorable and affordable for you. The interest rate for  Rs. 2 Lakh Loan can start as low as 1.5% per month. This competitive interest rate makes it an attractive option for those in need of quick funds. Here’s a clear detail about zype’s interest rates:

Fees & Charges

Amount Chargeable

Interest Rate

Starting at as low as 1.5% (monthly)

Loan Processing Charges

Processing fees from 2% to 6% on every loan

Penalty on Overdue EMIs

Penal interest & late fees will be charged to your total outstanding loan on a daily basis

2 Lakh Loan on Aadhaar Card Loan EMI: Tenure 1-5 Years

If you’re wondering how much your monthly EMI will be for a Rs. 2 lakh loan on Aadhaar card, you can easily find out using Zype’s personal loan EMI calculator. It gives you a clear breakdown of what you’ll need to pay each month. For example: 

Loan Amount 

Interest Rate (per annum)

Tenure (Years)

EMI (Monthly)

2 00 000

18%

1

₹ 18336.00

2 00 000

18%

2

₹ 9984.82

2 00 000

18%

3

₹ 7230.48

2 00 000

18%

4

₹ 5875.00

2 00 000

18%

5

₹ 5078.69


EMI amounts will vary based on the interest rate and loan tenure.

Key Features & Benefits of Rs. 2 Lakh Loan on Aadhaar Card

Feature

Benefit

Fast Processing

Quick loan approval and loan disbursal

Minimal Documents

Only Aadhar Card is required to get loans

Flexibility

Various repayment tenures are available

Convenience

Aadhaar card as a primary document

How to Apply for a Rs. 2 Lakh Loan on Your Aadhaar Card?

Each lender has their process for applying for a Rs. 2 lakh loan on your Aadhaar card. With Zype, securing a Rs. 2 Lakh Loan on Your Aadhaar Cardis straightforward with Zype. Here’s how to do it in a few simple steps:

Download the Zype App: Start by downloading the app from PlayStore/AppStore. 

Sign Up/Login: Create a new account by completing mobile OTP. .

Complete Application: Input your PAN number along with some other details to apply for a loan. You can get approved for a loan in less than 60 seconds. 

Complete KYC:  Complete a real-time selfie-based verification and Aadhaar linked mobile OTP to unlock your limit. 

Select Loan Amount and Tenure: Select the loan amount you want to transfer along with a repayment plan that fits your budget. 

Receive Your Loan: You will get the loan directly into your registered bank account! 

Conclusion

If you need money quickly and with as little paperwork as possible, an Aadhaar card loan of up to Rs. 2 lakh may be a good option. You may apply for loans with ease and obtain the funds you need by being informed of the requirements, documentation, and loan features.

Frequently Asked Questions

What Is A Rs. 2 Lakh Loan On An Aadhaar Card?

A Rs. 2 lakh personal loan on an Aadhaar card is a personal loan that uses your Aadhaar card for identity verification, simplifying the loan process.

Can I Apply For A 2 Lakh Loan On An Aadhaar Card?

Yes, if you meet the eligibility criteria set by the lender, you can apply for a 2 lakh personal loan on an Aadhaar card.

Who Is Eligible For A 2 Lakh Loan On An Aadhaar Card?

Typically, individuals aged above 18 with a stable income, good credit score, and a valid Aadhaar card are eligible.Different lenders have different eligibility criteria.

How Quickly Can I Get A 2 Lakh Loan On An Aadhaar Card Disbursed?

Loans can be disbursed quickly, often within a few days, depending on the lender’s processing time.

What Happens If I Default On A 2 Lakh Loan On An Aadhaar Card?

Defaulting can impact your credit score and result in penalties or legal action by the lender. Always communicate with your lender if you face repayment difficulties.

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