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Small Loan

Small Personal Loan

Last Updated 27th Nov 2021

  • A small personal loan is a short term loan that you can use to fulfil urgent personal needs.
  • You can borrow a loan amount up to ₹ 2,00,000 as per the small loan that can be used for any end-use.
  • To avail small instant loans, you are required to have a good credit score of 700 and above.
  • Both salaried and self-employed people can avail small loans.
  • These small amounts of personal loans are affordable as the interest rate is lower in comparison to personal loans and credit cards.
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What is a Small Personal Loan?

Loan borrowing is not always planned and only for long term goals and requirements, but also for small and unplanned expenses. At such time, borrowing a huge loan can be a good deal and thereby it is better to opt for small instant loans or mini loans. A small personal loan is a short term loan, that can be availed with easier terms and conditions to fulfil urgent personal needs. You can avail this loan for any loan amount of up to ₹ 2 Lakh. However, to avail this loan, you must have a good credit score . Both salaried and self-employed people can avail small loans. Similar to personal loans, these loans are also unsecured, and may not require you to keep anything as collateral.

Features & Benefits of a Small Personal Loan

The features and benefits of small amount loans are listed as follows:

  • These loans are affordable, as you can access them at low-interest rates in comparison to personal loans and credit cards.
  • Mini cash loans provide instant cash loans facility, thereby the loan disbursement process is easy and involves quick approval.
  • Small cash loans can be used for various purposes and offer end-term use of the loan amount. Thereby, you can use the loan amount for furnishing your home, or for making another purchase.
  • Instant small cash loans can also be used to fund unplanned or urgent expenses that may emerge out of expenses and emergencies such as medical bills, repairs or damages.
  • You can avail small loans online; thereby, there is 100% transparency in the loan borrowing process.

Eligibility Criteria To Get a Small Personal Loan

The eligibility criteria to avail small personal loans online or offline is listed as follows:

  • The applicants should be an Indian resident.
  • The loan can be availed by people of all occupation, whether salaried or self-employed people.
  • The minimum age of the applicant must be 21 years of age.
  • In general, lenders expect the applicant to earn a minimum of ₹ 10,000 per month.
  • Lastly, to borrow the mini loan in India, you are required to have a valid Government approved ID card.

Documents Required for Small Cash loans

Apart from meeting the eligibility criteria, you are also required to present the below-mentioned documents :

  • Passport-size photographs of the applicants
  • ID proof such as Aadhaar card,PAN card, voter ID or passport
  • Age proof such as Voter ID, passport, driving license, Aadhaar card
  • Bank statement of the last six months
  • Income proof such as ITR of the past year, salary slips for the last three month or income declaration statement

How Does Small Instant Loan Work?

Small instant loans are ideal for fulfilling small and urgent expenses. These instant small personal loans are to be repaid in one to five years. This, however, may vary across the small loan lender. At times, various lenders also provide the option of repaying the small amount of personal loan before the time of maturity. However, for this, you are not required to pay a foreclosure or prepayment fee as in other loans.

How to get small loans or instant cash loans?

You can get the small personal loan through both offline and online mediums as per your convenience. The online application process is time-saving, hassle-free and can be done at the comfort of the home. However, if you are not well equipped with the online facility, you can also opt for the offline application process. The process for this is listed as follows:

Online Application for Small Personal Loans

The process for a mini cash loan online is listed as follows:

  • The first step to applying for a mini loan online is to choose the bank or lender from which you wish to borrow the small loans.
  • On the official portal of the lender look out the option of ‘Instant Small cash loans’ and click on ‘Apply Now’.
  • On clicking on this option, begin the application process by filling the application form.
  • Further, proceed by entering your loan requirements, such as loan amount, loan tenure.
  • Based on this requirement, the lender may contact you for the same and ensure your eligibility.
  • Once the eligibility of the loan is confirmed, you have to meet the documentation criteria, whereby the loan is processed.

Offline Application for Small Personal Loans

The offline application process for small personal loans involves a physical visit to the bank or the lender. However, ensure that before visiting the lender in person, you are aware of the eligibility and documentation process. Also, carry all the required documents and original copies of them if required.

FAQs

How can I get a small instant loan?

You can get a small instant loan via both online and offline processes as per your convenience. For the online process, you can visit the official online portal, and for the offline process, it is important to visit the bank branch.

What is the smallest loan you can get?

The smallest loan you can get is the small amount of personal loan. You can avail a personal loan with easier terms and conditions of up to ₹ 50,000. For availing these small loans, you are required to have a good credit score.

What is the repayment tenure of a small amount of personal loan?

The tenure of small personal loans differs across all lenders. However, in general, the repayment tenure ranges from 1 to 5 years.

What can I use a small personal loan for?

Small personal loan offers the end-use of the loan amount; thereby the loan can be used for any personal expense such as home furnishings, purchasing home appliances, paying medical bills, or paying repair and damage charges, among others.

Can I get a small personal loan with bad credit?

In order to avail a small personal loan, it is important to have a good credit score, as lenders are ensured of your repayment ability. Thereby if you are somebody with a bad credit score, it might be difficult to avail a small loan.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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