Small amount personal loans, or short-term loans as they are also called, are becoming increasingly popular because they are easy to avail. The terms and conditions with which they come are also quite favourable to borrowers. Small amount personal loans can be availed by both salaried employees as well as self-employed individuals. They are also available to first-time borrowers.
Small amount personal loans can be used for a variety of reasons like:
The minimum amount you can borrow through a small amount personal loan varies from lender to lender, but on an average, it is around Rs.10,000. The maximum amount you can obtain through a small amount personal loan is around Rs.2 lakh.
Some lenders even offer small amount personal loans for amounts as low as Rs.5,000. The tenure of these loans differs from lender to lender, but most lenders offer a minimum tenure of three months and a maximum tenure of two years. However, there are lenders that offer small amount personal loans for tenures as short as 15 days as well.
Since most banks and financial institutions that offer personal loans provide minimum amounts of Rs.50,000 and upwards, customers who wish to avail smaller amounts have had to approach their local moneylenders to fund their immediate financial emergencies. Thanks to the exponential growth of fintech companies and lending portals, customers can now get loans starting from as low as Rs.5,000 at reasonable terms, and no longer have to bear with the high interest rates offered by local moneylenders.
An applicant must fulfil the following eligibility criteria to avail a small amount personal loan:
Small amount personal loans can be availed by any salaried employee or self-employed individual in India. The amount can be taken to meet your personal as well as your professional financial requirements. Even businessmen and entrepreneurs can obtain a small amount personal loan to meet working capital requirements.
The following are the key features of small amount personal loans:
The following are the major differences between taking a small amount personal loan from a registered lender and taking one from your local moneylender:
The following are required to apply for a small amount personal loan:
BankBazaar has tied-up with some of the best and most reliable banks and financial institutions in India, thereby making it easy for customers to compare the terms and conditions of various lenders to find the one that best suits their needs. The interest rates are attractive and the repayment tenures are flexible. Thanks to paperless approval and easy application procedures, you can save a lot of time, effort and money. Moreover, the disbursal process is quick, thus ensuring that you receive the required amount instantly.
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