Small amount 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.
|Bank Name||Loan Amount (as small as)||Interest Rate (starts from)|
|Money View||Rs.10,000||16% p.a.|
|CASHe||Rs.10,000||1.75% for 15-day loan, 3.25% for 30-day loan, 2.50% per month for a 1-year loan|
|PaySense||Rs.5,000||As per the lender’s assessment of the repayment history of the borrower|
|PayMe India||Rs.5,000||As per the lender’s assessment of the repayment history of the borrower|
|Lendbox||Rs.25,000||Decided by the lender based on the bidding process|
|Credy||Upto Rs.1 Lakh||1-1.5% of the loan amount on a monthly basis|
|MoneyTap||Rs.3,000||1.25% per month based on the partner bank and the borrower’s credit history|
|Early Salary||Rs.8,000||2.5% per month|
In order to apply for a small amount personal loan, you will first have to choose the bank/lender from which you wish to borrow money. Then, go to the official website of the lender and click on the ‘Apply Now’ link. You will then be taken to the application process where you will have to enter certain details to proceed with the application. You will also have to enter how much money you require and choose your tenure after which the lender will set an interest rate for the loan.
Apart from applying on the website of the lending institution, you can also apply for small amount personal loans on third party websites. In fact, applying through such sites is easier as you can compare a variety of lenders and pick the one that best matches your needs.
An applicant must fulfil the following eligibility criteria to avail a small amount personal loan:
The following are required to apply for a small amount personal loan:
Here are the key features of small amount personal loans:
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 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.
Small amount personal loans can be used for a variety of reasons like:
Not quite, but they could come in handy at the end of the month if you run out of your salary. You could take a small amount personal loan with a tenure of a few days and repay it once you get your salary.
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