Small 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 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 | Interest Rate (starts from) | Processing Fee |
|---|---|---|---|
| Money View | up to Rs.5 Lakhs | 1.33%p.m | From 2% of the loan amount |
| CASHe | up to Rs 4,00,000 | 2.25% -2.5% per month | 2% -3% |
| PaySense | up to Rs.5 Lakhs | Between 16% -36% p.a. | 2.5% of the loan amount |
| PayMe India | upto 2 lakhs | 36%p.a | At the discretion of the lender |
| Lendbox | Up to Rs.5,00,000 | starting from 11.49% | Between 2%-6% of the loan amount |
| Credy | Up to Rs.1 Lakh | 1-1.5% of the loan amount on a monthly basis | 3% of the loan amount |
| MoneyTap | up to Rs.5,00,000 | 13% p.a | Depends on the amount |
| Early Salary | Up to Rs.5 lakhs | 2.5% per month | Above 50,000 2% of loan amount + GST |
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.
The following are required to apply for 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 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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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