How to get short term loan

Last Updated: 14 Oct 2024

At times, you may need to access funds immediately. To conveniently meet these requirements, you can take out a small personal loan rather than using your savings or relying on others. You can use the quick small personal loan facility without any problem for numerous things.

Small personal loans come with the least amount of paperwork required and the lowest interest rates in the business. In this article, you’ll learn everything possible about a small personal loan. So, let’s start.

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What is a Small Personal Loan?

A small personal loan is a quick and easy financing option during urgent fund requirements. This type of loan saves you the hassle of disrupting your savings, breaking your FD, or asking others for money.

Typically, anyone can be eligible for up to INR 1,00,000 from a small personal loan online, that too, for a short period of time. Most people apply for a small loan when they encounter unforeseen liquidity requirements.

Benefits of Getting a Small Personal Loan

• Instant Access To Funds

  The immediate availability of smaller loan amounts without the concern of credit standing or eligibility rating boosts borrowers’ repayment assurance and purchasing power. This enables them to satisfy their lifestyle objectives of financial needs.

• Get a Loan Even With No Credit Score

  A lack of credit history may reduce your ability to obtain a standard personal loan. However, lenders who provide small personal loans are frequently willing to work with customers who are brand-new to credit.

• Boosts Credit Score & Makes You Eligible For More Lending Alternatives

  When determining credit ratings, credit bureaus prioritize the timely loan repayment factor. To establish or improve credit ratings, customers who are new to credit or have a bad credit history may benefit from repaying small personal loans by the due dates.

  Eventually, you’ll have a high credit score once you completely repay the small personal loan. After that, you’ll qualify for higher loan amounts and a wider range of lending solutions in the future. Also, this will help you get further loans at much more favorable conditions than before.

  Since these loans are typically issued for shorter periods, the applicants’ EMI/NMI ratio does not remain blocked for as long, increasing their eligibility for future lending alternatives.

• Quick & Seamless Loan Application Procedure

  Individuals benefit from a speedier and easier loan application procedure thanks to an end-to-end digital workflow, especially when using mobile apps. Downloading the app, signing up, uploading the needed documents, choosing a loan choice, and applying for a small loan online will only take a few minutes.

Small Personal Loan: Eligibility Criteria

To qualify for a small loan for personal use, the banks or NBFCs need you to meet these criteria:

• You must be an Indian citizen currently residing in India
• You must provide proof of being self-employed or salaried
• Your minimum monthly income should be no less than INR 15,000
• Your age should not be less than 21 years or more than 65.
• You must possess a valid ID issued by the Indian government.

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Ending Note

These flexible small loans are made to fit your immediate needs, from covering medical expenses to financing a trip abroad. From quick and simple eligibility requirements to adaptable payback schedules, get the most beneficial terms when applying for a small personal loan online. So, apply for one today!

Frequently Asked Questions

Who should apply for a small amount of personal loan?

Are you a salaried worker or self-employed person in India? If so, you can apply for a small personal loan. You may use the money to cover both your professional and private financial needs.

How much money can I get from a small personal loan?

cA small personal loan’s minimum borrowing amount varies from lender to lender, but it’s about INR 10,000 on average. A small amount of personal loan will allow you to borrow up to about INR 1 lakh.

What is the length of a small-amount personal loan’s repayment period?

The length of tenure of a small amount of personal loan repayment period varies from one lender to another. However, according to industry standards, the maximum tenure is two years, while the minimum is three months.