Small Loans Online

• 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.

Eligibility Criteria to Get Small Loan

1. Resident of India
2. Salaried employee or a self-employed individual
3. At least 21 years of age at the time of applying for the loan
4. Earn a minimum of Rs.10,000 per month (varies from lender to lender)
5. Should have a valid government ID

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Documents Required to Apply for Loan

The following are required to apply for a small amount personal loan:

1. ID proof (PAN card, Aadhaar card, passport, or voter ID)
2. Age proof (Voter ID, Aadhaar card, passport, or driving licence)
3. Bank statement for the past six months
4. Passport-sized photographs
5. Income proof (income declaration statement, or ITR of the past year, or salary slips for the past three months)

Features and Benefits Small Loan

1. Instant access to funds
2. Competitive interest rates
3. Quick approval
4. Flexible repayment options
5. 100% transparency in the borrowing process
6. Paperless approval
7. Speedy disbursal
8. No collateral

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FAQs on Small Loans

• Who are small amount personal loans for?

  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.

• How much can I borrow through a small amount personal loan?

  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.

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

  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.

• What can I use a small amount personal loan for?

  Small amount personal loans can be used for a variety of reasons like:

  1. Meeting cash flow requirements in business
  2. Meeting expenses related to medical emergencies
  3. Travelling
  4. Renovating your home
  5. Funding extra wedding expenses
  6. Paying off credit card dues
  7. Financing funeral expenses
  8. Paying for relocation expenses
  9. Purchasing a bicycle/scooter
  10. Purchasing a present for your loved ones
  11. Undertaking a training program
  12. Updating your gadgets
  13. Funding your basic needs
• Are small amount personal loans the same as payday loans?

  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.