Get Instant Small Personal Loan Online At Low-Interest Rates

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You can take a small personal loan to meet urgent financial needs such as home renovation, wedding expenses, vacation, purchasing electronic gadgets, and many more. It is an unsecured loan, meaning you don’t have to submit any collateral to get this loan. Hence, it is convenient to deal with sudden financial emergencies without touching your savings.

Features of Small Personal Loan

  • You can get this loan starting from INR 10,000 up to INR 2 lakhs.
  • If you are a first-time buyer, you can use this loan to build credit when you don’t have any credit history.
  • You can get this loan at a low-interest rate if you have a good credit history.

Benefits of Getting a small personal loan

Check out the below advantages that one can avail of while applying for a small personal loan online.

  • Instant Loan Approval: Since the process is paperless, the verification is quick and easy. As a result, your loan application will get instantly approved after completing the verification process.
  • Zero Collateral: As it is an unsecured loan, you can get a small personal loan without submitting any collateral.
  • Minimum Documents: You can quickly get this loan approved with just minimum documents for KYC and income verification.
  • Flexible repayment plans: You can plan your budget and repay the loan amount from 6 months to 60 months.
  • 100% transparency: The process is online and transparent, making it safe for customers who borrow the loan.
  • Speedy disbursal: Once your loan is approved, the loan amount gets disbursed to your bank account within a few hours.
  • Competitive interest rates: You can get this loan at comparatively low-interest rates with a good credit history.

Eligibility Criteria for a small loan

  • You must be an Indian resident
  • You must either be a salaried or self-employed person.
  • The minimum age required is 21 years when applying for the loan.
  • The minimum monthly income required is INR 18,000, which may vary depending on your bank
  • You must have at least one year of complete work experience in the current organization.

Documents required

  • Identity and Address Proof include PAN card, Aadhaar card, passport, and voter ID.
  • Age Proof such as driving license, passport, Aadhar card, and voter ID
  • Previous six months bank statements
  • Passport size photograph
  • Income proof includes ITR in the prior year and salary slips for the last three months.

How to apply for a small personal loan online?

Here are the steps to learn how to get a personal loan online.

  1. Compare the interest rates offered by various banks and choose the one that provides the lowest interest rates in the market.
  2. Choose the bank or lending institution where you want to borrow money.
  3. Calculate the EMI from various sources to make informed decisions.
  4. Visit the lender’s official website and click on the “Apply Now” button.
  5. Submit the documents, fill in all your personal and professional information accurately, and check once before submitting to avoid potential errors.
  6. Choose your loan amount and the tenure period according to your budget and convenience.
  7. The verification process will take place for a few hours.
  8. Once the verification process is complete, your loan amount will be disbursed within a few hours to your bank account.

End Note

Small personal loans come in handy when you urgently need money. Since this loan is easily accessible, it might be tempting to take out more than required. As a result, you might miss your payments due to financial burden, affecting your credit score. Therefore, you must always take this loan only when needed.

read more at: absbuzz

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