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What is a Small Personal Loan?
A small personal loan is a quick and easy way to get funds instantly. Whether it’s for a medical emergency, travel or any unforeseen expenses, this type of loan helps cover all the expenses without giving out any security or collateral.
With minimal paperwork and fast approvals, you can apply for a small loan online and get the money directly in your bank account within minutes. The loan amount you can get is up to ₹10 lakhs with flexible repayment options that fit your budget.
How to Apply for Small Personal Loan?
Applying for a small personal loan online is super simple! You just need to follow the process that can be completed in a few steps:
- Check Eligibility
Visit the lender’s website and see if you qualify. - Choose Your Loan Amount
Pick the small amount loan you need based on your expenses. - Fill Out the Application
Provide basic details like your name, income and job details. - Upload Documents
Submit your ID proof, address proof and income proof online. - Get Money in Bank
Once approved, your instant small loan will be credited to your bank account, usually within 24 hours!
Documents & Criteria for Getting a Small Personal Loan
Eligibility for Emergency Loan:
Must be an Indian citizen
Age: 19 to 55 years
Minimum income: ₹20,000 per month
Documents Required:
A selfie: Your photograph in good lighting
PAN Card: Important document for identity verification
Aadhaar Card: Ensures the legality of your application
Salary Slips (last 3 months) or Bank Statements \ (last 6 months): Shows your financial stability
Fees & Charges on Small Personal Loan
Here’s a breakdown of the charges involved in a small personal loan:
| Fee type & Charges | |
|---|---|
| Loan amount | Up to ₹10 lakhs |
| Rate of Interest | Starting from 18% per annum on reducing balance basis |
| Processing Fee | Starting from 2% of the loan amount plus GST |
| Tenure | 6 - 36 months |
| APR | Starting from 18% |
| Bounce Charges | ₹500 |
| Stamp Duty | 0.1% of the loan amount |
| Mandate Rejection Chrages | ₹250 plus GST |
| Pre-Closure Charges | Nil |
| Late Payment Charges | ₹ 500 or 3% of overdue whichever is higher plus applicable taxes |
| Penal charges | Up to 30% per annum on overdue amount |
Advantages of a Small Personal Loan
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FAQs on Small Personal Loan
A small personal loan online is a short-term credit facility designed for urgent financial needs, usually ranging from a few thousand to a few lakhs, with easy online application and quick disbursal.
Yes, you can use a small loan online to book flight tickets, pay for hotel stays or cover any travel-related expenses.
No, these loans are unsecure, meaning you don’t need to provide any collateral or guarantor when you apply for a small loan online.
Yes, but your approval depends on factors like your credit score and repayment ability. Having multiple loans may affect your eligibility for future credit.
Yes, lenders assess your employment status and income before approving a small personal loan, ensuring you have the capacity to repay the amount borrowed.
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