You may be faced with many situations in life when you require a small amount to cover your needs. Yes, it may not be a huge amount, but only a slight deficit which may ease off a situation that you may be in. Hence, you require only a small amount to fund your small monetary obligations.
Many lenders, especially non-banking finance companies (NBFCs), offer the facility of small personal loans. If you have the required eligibility along with sound creditworthiness, then you can get the loan approval within minutes. You may also get the loan amount disbursed into your bank account within 24 hours.
If you wish to discover more information on features of small personal loans and step to apply for it, then this post can help you know more. Read on to learn more!
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Small Personal Loans – A Quick Look at Vital Features And Benefits
- Borrow up to Rs.25 lakh
You may need a quick personal loan of only Rs.50,000, but leading lenders have the extended loan limit of up to Rs.25 lakh for your convenience. In case if you have a large need, you may increase your amount without applying for a new loan.
- Faster money disbursement
After you have received your loan approval, you don’t need to wait for the money to be credited into your bank account. Known financial agencies take only up to 24 hours to disburse your desired loan money into your bank account.
- Quick approval
Lenders know that you need the instant personal loan for immediate needs, and hence, they don’t take much time to process the loan application. Once your eligibility and documents are verified after the application, you can enjoy immediate approval.
- Flexible loan tenor
Even if you are applying for small personal loans, you don’t have to pay it soon and hurt your other outlays in life. Yes, renowned lenders in India let you stretch your loan cost over a period of 1 year and 5 years. You can opt for a smaller and longer tenor as per your needs and repaying capacity.
- Flexi loan feature
You can withdraw an amount out of your loan limit and pay only the interest on it and nothing extra. You can settle the rest of the loan amount after the completion of the tenor. You can save up to 45% on your monthly EMI payment, which can assist you in taking care of other expenses and goals in your life.
How to Get Small Personal Loans – Hassle Free Steps to Apply
Top-notch lenders have easy to follow steps so that you don’t have much time in applying for small personal loans. Have a look at the standard steps to applying for it.
- You need to go to the small personal loan page of your lender’s website and look for an online loan application button. Click on it, and the online loan application page will open. Once there, you can feed your personal, professional and financial details in it.
- Now, enter your required loan amount and the tenor you wish to repay over.
- A representative of the lender will contact you for hand over the required documents.
- Once the documents are verified, you will get the loan amount disbursed into your bank account within 24 hours.
You just went through vital information related to small personal loans. You can check out your eligibility on a lender’s portal and apply for it online.