Top 10 Best Private Banks in India List 2024
January 03, 2024
In India, small loans have become a crucial financial tool for individuals seeking immediate funds to address their urgent financial needs. These short-term loans, typically ranging from a few hundred to a few thousand rupees, offer a convenient and accessible solution for those facing unexpected expenses, emergency situations, or temporary cash shortages.
With the rise of online lending platforms, applying for small loans has become increasingly streamlined, allowing borrowers to complete the application process quickly and receive funds in their bank accounts within a stipulated period.
Top Banks Offering Small Loans Online
| Name of the Bank/NBFC | Interest Rates | Maximum Loan Amount |
| CASHe | 2.50% per month | INR 4 lakhs |
| Fibe | 12% to 30% per annum | INR 5 lakhs |
| mPokket | 1% to 6% | INR 30,000 |
| MoneyView | 1.33% | INR 5 lakhs |
| Zest | 14% per annum | INR 5 lakhs |
| Bajaj Finserv | 10.49% per annum | INR 50 lakhs |
| Navi | 9.9% per annum | INR 20 lakhs |
| PaySense | 1.4% to 2.3% per month | INR 5 lakhs |
| KreditBee | 1.02% to 2.50% | INR 4 lakhs |
| Fullerton India | 11.99% per annum | INR 20 lakhs |
Eligibility Criteria for Small Loans in India
The eligibility criteria for small loans in India vary from lender to lender. However, there are some general requirements that most lenders will consider. These include:
- Citizenship: You must be a citizen of India.
- Age: You must be at least 21 years old and no older than 65 years old.
- Residence: You must be a resident of India.
- Income: You must have a stable source of income.
- Credit score: You must have a decent credit score.
Required Documents for Small Loans in India
The documents required for small loans in India vary from lender to lender. However, there are some general documents that most lenders will require. These include:
- Identity proof: This could be a copy of your passport, voter ID card, driving license, or Aadhaar card.
- Address proof: This could be a copy of your utility bill, bank statement, or rent agreement.
- Proof of income: This could be a copy of your salary slips, tax returns, or business income statements.
- Employment proof: This could be a copy of your current organization’s ID card and the address and contact number of the organization.
How to Apply for a Small Loan Online in India?
Here are the steps on how to apply for a small loan online in India:
- Choose a lender: Many different lenders offer small loans online in India. It is important to choose a reputable lender with a good track record. You can compare lenders by interest rates, repayment terms, and fees.
- Compare interest rates, repayment terms, and fees: Once you have chosen a lender, it is important to compare the interest rates, repayment terms, and fees. The interest rate is the cost of borrowing money. The repayment term is the length of time you have to repay the loan. The fees are the additional charges you may have to pay, such as processing or late payment fees.
- Apply for a loan: Once you have compared the different options, you can apply for a loan. The application process is usually quick and easy. You will need to provide some basic information, such as your name, address, and income. You may also need to provide some documentation, such as your ID and proof of income.
- Get approved for a loan: Once you have submitted your application, the lender will review it and decide whether to approve it. The lender will consider your credit score, income, and other factors when making their decision.
- Receive the funds: If your loan is approved, the lender will deposit the funds into your bank account. You can then use the funds for any purpose that you need.
FAQs
There are a few ways to get an instant small loan in India. You can apply for a loan online through a bank or non-banking financial company (NBFC). You can also apply for a loan through a mobile app. When you apply for a loan, you will need to provide some basic information, such as your name, address, income, and employment history. You may also need to provide a copy of your ID and proof of income. Once you have submitted your application, the lender will review it and make a decision within minutes. The funds will be deposited into your bank account within 24 hours if your application is approved.
The amount of money you can borrow through a small amount of personal loan will vary depending on your credit history, income, and other factors. However, most lenders offer loans up to INR 5 lakhs.
If you need a loan quickly, you can apply for an instant loan through a mobile app. These loans are typically approved within minutes, and the funds are deposited into your bank account within 24 hours. However, it is important to note that instant loans often have high-interest rates and fees.
An instant cash loan is a type of short-term loan that you can get quickly and easily. These loans are often used to cover unexpected expenses, such as car repairs or medical bills. Instant cash loans are typically available through online lenders or mobile apps.
No, small amounts of personal loans are not the same as payday loans. Payday loans are short-term, high-interest loans typically due on your next payday. On the other hand, personal loans are longer-term loans with lower interest rates.
How can I get an instant small loan?
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Are small amounts of personal loans the same as payday loans?
