Best Ways to Get Small Loans in India

Life in the modern times is really challenging. The cost of living is going up every year, but the income levels are not increasing in the same proportion. This leaves us in a tricky position, where we are always playing catch up with our finances. Just when you feel that your income has reached satisfactory levels, the harsh reality comes to bite you when you realise that the prices for everything have increased in a much higher proportion. This leaves you with very less money to take care of any unexpected emergency or some necessary upcoming expenses.

Just little financial support from somewhere could change the whole situation for you. The shortfall that you are facing might be small but when you do not have any spare money, what can you do? Sit down and rue your bad luck or simply do nothing but see your dreams, hopes and aspirations fade away. Well, there is no need to be disheartened because you might not be able to control the inflation, but you can certainly control your finances. Go and Get Small Personal Loans in Indiafor your financial requirements.

About Small Personal Loans

When the shortfall that you are facing is meagerand you require just a small amount to help you tide over a tricky situation, then applying for a small loan will be a smart choice for you. There are various financial institutions in India, private sector as well as public sector, from where you can get small loans in India. A small loan is a term given to represent any personal loan of up to Rs. 2 Lakhs. These loans are very much similar to Personal Loans and have the following 10 major features:

  1. Loan amount available varies between Rs. 15,000 to Rs. 2,00,000
  2. There is no requirement for collateral as these loans are unsecured.
  3. You can use the amount for any financial emergency.
  4. The rate of interest is at the discretion of the lender.
  5. Repayment tenure is between 6 months to 24 months.
  6. Available for self-employed as well as salaried individuals.
  7. Can be applied for using online channels.
  8. Money is disbursed within a few hours.
  9. Even if you have a low credit score, there are some lenders from whom you can get small loans in India.
  10. Repayment has to be made in EMIs (Equated Monthly Instalments) with the option of foreclosure.

Best ways to get small loans in India

With the rapid progress of technology used in the financial services industry, it has become really convenient get small Personal Loans in India. Many lenders have now started offering various loan products using online channels, where personal loans are processed and disbursed within a few hours. If you are also considering applying for a small loan, then below mentioned are the best ways to get small loans in India:

  • Banks: Many banks, including private sector banks as well as public sector banks, offer the facility of small Personal Loans for their customers. You can choose to visit their branch or use their website to apply for a small loan. If your profile meets their eligibility criterion, the loan would be processed and disbursed within a few hours. The application process is very simple and requires only a few essential documents for processing the loan quickly. Indian Government is also offering small loans under various schemes through public sector banks to help people start their own small business.
  • NBFCs: Non-banking finance companies(NBFCs) are giving the banks a run for their money. You can apply through the website of various leading NBFCs of India for a small loan. They require you to provide some essential financial information and identity information to ascertain your eligibility for a loan, which is then disbursed immediately, upon signing or acceptance of the loan agreement.
  • Online Finance Companies:With the rapid progress of technology in the financial services sector, many online finance companies have started their operations in India. They are private sector entities that specialise in small amount loans only. They also offer loans for individuals with a low credit score as their eligibility criterion is flexible, but the rate of interest charged by them is on the higher side.
  • Online Finance Marketplaces: Online finance marketplaces offer you the flexibility to compare various different loan products, understand their terms and conditions, calculate your EMI and also apply for a small amount Personal Loan. They have tie-ups with various financial institutions and can get you great offers at low interest rates.
  • Credit Cards: If you have a Credit Card, then you can get a small Personal Loan against it You just need to get in touch with your Credit Card issuer; they have various offers and promotions running through which they offer you instant small Personal Loans to help you meet your financial requirements immediately.

Getting a small Personal Loan in India is a useful way to meet some unexpected financial emergency,but as the rate of interest against small loans is higher, you must try to pay them off as soon as your financial situation allows.

Also Read:HDFC Personal Loan: Features, Eligibility, and Charges

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 1800 103 4004 to know more about our products and offers.

 

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