Are you looking to fund some urgent expense? Consider a small personal loan rather than breaking into your savings or depending on others.
Personal loans are a great way of taking care of immediate financial needs. However, there are also times when your requirements are small (but urgent), and the best personal loans don’t seem like the ideal option. Most lending institutions offer personal loans for a minimum of Rs. 2 lakh. But what if you need a smaller sum of money? It does not make sense to go for a loan amount higher than what is your immediate requirement.
You don’t have to bear the interest burden on an extra loan amount you don’t need. This is where small personal loans come in as a lifesaver as they are available for amounts as less as Rs. 10,000. Before applying for a small personal loan, you should use a personal loan interest calculator or an EMI calculator to establish your precise monthly repayment obligation.
Reasons for taking a small personal loan
- Small personal loans are taken for meeting urgent but small financial needs.
- Small personal loans are often preferred by candidates with no or poor credit scores (since a personal loan approval requires a minimum credit score of 750).
- You can get a small personal loan even with a bad credit score.
- You can apply for the precise loan amount you need without going extra.
- A small personal loan will help you avoid the extra interest on a high amount personal loan.
Leading lenders like Bajaj Finserv also offer small personal loans for taking care of an extensive range of financial needs such as buying a home appliance, remodeling your kitchen, setting up an in-house workstation, etc.
Small personal loans usually range from Rs. 10,000 to Rs. 2 lakh. Although these fall in the category of the best personal loans, they are granted immediately and come with relaxed eligibility criteria. You can negotiate with your bank over the interest rates and eligibility criteria when applying for a small personal loan.
Features of Bajaj Finserv Small Personal Loan
- Bajaj Finserv small personal loans are facilitated through their EMI cards such as Insta EMI Card and EMI Network Card.
- Users of the Bajaj Finserv EMI Network card must only pay specific fees instead of the interest.
- The charges include a convenience fee, add-on card fee (optional), loan enhancement fee (optional), mandate registration charges, cheque bounce charges, annual fee, and penalties for late payment.
- Bajaj Finserv small personal loans often provided to customers at the time of buying equipment/appliances from partner stores.
Bajaj Finserv Small Personal Loan eligibility
The eligibility criteria for a Bajaj Finserv Personal Loan are as follows:
- Minimum age of 21 years and maximum age of 55 years
- Minimum and maximum salary limit (depends on the place of residence of the borrower)
- Minimum work experience of 1-3 years
- Fixed monthly/annual income with proof
- Complete documentation - KYC documents, ITR, salary slips, bank statements, etc.
Benefits of getting a Bajaj Finserv Small Personal Loan
- No need for collateral
- Hassle-free online application process
- Quick approval and disbursal of the loan amount (within 1 business day)
- Lower interest rates and low EMIs
- No minimum credit score required
- Fast credit score build-up
- Relaxed eligibility criteria and repayment tenor
- 24/7 customer support
- Pre-qualification also available
As detailed above, small personal loans are an efficient tool for financing relatively small financial needs. These are the best personal loans for salaried individuals who do not want to be burdened by a huge personal loan with a longer tenor. Even low-income salaried individuals are eligible for small personal loans. Getting a small personal loan is easy as the eligibility criteria are relatively relaxed and no minimum credit score is required. Before applying for a small personal loan, we suggest you access an EMI calculator or personal loan interest calculator to figure out your potential monthly installments.
