What are small personal loans?

2 min read

A small personal loan or instant cash loan is essentially a low-amount loan, that can help you manage financial situations without taking funds out of your savings. These small loans can be obtained online, with a simple application procedure.

You can get small personal loans from Bajaj Finance Limited with instant approval and very little paperwork.

You can apply for an online personal loan in a few simple steps. All you have to do is meet the simple personal loan eligibility criteria. Click on ‘Apply’ and get directed to the online application form.

On submitting your details and getting an instant loan approval, you can get the money in your account in 24 hours*.

Borrow any amount you need – small or large – and get the money in your account when you need it, with a Bajaj Finserv Personal Loan. You can also utilise our personal loan EMI calculator to calculate your EMIs in advance.

Features and benefits of small personal loans

Quick application and disbursal processes: These instant money loans are usually disbursed within a day. The application process is short and smooth, allowing you to get funds quickly and manage your urgent financial needs.

Collateral-free loan: Since instant small personal loans are mostly unsecured loans, you do not have to pledge any collateral such as gold or property.

Starting from Rs. 20,000: With our Insta Personal Loan you can borrow funds from Rs. 20,000 to Rs. 12,76,500.

*Terms and conditions apply.

Eligibility for small amount personal loans

The eligibility criteria for a personal loan or small amount loan differs from lender to lender. You can qualify for a Bajaj Finance Personal Loan once you meet the five simple eligibility criteria mentioned below:

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

Documents Required for Small Loans

The documentation requirements for a personal loan in India can vary from lender to lender. Below are the documents that are required to be submitted when applying for a instant small loan or personal loan:

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months

Interest rates for small personal loans

Interest rates for small personal loans vary based on factors like credit score, loan amount, and repayment terms. Generally, Bajaj Finance Personal Loan rates range from 11% to 38% p.a. Borrowers with higher credit scores may qualify for lower rates, while those with lower scores may face higher interest charges. Shop around for the best terms.

How to apply for a small loan?

Bajaj Finance Limited offers personal loans which are similar to small loans. Our personal loans require minimal documentation and get disbursed within a day of approval. Follow these simple steps to apply for our personal loan:

  1. Visit our personal loan page and click on ‘APPLY’.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the loan amount that you need.
  6. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  7. Choose the repayment tenure between 6 months to 96 months and click on ‘PROCEED’.
  8. Complete your KYC and submit your application.

Our representative will guide you on the next steps and the cash loan amount will be transferred to your bank account once your documents get verified.

How to get the best offers on instant cash personal loan

To secure the best offers on instant cash personal loans, compare interest rates, fees, and terms from various lenders. Maintain a good credit score, as it positively impacts loan eligibility and terms. Provide accurate financial information during the application process. Consider online lenders and NBFCs alongside traditional banks. Negotiate terms if possible and be cautious of hidden fees. Additionally, opt for a loan amount that meets your needs without excessive borrowing.

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Frequently asked questions

What is the eligibility criteria for a small personal loan?

To get out cash loan, you do not need to check any eligibility criteria. You can simply check your pre-approved offer by entering your mobile number and OTP.

Can I take an instant cash loan online?

You can take an instant cash loan online by visiting the Insta Personal Loan page on our website. Follow these steps:

  1. Click on ‘CHECK OFFER’.
  2. Enter your 10-digit mobile number and OTP.
  3. Go with the pre-assigned limit or choose a different loan amount.
  4. Choose a repayment tenure that suits you best.
  5. Click on ‘PROCEED’ to complete the online process.

The online process may differ depending on whether you are a new customer or have an existing relationship with us.

Can I get this small loan without a salary slip?

Some of our existing customers can get a small personal loan without having to submit salary slips or any other income proof. New customers will need to submit basic paperwork including KYC documents, bank statements, and more.

Can a person with a low salary take this small loan online?

You can choose to apply for this small loan online with a co-applicant if you do not meet the minimum income criteria.

What is the minimum credit score required to get a Small Personal Loan?

The minimum CIBIL Score required to get a Bajaj Finance Personal Loan is 685.

How much money can I borrow at the most with an instant cash loan?

The amount of loan you can get depends on several parameters. You can get a maximum of Rs. 40 lakh with our Bajaj Finance Personal Loan. With our Insta Personal Loan, you can get a maximum of Rs. 12,76,500.

Do I have to put up any security for a small personal loan?

You do not need to submit any collateral or security to get our personal loan.

How long does it take to receive a small personal loan approval?

Our Insta Personal Loans are pre-approved, while you can get instant approval for our regular personal loan.

How to Get Small Loans Instantly?

Borrowers need to meet the eligibility criteria set by the lender to be eligible to get a small loan instantly.

What’s the minimum amount of a small cash loan I can get?

With Bajaj Finance Insta Personal Loan, you can borrow funds from Rs. 20,000 to Rs. 12,76,500 and meet your unexpected expenses with ease.

Which is the best small loan finance company in India for urgent funding?

The best small loan finance company for urgent funding can vary based on individual needs and eligibility criteria. However, it's crucial to compare interest rates, repayment terms, and customer reviews to choose the most suitable option.

How can I get small personal loans online?

You can get small personal loans by visiting the Insta Personal Loan page on our website. Follow the simple steps below -

  1. Click on ‘CHECK OFFER’.
  2. Enter your 10-digit mobile number and OTP.
  3. Go with the pre-assigned limit or choose a different loan amount.
  4. Choose a repayment tenure that suits you best.
  5. Click on ‘PROCEED’ to complete the online process.

The online process may differ depending on whether you are a new customer or have an existing relationship with us.

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