What are small personal loans?
A small personal 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: Instant money loans ensure a hassle-free experience with a smooth online application process. Upon approval, funds are typically disbursed within 24 hours, enabling you to meet urgent financial needs without delays.
Collateral-Free Loan: These are unsecured loan, meaning you don’t need to pledge any assets such as property or gold. This makes the process simpler and faster, ensuring access to funds without additional obligations.
Flexible Loan Amounts Starting from Rs. Rs. 55 lakh: With our Insta Personal Loan, you can borrow amounts ranging from Rs. Rs. 55 lakh to Rs. Rs. 55 lakh, catering to diverse financial requirements. Whether you need funds for medical expenses, travel, or home repairs, this flexible range ensures you can manage your needs conveniently.
*Terms and conditions apply.
How do small loans work
Small instant loans are designed to offer quick financial support for urgent needs like medical bills, travel, or shopping. Here’s how a small loan online typically works:
- Application: You apply through a lender’s website or app by filling out basic personal and financial details.
- Document submission: Upload essential documents like ID proof, address proof, and income details.
- Approval and disbursal: If eligible, the loan is approved quickly and the funds are disbursed directly to your bank account.
- Repayment: You repay the loan in EMIs over a short tenure, usually ranging from a few weeks to months.
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.
Factors affecting small loan eligibility
When applying for a small loan online, several factors determine your approval chances for small instant loans:
- Credit score: A good credit score shows responsible borrowing and improves your loan approval chances.
- Income stability: Lenders look for steady income from a job or business to ensure you can repay the loan.
- Debt-to-income ratio: A lower ratio of debt to income indicates better financial health and increases lender confidence.
- Documentation: Providing complete and accurate documents like ID proof, address proof, and income statements helps speed up approval.
- Age and work experience: Lenders prefer borrowers within a suitable age range and with stable work experience for better eligibility.
Focusing on these can significantly boost your chances of securing a small instant loan smoothly.
What is the minimum credit score required to get a small personal loan?
Your credit score significantly impacts your ability to secure an instant small loan online. To get a Bajaj Finserv Personal Loan, you need a CIBIL Score of 685 or higher.
- A high credit score reflects responsible financial behaviour, making it easier to get approvals on a small loan app.
- It helps you secure better terms on a small amount personal loan, such as lower interest rates and faster disbursals.
- A low credit score, however, can lead to higher rates or even loan rejection.
- To improve your eligibility, pay bills on time and keep debt levels low.
- These habits increase your chances of getting a small loan online without income proof, as lenders see you as a reliable borrower.
Documents Required for Small Loans
When applying for a small loan online in India, the required personal loan documents may vary slightly depending on the lender. However, most providers of small instant loans typically ask for basic documents such as proof of identity (Aadhaar, PAN), address proof, income proof (salary slips or bank statements), and recent passport-sized photographs. Ensuring you have these documents ready can speed up the approval process and help you get funds quickly without hassle.
- 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
Small Personal Loans vs. Other Loan Types
An instant small loan online is a convenient way to manage urgent financial needs, offering quick approval and minimal documentation. Unlike traditional loan types, these loans provide greater flexibility and are typically unsecured, meaning no collateral is required. Whether it's for medical bills, repairs, or emergency travel, an instant small loan app allows you to apply and receive funds quickly—making it an ideal option for short-term financial assistance. Below is a comparison of how these loans differ from other types.
Small Personal Loans vs. Payday Loans
A small loan online has lower interest rates and flexible repayment terms, while payday loans come with extremely high fees and short repayment periods, often leading to a debt cycle.
Small Personal Loans vs. Credit Card Loans
A small amount loan offers fixed EMIs and lower interest rates, whereas credit card loans may have higher variable interest rates and impact credit utilisation significantly.
Small Personal Loans vs. Secured Loans
An instant small personal loan is unsecured and requires no collateral, while secured loans need assets like property or gold, making them riskier if repayment is delayed.
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 16% to 31% 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. Use an interest rate for personal loans tool to compare rates and find the best deal for your financial situation.
Repayment of a small personal loan
Repaying a small personal loan involves careful planning and financial discipline. Using a small instant loan app simplifies the borrowing process, but repayment requires attention to several key factors.
- Understand the repayment schedule: Before accepting the loan, thoroughly review the repayment terms. Understand the due dates, instalment amounts, and the total repayment period.
- Automate payments: Setting up automatic payments ensures you never miss a due date. Many small instant loan apps offer this feature, helping you avoid late fees and maintain a good credit score.
- Budgeting: Integrate your loan repayments into your monthly budget. Prioritise loan instalments along with essential expenses to ensure timely payments without financial strain.
- Pay early if possible: If you have extra funds, consider making early payments.
- Monitor loan balance: Regularly check your loan balance and payment history through the app. Staying informed helps you track progress and manage remaining payments effectively.
By adhering to these practices, you can manage and repay your small instant loan efficiently, maintaining financial stability and a positive credit profile.
How can a small loan help you?
A small loan with fast approval can be a lifesaver in various situations, providing quick financial relief when you need it most. Here are some ways an instant small personal loan can benefit you:
- Emergency expenses: Cover unexpected costs like medical bills, car repairs, or urgent home repairs without delay with an instant small cash loan.
- Cash flow management: Smooth out cash flow gaps between pay cheques, helping you manage daily expenses efficiently.
- Special purchases: Finance essential purchases like appliances or electronics without straining your savings.
- Event funding: Handle expenses for special occasions such as weddings, birthdays, or anniversaries.
- Travel plans: Fund a spontaneous trip or a planned vacation, ensuring you don't miss out on life experiences.
With fast approval and quick disbursal, small loans provide immediate financial support, helping you address pressing needs.
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:
- Visit our personal loan page and click on ‘APPLY’.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need.
- Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure between 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC Verification 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.
Also read: What is KYC
Check other small personal loans
Frequently asked questions
A mini cash loan is a small, short-term loan typically offered by non-traditional lenders with quick approval processes and minimal documentation, designed to meet immediate financial needs.
Borrowers need to meet the insta personal loan eligibility criteria set by the lender to be eligible to get a small loan instantly.
Yes, you can apply for quick and easy small loans online by verifying your mobile number, checking your offer, and completing the digital process in just a few steps.
A personal loan which provides pre-approved offer is one of the easiest loans to get online in terms of application process.
You can get small personal loans by visiting the Insta Personal Loan page on our website. Follow the simple steps below -
- Click on ‘CHECK OFFER’.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- 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.
Yes, some customers may get a small loan online without income proof, though new applicants are usually required to submit KYC documents and basic income-related paperwork.
You can choose to apply for this small loan online with a co-applicant if you do not meet the minimum income criteria.
Our Insta Personal Loans are pre-approved, while you can get instant approval for our regular personal loan.
You do not need to submit any collateral or security to get our personal loan.
With Bajaj Finance Insta Personal Loan, you can borrow funds from Rs. 40,000 to Rs. 15,50,000 and meet your unexpected expenses with ease.
The amount of loan you can get depends on several parameters. You can get a maximum of Rs. 55 lakh with our Bajaj Finance Personal Loan. With our Insta Personal Loan, you can get a maximum of Rs. 15,50,000.
With a Bajaj Finserv Insta Personal Loan, you get funds ranging from Rs. 40,000 to Rs. 15,50,000.
Yes, small personal loans may have slightly higher interest rates than larger loans due to their short tenure and unsecured nature. However, rates vary based on lender policies and creditworthiness.
Most small instant loans offer repayment tenures ranging from 12 months to 96 months, depending on the lender. Longer terms reduce EMIs, while shorter ones close the loan faster.
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.
A reliable small loan app offers instant cash with minimal documentation, fast disbursal, and flexible repayment—ideal for handling urgent, short-term financial needs.
You can apply online with a trusted lender offering pre-approved offers, minimal paperwork, and competitive interest rates for quick disbursal.
A small personal loan can positively impact your credit rating if repaid on time, demonstrating responsible credit behaviour.
Missing a small personal loan payment can negatively affect your credit score, incur late fees, and lead to potential actions by the lender.
To get the best offers on instant cash personal loans, compare lenders’ rates and terms, maintain a good credit score, provide accurate details, and choose a loan amount that suits your needs.
