Small Personal Loan

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.

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 seeking a small amount instant loan, various factors influence your eligibility. Understanding these can improve your chances of approval when you apply for a small loan online.

1. Credit score: Your credit score is a critical factor. A higher score indicates responsible borrowing behaviour, increasing the likelihood of approval and favourable terms.
2. Income stability: Lenders assess your income stability to ensure you can repay the loan. Consistent income from a steady job or a reliable business boosts your eligibility.
3. Debt-to-income ratio: This ratio measures your monthly debt payments against your income. A lower ratio demonstrates better financial health, making lenders more confident in your ability to repay the loan.
4. Documentation: Accurate and complete documentation, including ID proof, address proof, and income statements, is essential. Proper documentation speeds up the approval process.

By paying attention to these factors, you can enhance your chances of obtaining a small amount instant loan and make the process of applying for a small loan online more successful.

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 demonstrates responsible financial behavior, indicating to lenders that you are likely to repay the loan on time. This can lead to quicker approval and better terms, such as lower interest rates.
• Conversely, a low credit score may result in higher interest rates or even rejection of your loan application.
• Regularly monitoring and improving your credit score by paying bills on time and reducing debt can enhance your eligibility for instant small loans online, making the borrowing process smoother and more favourable.

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

Small Personal Loans vs. Other Loan Types

Small personal loans online are a convenient option for quick financial assistance, offering faster approval and minimal documentation. Compared to other loan types, a small loan provides more flexibility, making it ideal for urgent, short-term needs without requiring collateral. Below is a comparison with different loan 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 10% 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 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.

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:

1. Emergency expenses: Cover unexpected costs like medical bills, car repairs, or urgent home repairs without delay with an instant small cash loan.
2. Cash flow management: Smooth out cash flow gaps between pay cheques, helping you manage daily expenses efficiently.
3. Special purchases: Finance essential purchases like appliances or electronics without straining your savings.
4. Event funding: Handle expenses for special occasions such as weddings, birthdays, or anniversaries.
5. 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:

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 12 months to 96 months and click on ‘PROCEED’.
8. 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