It is difficult to think about personal loans without considering stringent eligibility criteria, complicated approval processes, and delayed disbursals. Sometimes, you just need a small amount of funds, in a short time, to tide over some unforeseen emergency. For such situations, mini loans are a nifty solution. Also known as an instant mini loan, these financial products offer borrowers a way to access a modest amount of money quickly and with minimal hassle.
What are mini loans?
Mini loans are a type of unsecured personal loan designed to cater to immediate and small financial requirements. Unlike traditional loans, which often involve lengthy application processes and rigorous credit checks, mini loans offer a much simpler and more accessible borrowing experience. These loans typically provide borrowers with smaller amounts, depending on their eligibility.
Features of mini loans
Mini loans are typically characterized by the following features:
- Small loan amounts
- Shorter repayment duration
- Easy application process
- Quick disbursal of funds
Eligibility criteria for a mini loan
The eligibility criteria for mini loans can vary from lender to lender. The parameters can include –
- Age
- Minimum salary
- Minimum CIBIL Score
- Employment type, and so on
In the case of Insta Personal Loan, you do not have to check eligibility criteria since we extend pre-approved offers after checking the borrowers’ creditworthiness.
Documents required for a mini loan
The documentation required to get mini loans depends on the lender and your profile. For our Insta Personal Loan, you may not even have to submit any documents. In case you are asked for documents, you may have to submit the following:
- KYC documents
- Cancelled cheque
- Bank account details
- PAN card
- Bank account statements for the last 3 months
- Salary slips for the last 3 months
How to apply for an an instant mini loan?
One of the main advantages of mini loans is their streamlined application process. Borrowers can apply for these loans online, which saves time and effort compared to visiting physical branches. The online application forms are straightforward and can be completed in a matter of minutes. In the case of our Insta Personal Loan, the application process is usually much simpler.
Existing customers get a pre-approved offer, while new customers can generate a pre-assigned limit for themselves. You can check your pre-approved offer by simply entering your mobile number and OTP You will see an offer with a pre-assigned loan limit. You can either choose to go with it or enter a lower amount. You can then select a repayment tenure suitable for you and proceed with the application.
Flexible repayment tenure
Mini loans are intended to be short-term solutions, and as such, they come with short and flexible repayment terms. Borrowers can choose a repayment tenure ranging from 12 months to 63 months. Individuals who need immediate funds but want to avoid long-term financial commitments can choose a short repayment duration that suits their needs.
While mini loans offer quick and convenient access to funds, borrowers should exercise responsible financial behaviour. It is essential to borrow only what is necessary and to have a clear repayment plan.
In conclusion, mini loans can be a valuable tool for individuals facing small, immediate financial needs. Their easy accessibility, quick disbursal process, and flexible eligibility criteria make them an attractive option for many.
The Bajaj Finance Insta Personal Loan offers funds from just Rs. 20,000 up to Rs. 12,76,500. It is an ideal choice if you want to get the funds you need quickly, without having to wait in lines for processing and approval.
