Personal loans are a great way to meet immediate financial needs. However, there are also times when your needs 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. 2,000,000. But what if you need a small amount of money? It does not make sense to opt for a loan amount greater than what is your immediate need.
You don’t have to bear the interest burden on an extra loan amount that you don’t need. This is where small personal loans come in, as they are available for amounts as low as Rs. 10,000. Before applying for a small personal loan, you should use a personal loan interest calculator or calculator EMI to establish your precise monthly repayment obligation.
Reasons to take out a small personal loan
– Small personal loans are levied to meet urgent but modest financial needs.
– Small personal loans are often preferred by applicants with no or poor credit (since a personal loan approval requires a minimum credit score of 750).
– You can get a small personal loan even with a bad credit rating.
– You can apply for the exact loan amount you need without going any further.
– A small personal loan will help you avoid additional interest on a large personal loan
Major lenders like Bajaj Finserv also offer small personal loans to cover a wide range of financial needs such as buying a home appliance, renovating your kitchen, setting up an in-house workstation, etc. .
Small personal loans generally range from Rs. 10,000 to Rs. 2,000,000. Although these come under the category of best personal loans, they are granted immediately and come with relaxed eligibility criteria. You can negotiate interest rates and eligibility criteria with your bank when applying for a small personal loan.
Features of Bajaj Finserv Small Personal Loan
– Bajaj Finserv small personal loans are facilitated by their EMI cards, such as Insta EMI card and Network EMI card.
– Bajaj Finserv EMI Network card users only need to pay specific fees instead of interest.
– Fees include convenience fee, additional card fee (optional), loan enhancement fee (optional), money order registration fee, NSF check fee, annual fee and penalties for late payment.
– Bajaj Finserv small personal loans are often given to customers when purchasing equipment/devices from partner stores.
Bajaj Finserv Small Personal Loan Eligibility
The eligibility criteria for a Bajaj Finserv personal loan are the following:
– Minimum age of 21 and maximum age of 67*
– Minimum and maximum salary limit (depends on the place of residence of the borrower)
– Minimum professional experience of 1 to 3 years
– Fixed monthly/annual income with proof
– Complete documentation – KYC, ITR documents, payslips, bank statements, etc.
Benefits of Getting a Bajaj Finserv Small Personal Loan
– No warranty required
– Hassle-free online application process
– Fast approval and disbursement of loan amount (within 1 business day)
– Lower interest rates and low EMIs
– No minimum credit score required
– Quick build credit score
– Eligibility criteria and repayment period relaxed
– 24/7 customer support
– Pre-qualification also available
As detailed above, small personal loans are an effective tool for financing relatively small financial needs. These are the best personal loans for salaried people who do not want to be burdened with a huge personal loan with a longer tenure. Even low-income earners are eligible for small personal loans. Getting a small personal loan is easy because the eligibility criteria are relatively flexible and no minimum credit score is required. Before applying for a small personal loan, we suggest accessing an EMI calculator or personal loan interest calculator to determine your potential monthly payments.
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