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What Is a Small Personal Loan?

What Is a Small Personal Loan?

They say ‘lack of financial planning is the root of all empty wallets’. But let’s face it, even the best financial plans can fall flat in the face of an emergency. Sometimes, all your savings combined may not be able to ward off an imminent financial crisis. Other times, you might want to tackle financial hardships without dipping into your savings.

Whatever your circumstances, a small personal loan can help you out by providing access to instant funds. Let’s take a better look at them.

What is instant loan?

Put simply; a small instant loan provides you with quick access to funds to cover short-term emergencies. What’s more, they usually have smaller loan amounts and shorter terms, roughly three months to two years, depending on the lender, compared to regular personal finance options.

Curious what small loans are like? Here are a few prominent characteristics you should know.

• No collateral requirement

Just like a personal loan, a small instant loan is unsecured credit. Hence, you don’t need to put down assets as collateral while securing a loan.

• Loans for multiple purposes

Lenders don’t require you to state a reason for getting a small loan. So, whether you need to pay college tuition fees, finance house repairs, pay off your credit card dues, or plan a trip abroad, easily cover the costs with a small instant loan.

Additional Read – 5 Ways in Which Personal Loans Can Help You Save Money

• Affordable interest rates

While getting a loan, nothing beats the allure of attractive interest rates, given it ultimately results in smaller EMI payments. With small instant loans, most financial institutions provide competitive personal loan interest rates. Compare multiple lenders before choosing a loan offer.

• Flexi-EMI options

Did you know you could customise your loan repayments based on your financial goals? Yes, you can choose your repayment tenure, and thereby the EMIs payable on small instant loans, thanks to the flexible repayment options offered by lenders. Use a personal loan emi calculator online to decide on an EMI repayment plan that suits your needs.

• Easy to meet eligibility criteria

Many lenders make it easier for people starting with their careers and small business owners to secure a small instant loan by relaxing the eligibility requirements. While the exact criteria differ between lenders, parameters for eligibility include minimum salary requirements, age, employment status, CIBIL score, etc.

• Minimal paperwork

Lenders usually don’t require extensive documentation to approve small instant loans. Along with qualifying the personal loan eligibility criteria, financial institutions ask for salary slips, bank statements, address proof, employment certificate, etc., to verify your credentials. Remember, these requirements differ between lenders.

Additional Read – Personal Loan vs Business Loan – Which is Better for Small Businesses

• Quick approval and disbursal times

Once the eligibility and documentation are verified, approvals are instant, and so are disbursals. Hence, you never have to wait endlessly for funds to reach you once your loan is approved.

The bottom line

Thanks to the above features, no doubt small instant loans make accessing funds easier during an emergency. Looking for a credible financial partner to get such a loan, Tata Capital is right here. We offer tailor-made loans with nominal processing fees, affordable interest rates, and flexi-EMI plans for a simple, hassle-free borrowing experience.

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