Nidhi | Mar 15, 2025 |
Mini Loans or Small Personal Loans: Everything You Need to Know
Emergency expenses can arise at any time, and arranging money during this time can be challenging. Mini loans, also known as small personal loans, provide quick access to small amounts of money without any inconvenience. These loans provide minimal paperwork, quick approvals, and convenient repayment methods.
A mini loan, also known as a small personal loan, is an immediate loan that assists individuals in fulfilling urgent financial requirements. It is an unsecured loan type, and hence you do not have to furnish any security to obtain this loan. These loans are used for medical emergencies, unexpected repairs, travel, or buying appliances. The amount you can borrow ranges between 5000 and a few lakhs. The repayment is also easy. You can select a tenure that is comfortable for you (usually between 12 and 72 months). A longer repayment period offers smaller monthly payments of the loan. However, you will have to pay more interest.
1. Occupation Type
2. Income
3. Age Criteria
4. Work Experience
5. CIBIL score
A CIBIL score of more than 700 is considered good for getting the loan.
Step 1: Visit the website or mobile app of the bank that gives small personal loans.
Step 2: to check whether you are qualified for the loan, enter your basic information, like your age, occupation type, income, and loan amount.
Step 3: Complete the mandatory information, including your work details, personal details, and financial details. Select the loan amount and the repayment period.
Step 4: Submit the documents, which are the KYC documents, bank statements, income proof, etc.
The bank shall scrutinize your application and will examine your credit score, repayment ability, and income. Upon approval, agree to the terms and conditions after scrutinizing them thoroughly and validate the process via OTP or electronic signature. The amount of the loan is credited to your bank account in a few hours.
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