Small Loans online are unsecured loans offered for a short term to meet urgent requirements. You can use the small loans to pay off medical bills, educational fees, finance home repairs, a trip abroad, or any other emergency. It can be tailor-made to meet your urgent, short-term needs.
But you must remember that the higher your credit score, the better your chances for receiving approval on small loans online. While the CIBIL scale works between 300 to 900 points, any rating of 700 or above improves your chances for loan approval. You can easily apply for a small loan online if you meet the eligibility criteria and receive the funds in your bank within 24 hours after submitting your information.
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Some financial lenders that offer small loans online are as follows:
Stashfin
They offer short-term loans ranging from 1,000 to 5,00,000 to individuals in need of a quick financial fix. By visiting their website and applying for small loans online, you can not only choose the amount of money that you need, but you can also avoid the time-consuming process of applying for personal loans at a bank. You have the option of repaying it in as little as two months or as much as 18 months, paying very little interest on the principal.
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Tata Capital
They provide these small loans, ranging from Rs. 40,000 to 1.5 lakhs rupees. They ask for a small amount of paperwork when you apply for a small loan to check your credentials. In addition, before applying for a small personal loan, you do not need to pledge any collateral. You can apply for one of our small loans online, and if everything goes well, you’ll get your money quickly, at low interest rates and in your account. When you apply for a small personal instant loan from Tata Capital, you will also have access to adaptable EMI payment options and the ability to negotiate the duration of your repayment.
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What is the amount which you can borrow with small loans online?
The minimum amount you can borrow through a small amount personal loan varies from lender to lender, but on an average, it is around Rs.10,000. The maximum amount you can obtain through a small amount personal loan is around Rs.2 lakh. Some lenders even offer small amount personal loans for amounts as low as Rs.5,000.
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What is the repayment tenure of a small amount personal loan?
The tenure of these loans differs from lender to lender, but most lenders offer a minimum tenure of three months and a maximum tenure of two years. However, there are lenders that offer small amount personal loans for tenures as short as 15 days as well.
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The Money Club- The Best Option for Small Loans Online
The Money Club is a tech-enabled chit fund savings platform, that has democratized the savings paradigm in India. The platform’s easy-to-use and customizable saving programs are helping millions of people in the country who do not yet have access to the traditional banking system. Chit fund investments are a monthly investing strategy that let you put your extra cash in a safe and convenient place. Its community banking app aims to make saving, investing, and borrowing money more efficient. Furthermore, chit funds offer lower interest rates to borrowers than other financiers.
Consider the case of a person who has been depositing Rs 5,000 into a recurring account for six months and is now facing a medical emergency. He can now withdraw a maximum of Rs 25,000, or approximately 80% of the amount deposited with the bank. However, if he had enrolled in a Rs 1 lakh chit fund and paid only Rs 40,000, he would have been able to bid on the entire amount of Rs 1 lakh.
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