Often we need a small amount of money to overcome certain financial challenges. The shortage of funds can cause hindrance in your work and timely financial aid can sail you through the emergency situation seamlessly. Small personal loans are your best bet in such cases when you need a small loan amount for a short duration of time. It can be attained by individuals or by businesses. A good credit score is evident to grab the small personal loans quickly.
Many lenders offer small personal loans at a lower rate of interest. One can ask their bank with which they have their account for lending them a personal loan. The basic consideration for any lender is the credit history of the borrower. One can also look for other lenders offering small personal loans on online portals like LoansJagat and compare them to choose the most suitable lender on account of rate of interest, loan amount etc.
ELIGIBILITY CRITERIA FOR SMALL PERSONAL LOANS
Different lenders have different eligibility criteria defined based upon which they offer personal loans to the borrowers. It is mandatory to comply with the eligibility criteria else chances of your loan application getting rejected are high. And this could hamper your credit score in the long run.
The basic eligibility criteria for small personal loans as followed by different lenders include:
- Age: The borrower must be aged between 21 years to 60 years. Some lenders grant loans to borrowers over 18 years of age.
- Employment: The borrower must be either self-employed or a salaried individual.
- Income: The borrower must have a steady monthly income on the basis of which repayment of loans will be done. The lenders seek this information to decide upon the loan amount to be sanctioned.
Apart from these, the applicant must also submit the requisite documents as asked by the lenders for successful loan processing.
Benefits Of a Small Personal Loans
Small personal loans come with a large number of benefits. They can be used as per the borrower’s discretion. Here are some key benefits of small personal loans.
- Since small personal loans come with a lower rate of interest, they can be used to consolidate the debts or pay off the loans to save on some money which would otherwise have gone as interest.
- One can make large purchases using small personal loans with long repayment tenor. The rate of interest charged is low and thus the deal is worth grabbing.
- These loans can be used to meet the home improvement projects which doesn’t need a big amount.
- Small personal loans also come handy in need of financial emergencies. Since these loans are offered at better rates than credit cards, they help you manage the financial aspect of such emergencies like medical expenses, damages, etc with ease.
- Businesses can access small personal loans for their daily monetary needs or for working capital needs.
Personal Loans with Loansjagat
With digitisation, the loan application process has become a smooth drive. There is no need to physically visit the bank or financial institutions multiple times to get the loan application processing done. One can apply for the loan directly from the comfort of their homes and offices. To apply for the small personal loans, the borrowers can either directly visit the online portal of the bank or visit LoansJagat which allows you to compare different lenders on account of their offerings. Comparing different lenders helps you choose the most suitable lender offering the best deal for you. The users can compare, read, understand and analyse the terms and conditions thoroughly and apply for the small personal loan through their portal.
The steps mentioned below help you get access to small personal loans quickly.
- Filling up of loan application form: Once you have zeroed in on the lender, you can fill up their loan application form directly through the LoansJagat portal. You need to enter the KYC and income details in the form.
- Checking the eligibility criteria: This is a very crucial step as not abiding by the eligibility criteria can get your application being rejected.
- Submitting the documents: The applicant needs to submit a few documents alongside the loan application. One can either upload the documents directly on the portal or physically submit them at the chosen bank.
- Getting a call from the lender for verification and discussion: Once your application form and documents are submitted, you will get a call from the lender for the verification process.
- Loan approval: If all goes well, your small personal loan application will be approved within 7 days.
- Loan Disbursal: Post the loan approval, the sanctioned amount will be disbursed in your loan account.