An urgent financial requirement can come up anytime. Typically it is a good habit to have monthly budgets and also some extra money for emergency situations. But sometimes all of this planning isn’t enough when some expenses come out of the blue. This might be a small expense but large enough to disturb your budget.
In such situations, you can opt for a personal loan for a small amount. Every bank or NBFC has a minimum and maximum loan amount that they offer. The minimum loan amount is what helps you to apply for a small personal loan. This is how you can fulfill your short term money requirements.
How to get a small personal loan?
You can get a small personal loan from any bank or NBFC. Ideally, you should go for banks and NBFCs which provide you with instant personal loans online. The online application is hassle free and gives you access to funds instantly. The loan is approved in minutes and the disbursal happens immediately after. The documentation process is completely paperless and takes only minutes.
Indiabulls Dhani offers personal loans for as low as Rs 1,000 and goes upto Rs 15 lakhs. So you have a good range to avail a small personal loan.
Things to Keep in Mind
1. Interest Rates
You need to choose a bank or NBFC which offers you competitive personal loan interest rates.
2. Fees & Charges
Check all the charges such as prepayment fees, late payment penalty, etc.
3. Skip Loans which are Pay Day
Skip Pay Day loans as they usually have a higher rate of interest hence, you should avoid choosing such loans.
4. Get a good Repayment Plan
A good repayment plan will the one where you can get the option to repay your loan faster. Indiabulls Dhani offers you loan tenure from 3 months to 36 months.
All in all, small personal loans can be your solution for short term borrowings. You can now apply for an instant personal loan online. This makes it easier to apply for small loans online too. A credit card can help you when you are in such as fix but a small personal loan can be a feasible option when it comes to repayment. To get an idea, you can fixate on a small amount and calculate the EMIs using the EMI calculator for a personal loan. This tool helps you get an approximate amount of your EMI which help you decide on how fast you can repay the loan based on your repayment capacity. Make sure you choose a lender who gives you all the information about the loans. You can search for lenders online and look for online reviews too.