Small Instant Loans

Obtain small instant loans quickly and effortlessly. Access the funds you need with ease and convenience in this informative article.

8 Jun,2023 17:06 IST 2751
Small Instant Loans

In certain scenarios a situation might arise suddenly where you need funds urgently. In such times, you can avail small loans offered by various banks. These loans can help you settle expenses that cropped up due to unforeseen circumstances.

What Are Small Loans?

Small instant loans are a kind of personal loans with no-end–use purpose defined. They are unsecured loans and require no collateral. It is a short term loan issued to meet urgent funds requirements. You may apply for the loan online through a simple and easy process. Some banks may prefer giving the small instant loan only to salaried people. You may use the loan to finance medical bills, a vacation, wedding, home repairs or it can be tailored made to suit your short term fund requirement.

What Are The Benefits Of Applying For Small Loans?

• No Collateral –

Small loans being unsecured loans, they do not require any collateral to be deposited as security to get the loan disbursed. This is helpful especially when the borrower has nothing to offer as a security but is in dire need of funds.

• Minimal Documentation –

The lack of collateral also ensures that by submitting the minimal documentation you can get your loan approved quickly.

• Quick Disbursal –

The funds are disbursed shortly after the loan application gets approved. Thus, there is no waiting for the loan to be disbursed.

Before opting for a personal loan, it is important to understand the following aspects –

• Interest Rate –

Since personal loans are unsecured in nature, they carry higher interest rates. For this reason, it is important to budget for a required amount and then apply for a loan. While you may get a higher loan amount, the EMI will also increase. Hence, applying only for the required amount is necessary. Opting for a higher amount with costly EMIs can potentially lead to a debt burden, especially if the business does not grow as projected.

• Repayment –

Tenure for repayment of personal loans is usually three to five years. But the borrowers have the flexibility on deciding the repayment period based on the projected cash flows from the business.

• Documentation –

Before applying for personal loans, borrowers must keep all the required documents such as a copy of PAN card, Aadhaar card, and last three months of bank statement ready. Submitting all the documents on time could fasten the process of getting the money.

• Terms and Conditions –

It is important to understand other charges such as foreclosure or pre-payment charges, penalties along with other terms and conditions.

Conclusion

IIFL Finance is one of the best financial institution providing personal loans. They offer loans at an attractive rate of interest and ensure that the repayment will not create a financial burden. Furthermore, IIFL Finance personal loans have no hidden costs or charges. Once you apply for a personal loan with IIFL Finance, you can be assured of an ideal loan product with utmost transparency.

Frequently Asked Questions

1. Is there a credit check done by the lenders for lending small loans?
Ans- Yes, your credit score/ report are checked by the lenders. The minimum CIBIL score needed is 600.

2. What documents are needed for applying for a small loan?
Ans-
You only need documents like your proof of your identity, address, and income to apply for a small loan.

3. Is it possible to obtain a small loan without a CIBIL score?
Ans-
Yes, you can avail a small loan without a CIBIL score

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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