A small loan or instant cash loan can help you access funds for urgent requirements without perturbing your budget. With digital lending platforms such as Finserv MARKETS, you can access loans within a matter of hours with minimal documentation requirements and instant approval processes. However, if you are applying for a small loan, there are a few factors that you need to consider that form an essential part of your application.
Checking your CIBIL score
Transunion CIBIL is a credit information bureau that tracks and monitors your loan repayment history. The CIBIL score is a three-digit indicator, between 300 and 900, available for the lender to assess your creditworthiness and the likelihood of you paying the Equated Monthly Installments (EMIs) on time. Therefore, it is essential to maintain your credit score and avoid loan defaults. If you would like to check your CIBIL score, follow the steps mentioned below.
1- Fill out a form on the CIBIL website.
2- Enter your name, address, contact number, and other required details.
3- Next, you will have to pay a nominal fee to access the score and credit information report.
4- After payment, CIBIL Transunion will mail the required information.
Another way to access your score is by mailing your documents and a demand draft to the CIBIL office in Mumbai.
Arranging for documentation
If you need to avail a small loan to cover for urgent expenses, you will need to give your loan provider a few documents to verify your details. These documents include your KYC documents, salary slips, employee ID card, and previous bank account statements. Depending on the provider, there could be additional requirements. It is best to check on the provider’s website and arrange for the requisite documents.
Check your eligibility for the loan
A small loan can provide you access to an amount of up to Rs. 25 Lakh to fulfill your financial liabilities and commitments. However, due to their unsecured nature, there is a minimum eligibility criterion for accessing the loan. If you are eligible for the loan, the amount can be disbursed to you within 24 hours of the submission of the application. Here is the eligibility criteria for a small loan:
- You should be between the ages of 23 and 55 years.
- You must be an Indian resident.
- You should be a salaried individual at an MNC, public, or private organization.
Digital platforms such as Finserv Markers provide leading loan products in the market like the Bajaj Finserv personal loan. The Bajaj Finserv personal loan interest rates ensure that you are able to access affordable repayment amounts and options. There is a minimum salary requirement to get a personal loan that could be up between Rs. 25,000 and Rs. 35,000 depending on your area of residence.
Before you finalize on a plan, check the terms and conditions on the website to avoid any reasons for rejection. It is important to remember that if your loan is rejected, it could reflect on your CIBIL score. The fine print can answer all your queries related to the product including prepayment penalties, automatic withdrawals, flexible payment features (if any), and more. To submit a fool-proof application, you can use the online personal eligibility calculator on Finserv Markers to check if you qualify for the loan product.
How to apply for a personal loan
How to apply for a personal loan is a very common question the loan application procedure on portals like Finserv MARKETS is simple and convenient. It can help you access cash to cover for medical emergencies, higher education, weddings, home renovation, and more. Before you apply for the loan, think about the loan amount and tenure.
Next, fill out your personal, employment, and financial information on the application and select the amount and tenure. After you submit the requisite documentation, the provider will get in touch with you on your application and provide the amount within 24 hours.
If you are looking for a small fund to cover for expenses related to contingencies or as part of your pursuit of life goals, a small personal loan can guarantee the peace of mind required to deal with the situation. Before selecting a plan, make sure that you consider the above-mentioned factors and take the right steps in your securing a personal loan.
Interest Rates for Small Personal Loan
Finserv MARKETS offer instant personal loan with a competitive interest rate, no hidden charges, so you can avail personal loan with ease. You can avail up to Rs.25 lakh at an attractive interest rate and flexible repayment tenor that suits your budget. With flexible loan repayment facility, you can pay up to 45% lower EMIs too. The interest rates on unsecured personal loans usually starts at around 10% p.a.
Bajaj Finserv Personal Loan Interest Rate are in the range of 11.99% to 15.50% with processing fee payable to Bajaj Finserv: Up to Rs. 2,000. Current offer for processing fee is starts from 1.50%, Up to 3%
Also, the rate you’re offered depends on multiple factors. If you work for a reputed company it means that you are more likely to have a stable job and income. Your work experience shows work stability as well and this ultimately reflects on your loan interest rate.
You can get a good rate of interest by making sure that you fulfil all the personal loan eligibility criteria. Apart from this, the other factors that can help you are a good credit rating, a stable job at a reputed company, and paying off all your debts before applying for another loan. The rate of interest on your personal loan denotes the cost of your borrowing.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus, when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you make it happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!