Apply for Small Personal Loan Online
A Personal Loan is a sum borrowed from a lender; generally a bank or a Non-Banking Finance Company (NBFC), that is used by the borrower for fulfilling personal goals. There is no restriction on how you may use a Personal Loan. The lender also does not enquire about the same at the time of loan approval or disbursement. A Small Personal Loan or a Small-Loan, as the name suggests, is a Personal Loan of a lower ticket size, that can be used by the borrower for fulfilling his/her needs that are of a lower monetary value.
In the case of Poonawalla Fincorp, a Small Personal Loan or an Instant Small Loan is one with ticket size less than or equal to ₹5 Lakh. This product has been carved out for those borrowers who need just a little financial assistance for achieving their immediate goals. Hence, such borrowers need not borrow a large amount and can fulfill their requirements with an instant small loan online.Small Personal Loan EMI Calculator
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Small Personal Loan Interest Rate & Charges
The Instant Small Loan or a Small Personal Loan is a product that is extremely convenient for a borrower who is looking for a quick small-ticket loan. As with all Poonawalla Fincorp’s products, the small loan online is priced extremely attractively, so that borrowers can leverage it without straining their finances. The interest rate for this loan of up to ₹5 Lakh starts as low as 16%* p.a. There are zero hidden charges on this loan. Whatever you need to pay is clearly mentioned to you in advance. Moreover, you can choose a repayment tenure of up to 60 months, so that you keep your EMI at an affordable level. To check your EMI in advance against the small-loan amount, tenure and interest rate, you can use the EMI calculator anytime.
| Personal Loan Interest Rates | 16%* p.a. onwards |
| Loan Amount | ₹7,000 to ₹5 Lakh |
| Loan Processing Fees | 2.5% to 3.5% plus applicable charges |
| Lowest EMI per month | ₹1,962 for 36 months |
| Loan Tenure | 1 to 36 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources |
| Late Payment Charges | 2% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Eligibility Criteria for Small Personal Loan
A Small Personal Loan from Poonawalla Fincorp has simple eligibility criteria, which have been kept that way so that the maximum number of people can benefit from this product. Some of the eligibility criteria for this product are as follows:
Age
Citizenship
Annual Household Income
- Age - The applicant’s age should not be less than 21 years when he/she applies for the loan. Similarly, their age should not be more than 55 years.
- Citizenship - The applicant should be a citizen of India.
- Annual Household Income - Minimum Household annual income (declared) should be ₹3Lakhs.
Required Documents to Avail Small Personal Loan
We understand that individuals who need a small-sized Personal Loan prefer a speedy process, rather than getting stuck in procedural hassles and unnecessarily lengthy paperwork. Hence, we expect only a few documents from you. The following are the documents required from you for a Small Personal Loan:
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KYC documents
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Current proof of address
- Aadhar and PAN Card which make up the KYC documents
- Your current proof of address which may include one out of your passport, utility bills and rent agreement
Unlock Financial Freedom with Small Personal Loan
A Small Personal Loan allows you to borrow only as much as you require without burdening yourself with a high EMI. Oftentimes, you might require a small amount (less than ₹5 Lakh) for catering to an immediate requirement. At such times, a Small Personal Loan gives you complete financial freedom, by simply applying for a loan of the required amount. You need not burden yourself with a high loan amount. Also, a Small Personal Loan is disbursed quickly, thereby saving time.
Features of Poonawalla Fincorp Small Personal Loan
A Small Personal Loan from Poonawalla Fincorp has multiple features and benefits that make it an extremely useful loan product in cases where you require funds of a lower ticket size urgently.
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Unsecured
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Repayment tenure is flexible
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Low documentation requirement
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No usage restrictions
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Zero hidden charges
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Quick approvals
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Easy process
- Unsecured – No collateral is required to get the loan
- Repayment tenure is flexible – A Small Personal Loan can be repaid with a tenure between 12 months and 60 months, thereby giving considerable freedom to the borrower.
- Low documentation requirement – To save time and reduce hassles, Poonawalla Fincorp asks for very few documents for its Small Personal Loan.
- No usage restrictions – These loans come with no restrictions on end-usage, since we never ask you the purpose of the loan.
- Zero hidden charges – Whatever you need to pay is mentioned clearly, there are no hidden charges.
- Quick approvals – Contrary to what most lenders practice, we tend to give quick approvals on Small Personal Loans.
- Easy process – The entire process from loan application to approvals to disbursal has been designed with speed and accuracy, keeping the customer at the center.
How to Apply for Small Personal Loan within 5 Minutes
Apply
Online
Apply Online
Click on Apply Now and fill in the complete application.
Personal
Details
Personal Details
Enter your DOB, qualification and residential details
Verification
Verification
Application will then proceed for verification and assessment
Frequently Asked Questions on Small Personal Loan
A Small Personal Loan is a Personal Loan of a ticket size up to ₹5 Lakh
Refer to the section above, “Eligibility Criteria for Small Personal Loan”
There is no minimum salary requirement to avail Small Personal Loan. However, the minimum household annual income should be ₹3Lakhs.
Payday Loans differ from Personal Loans. While a payday loan is typically a proportion of your paycheck received as a loan, a Small Personal Loan from Poonawalla Fincorp is worth less than or equal to ₹5 Lakh.
Follow the steps mentioned in the section, “How to Apply for Small Personal Loan”
Yes, self-employed persons can avail Small Personal Loan.
*Terms & Conditions Apply
