personal loan interest rates

Small Personal Loan

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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.


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 ₹50,000 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 & 4% If paid from other sources
Default Interest 2% per month
Repayment Instrument Dishonor Charges ₹500 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges

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 Requirement


Citizenship Status


Monthly Salary Required

Annual Household Income

  • Age - The applicant’s age should not be less than 25 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.

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:

  • KYC Documents

    KYC documents

  • Address Proof

    Current proof of address

  • PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport which make up the KYC documents
  • Your current proof of address which may include one out of your passport, utility bills and rent agreement

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.

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.

  • Simple application procedure


  • Collateral-free

    Repayment tenure is flexible

  • No usage limitations

    Low documentation requirement

  • Flexible repayment tenure

    No usage restrictions

  • No hidden charges

    Zero hidden charges

  • No hidden charges

    Quick approvals

  • No hidden charges

    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.
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Personal Details

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What is a small personal loan?

A Small Personal Loan is a Personal Loan of a ticket size up to ₹5 Lakh

What is the eligibility criteria for a small personal loan?
What is the minimum salary for a small personal loan?

There is no minimum salary requirement to avail Small Personal Loan. However, the minimum household annual income should be ₹3Lakhs.

Are small amounts of personal loans the same as payday loans?

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.

How can I get a small loan?

Follow the steps mentioned in the section, “How to Apply for Small Personal Loan”

Can a self-employed person avail Small Personal Loan?

Yes, self-employed persons can avail Small Personal Loan.

*Terms & Conditions Apply

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