Getting loans nowadays is quick, convenient,and hassle-free thanks to the technological advancement in the banking and financial sector. You can apply for personal loans online for instant funds to meet your emergency requirements or use the loan to fund your vacation, marriage, home renovation,etc.
There are numerous banks and financial companiesthat offer small loans starting from just a few thousand, where you can apply for low-amount personal loans. Like other financial institutions, they also accept online applications and offer instant loansdigitally. However, you need to furnish all the documents required for personal loansto receive the funds. Let us discuss how to get a loan of ₹10,000 or similar minimal amounts in the article below.
Ways to get low-amount personal loans?
Personal loans are highly versatile so you can use these funds for any purpose without constraints. Banks and financial institutions in India offer suitable personal loans to applicants from all financial backgrounds. They can choose the loan amounts based on their financial requirements. However large and established banks have a lower limit on personal loans and may not offer small loans of ₹10,000. However, there are several options that you can choose to get a low-amount loan.
Microfinancing firms and NBFCs can provide convenient low-amount personal loans through online applications. Moreover, with minimal documentation, you can receive instant funds to meet your urgent shopping requirements, pay house rent etc. Several instant loan apps are also available online that offer quick, short-term credits with flexible repayment tenures and at affordable rates.However, before proceeding with loan apps, check their credibility and genuineness since some of them may offer attractive deals at first but may implement heavy charges later.
For bigger loan amounts, you need to research and find a bank offering low personal loan interest rates and administrative charges to get affordable deals. Among the top banks/financial institutions in India, IDFC FIRST Bank offers the lowest interest rates on personal loans with an easy online applicationand requires minimal documentation. You can apply for personal loans as low as ₹20,000 to up to 1 crore based on your needs and repay them in convenient instalments over flexible tenures of 1 year to 5 years.
How to apply for personal loans of ₹10,000?
To apply for small loans, you can follow the steps mentioned below.
- Apply for the loan
Once, you have selected a financial firm, visit their portal or their local branch to apply for a personal loan. Most financing firms accept online applications, so you can choose this method for a hassle-free process. While filling out the form, you need to enter your name, bank account details, andcontact details.
- Submit the required documents
After filling up the application form, you must furnish a few documents to support your identity and residence. Most financial institutions require proof of identity, proof of address, and some financial documents to verify your financial status and disburse the loans.
- Wait for the verification process to complete
The bank verifies your credentials based on the submitted documents and then approves your loan before disbursing. Since the verification and approval process is completely digital, it takes lesser than a couple of hours to disburse the loan.
- Loan disbursement
After approval, the bank transfers the loan amounts directly to your bank account. This is a swift process, which helps borrowers who are in urgent need of funds.
You can use personal loans for a variety of reasons without any constraints. Small loans can help you with urgent shopping requirements, during financial shortfall, or pay house rent. You can apply for low-amount personal loans online with minimal documentation and instantly receive funds without any hassles.
Disclaimer: This is a company press release. No IWMBuzz journalist is involved in the creation of this content.
