Can I Take a Personal Loan of Less Than Rs.50,000 in India?
Author : Ankit Verma | Published On : 25 Nov 2021
Digitization coupled with the ongoing Covid-19 pandemic has necessitated the need to have emergency funds in handy. This has led to various personal loan platforms, apart from traditional lenders, offering the borrowers a wide array of small cash loan options to choose from.
Overview of small cash loans of Rs.50,000 or less
A small cash loan is a type of collateral-free, unsecured mini loan that can be availed for as low as Rs.10,000 for meeting various types of emergency expenses including medical expenses, repaying rent, and so on. Small Cash loans are generally considered safe and ideal when availed from credible loan apps. What’s more, these loans get easily disbursed in a paperless process, making it a very popular loan lending option.
Small Cash Loan Scenario in India
Today, the loan market in India is seen to be bustling with activity, owing to the constant demand for small cash loans. This has led to the emergence of many innovative, credible, and user-friendly loan platforms like SimplyCash which offer personal loans as low as Rs.50,000 at an affordable rate of interest, enriching the whole personal loan experience for the new age borrower.
Benefits of Personal Loan Less than Rs.50,000
Key benefits of availing of small cash loans from online loan platforms are:
100% digitized simplified loan process – Now personal loans of less than Rs.50,000 are available from 100% digitized loan platforms through a simplified approval process
Collateral-free loan with paperless documentation – Small cash loans are collateral-free loans that are easily disbursed without the need for any kind of physical documentation.
Customized personal loans – Personal loans can be customized to suit the loan amount and tenure of the loan as per borrower needs. With a good credit score, there is a better chance of getting favorable loan terms.
Attractive Rate of Interest with flexible repayment options – A small cash loan has a lower rate of interest as compared to a personal loan with flexible repayment options making it easier for a borrower to make timely EMI repayments.
Low monthly income/low salary individuals are eligible – Even individuals with low income or salary up to Rs.15,000 per month are eligible to apply for small cash loans making it a very feasible fund option.
Top Small Cash Loan Apps in India
Key features of Small Cash loan apps in India are:
Loan India - Instant Personal Loan App
Amount starting from ?2,000 to ?2,00,000
The loan period for 3 months to 48 months
Processing Fee is Starts from ?149/- and up to ?299/-
You may be charged up to 0.1 % daily late fees for late-payments
No other hidden fees applicable to your loans
Cashbean Personal Loan App
- Instant loan apps were loans as low as Rs.1,500 up to a maximum of Rs.60,000 can be availed
- 24/7 loan access anytime, anywhere for Indian residents between 18 years – 56 years
- Source of monthly income required
- The rate of interest is at 25.55% p.a. for a loan tenure between 3 months – 6 months
- A processing charge of Rs.90 – Rs.2,000 based on loan amount plus 18% GST
Get Loan - Get Online Easy and Fast Loan
- Instant personal online cash loans in the range between Rs. 5,000 – Rs. 5,00,000 for Indian mobile phone subscribers
- Salaried and self-employed individuals in the age group between 18 – 60 years
- Rate of interest is maximum 33% per annum with loan tenure 3 months – 3 years
- Service fee charged at 10% -20% based on a customer credit profile
SimplyCash Instant Personal Loan App
- 100% digitized personal loan platform providing loans between Rs.50,000 - Rs.1.5 lakhs for both salaried and self-employed individuals
- Applicant should be an Indian resident between 21 years - 58 years with a minimum monthly income/salary of Rs.15,000
- Low rate of interest at 2.08% per month with flexible repayment options
- Paperless documentation and hassle-free loan approval process
SimplyCash loan app is seen to provide better interest terms as compared to the other loan apps in India.