A small personal loan is a relatively modest amount of money borrowed by an individual for short tenure. It is a type of unsecured personal loan, as it is not backed by any sort of collateral. You can take small loan for various reasons, including unexpected expenses, home improvement, wedding, education, travel, etc.
The versatility of this loan makes it a flexible solution for relatively quick access to funds without the need to pledge assets. The repayment terms are generally concise, allowing borrowers to manage their financial commitments efficiently. Hence, a small personal loan serves as a practical means to meet short-term financial goals and aspirations.
Key Features & Benefits
Digital Loan Processing
You can use the Piramal Finance website anytime, anywhere, to apply for a small loan online within minutes. Due to fast, seamless online verification process, your loan amount gets disbursed on the same working day.
Digital Documentation
It can consume a lot of time to collect and manage all the requisite paperwork until the loan procedure is complete. With Piramal Finance digital small loan, there’s minimal documentation requirement – which becomes paperless for more convenience – and real-time verification.
No Need for Collateral
Piramal Finance does not need collateral for a small personal loan. We understand that emergencies can happen to anyone and thus avoid any time-consuming aspect that can slow down the loan disbursal.
Affordable Interest Rate & Flexible Tenure:
The interest rate for a small loan at Piramal Finance is starting at 12.99*%pa, which is both reasonable and competitive. The low-interest rate makes your EMI lesser and more convenient to repay. Furthermore, we offer a maximum loan repayment term of five years, which can be extremely beneficial in terms of obtaining low EMIs and balancing your finances.
Fees and Charges
Get Small Loan online at competitive fees & interest rate. Below is a table of our fees and charges –
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Row 1
- Features & Fees
- Details
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Row 2
- Interest Rates
- {plintrestrate}* p.a. onwards
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Row 3
- Loan Amount
- ₹ 25,000 to ₹ 5,00,000
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Row 4
- Processing Fees
- Up to 5% plus applicable taxes.
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Row 5
- Loan Tenure
- 3 - 60 months tenure
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Row 6
- Prepayment Charges
- ₹ 0
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Row 7
- Foreclosure Charges
- ₹ 0
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Row 8
- Stamp Duty
- At actuals (as per state)
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Row 9
- Cheque Bounce Charges
- ₹ 500 plus applicable taxes
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Row 10
- EMI Bounce Charges
- ₹ 500 plus applicable taxes
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Row 11
- EMI Pickup/Collection Charges
- ₹ 250 per visit plus applicable taxes
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Row 12
- Cash Collection Charges
- 1% of collection amount of Rs. 3 lakh and above in cash + taxes
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Row 13
- Change of Loan Repayment Mode
- ₹ 500 plus applicable taxes
Fees and Charges
Get Small Loan online at competitive fees & interest rate. Below is a table of our fees and charges –
Documents Required
You need to submit some essential documents to validate your ID, address, and income. This table outlines all the documents required for availing small loan:
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Row 1
- Document Type
- For Salaried Individuals
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Row 2
- Photo ID Proof
- Voter ID card, Pan Card, Passport, and Aadhar Card
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Row 3
- Residence Address Proof
- Voter ID card, Passport, Aadhar Card, Driving License, Utility Bills
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Row 4
- Office Address Proof
- Not Applicable
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Row 5
- Income Proof
- Bank account statement of salary account, salary slip of the last three months, Form 16
Documents Required
You need to submit some essential documents to validate your ID, address, and income. This table outlines all the documents required for availing small loan:
How to get a Small Loan on the same day?
You can easily apply for a small personal loan at Piramal Finance. Simply follow these steps:
Step 1: Click on Apply Now and start your Loan application
Step 2: Enter your mobile number linked to your bank account.
Step 3: Enter the OTP received on your mobile number.
Step 4: Enter the required document and verify the same.
Step 5: Bank account verification.
Step 6: Income Verification.
Step 7: Check the Final Loan Offer, Accept, and continue the final process
After completing the final process within 24 hours, the loan amount will get credited to your verified bank account.
Factors Responsible for Small Loan Interest Rate
The interest rate for Rs. 3 lakh loan typically starts from 12.99*%pa, and the maximum repayment tenure is five years. The interest rate on Rs. 3 lakh personal loan depends on your income, employment type, work experience, and age.
- Age:
- You must be at least 21 years old to be eligible to apply for a personal loan. However, the maximum age at which a person can apply for a loan is 58 years. Usually, younger applicants can repay loans better than older applicants because of their higher repayment capacity. Consequently, a younger applicant is eligible for a lower interest rate than an older applicant.
- Credit Score:
- We prioritize individuals with a credit score of 700 or higher. Being seen as trustworthy increases the chances of getting a personal loan with low interest rates. Nonetheless, you can always improve your credit score to get the best ROI.
- Employment Status:
- Individuals employed in public sector enterprises and private sector firms are deemed suitable. People with stable income and job security get lower interest rates compared to others.
- Work Experience:
- To be eligible for a loan, you must have a regular income and have worked for at least two years. The greater your professional experience, the higher your ability to repay the loan, and the lower your interest rate.
Different Types of Personal Loans
Home Improvement Loan
You can use the funds from a personal loan to complete renovations in your home. Moreover, you can also use the funds to expand your home.
Wedding Loan
Indian weddings can be expensive, but the funds from a personal loan will help you deal with the expenses
Travel Loan
If you are willing to travel to an exotic location, applying for a personal loan is the way to go.
Car Loan
You can buy your dream car with a flexible car loan, offering freedom of choice and fixed monthly payments.
Emergency Loan
Health insurance may not cover family medical emergencies. Emergency personal loans can help with medical crises.
Festival Loan
The festive season often comes with various expenses, which online insta loans can help cover.
Loan for Women
Empower yourself with a specially designed quick personal loan for women. It provides financial support for various needs with competitive interest rates and flexible repayment options.
Loan for Salaried Employees
Unlock financial flexibility with a personal loan designed exclusively for salaried employees. Get the loan quickly and conveniently.
Education Loan
You can borrow finance online to pay for housing and food while studying at a university in another city or country.
Personal Loan for Bike
Don't wait any longer to own your dream bike. Apply for a personal loan for a two-wheeler and get instant approval.
