Personal Loan

How Do I Get a Mini Loan of ₹ 10,000?

13 Nov 2019 2 min read
Personal Loan: How Do I Get a Mini Loan of ₹ 10,000?

Mini loans can be availed by both the salaried employees as well as self-employed individuals. They are also available for first-time borrowers also. So, if you need a loan for ₹ 10,000 to make small purchases like mobile phones, or for booking any tickets, go for a mini loan. You can apply via both mobile and app. Here, we are giving you the link for app download.

Download Afinoz App

Steps to apply for the Mini Loan

Step 1: Select the type of loan you want.

Step 2: Choose the option - whether you are salaried or self-employed

Step3: Enter your personal and professional details including income

Step 4- You will see the best options; choose the lender and then, specify the loan purpose and amount 

Step 5: Enter personal details, loan amount, and upload the documents.

Step 6: Within a few hours after successful approval of the personal loan application the amount will be disbursed to your account

Benefits of Afinoz App

  • Simple and complete end to end digitalized loan application process
  • There are additional benefits like cashback up to ₹ 5000 on disbursal 
  • With a single application, you can compare and apply to the best suitable lender
  • There will be complete security of your financial data.
  • You get real-time updates about different financial products.
  • You can enjoy access to all your records anytime and anywhere.

Alternative Financing Option

Apart from the mini personal loan, there are other options for small amounts like credit cards. As the rate of interest charged on the credit cards is higher than that of the personal loan. So, people prefer to go with mini personal loans rather than credit cards. 

Let’s understand it with an example,

Suppose Mr X needs ₹ 20,000 and if he goes for a credit card with the interest rate of 36% for 12 months, then his monthly EMI will be of ₹ 2009.

On the other hand, if he goes with a personal loan of Rs. 20,000 for the repayment tenure of 12 months then he can get it at 16% interest rate which will come to the monthly EMI of ₹ 1814.

So, if he chooses a personal loan over the credit card, he can save ₹ 195 every month and, on a year, the amount will be ₹ 2340. 

One of the upsides of loan on a credit card is that it’s quick. But this also been eradicated by the instant personal loan lenders. Instant Personal loan apps help you get small ticket size loans with convenience. 

Benefits of availing a Mini Personal Loan:

  • Quick Loan Approval: The loan approval and disbursal process are quick. 
  • Minimal Documentation: There is freedom from strict documentation process
  • Flexibility: The lenders' loan tenure ranges between 1 year to 5 years. So, a borrower has a choice to opt for any tenure according to his/her convenience. 

Eligibility Criteria of Mini Personal Loan 

Here are the basic criteria for small ticket size personal loan -

  • The borrower’s age should be of a minimum of 21 years old at the time of applying for the loan.
  • The maximum age for a personal loan is 60 years at the time of maturity of the loan.
  • The net monthly income of the applicant should not be less than Rs. 15,000.
  • An applicant needs to furnish valid identity proof documents

Required Documents for a Mini Personal Loan

Usually, lenders demand and verify a certain set of documents. The same is mentioned here -

  • Duly completed application form
  • Passport-size photograph
  • Age proof
  • Proof of Identity
  • Income proof
  • Bank statements
  • Address proof
  • Audited financials for the last 2 years (for self-employed)

This type of loan is perfect for average middle-class people. And the good thing is that even an applicant with bad credit can easily qualify for the loan. 

Read here what to do if your personal loan application is unapproved