Loan
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Personal Loan
Mini Loans or Small Personal Loans: All You Need to Know
2 mins Read | 2 Years 7 Months Ago
A Small Personal Loan, also known as a Mini Loan, is an unsecured Loan type useful for those who need an urgent but small amount to cover an expense. At ICICI Bank, you can borrow a Loan as small as Rs 50,000, with flexible repayment terms and interest rates ranging from 10.85% to 16.65% per annum. The best thing is that these Loans have no end-use restrictions, meaning, you can use them for any legitimate purpose, including medical treatment, home repair, travel or appliance purchase. Both salaried employees and self-employed professionals & non-professionals can apply a Small Loan online. Here is everything you need to know about a Small Personal Loan.
Loan Amount and Tenure
The minimum amount you may borrow as a Personal Loan from ICICI Bank is Rs 50,000, and the maximum can go up to Rs 50 lakh. The repayment tenure ranges from 12 to 72 months, which you may select according to your monthly repayment capacity. Remember that the longer the term, the smaller the Equated Monthly Instalments (EMIs), but higher the interest cost.
Eligibility Criteria for a Small Personal Loan
You must fulfil these conditions to be eligible for Personal Loan from ICICI Bank:
In order to apply for a small Personal Loan online, make sure you meet these eligibility conditions:
For Salaried Individuals
- Age:Salaried employees, self-employed professionals and non-professionals
- Net Salary:Minimum ₹30,000 per month
- Work Experience:2 years minimum
For Self-Employed Individuals
- Age:23 to 65 years at loan maturity
- Business Vintage: 2 years
For complete eligibility details and the application process, visit ICICI Bank Personal Loan
Documents required to apply for a Small Loan Online
The documents required for a Personal Loan application are minimal and paperless. You may submit the necessary documents online, to complete the application and verification. These include the following:
Documents required to apply for a Small Loan for Salaried individuals:
- Identity Proof: Passport, Driving Licence, PAN Card or Voter's ID Card
- Address Proof: Latest Utility Bill, Leave and Licence Agreement or Passport
- Last 3 months’ Salary Slip and Bank Statement
- Two Passport-sized photographs
Documents required to apply for a Small Loan for Self-employed individuals:
- KYC Documents: Identity Proof, Residence Proof and Date of Birth Proof
- Address Proof: Latest Utility Bill, Leave and Licence Agreement or Passport
- Last 6 months' Bank Statement
- Last 2 years' Audited Financials
- Office Address Proof
- Proof of Office or Residence Ownership
- Proof of Business Continuity.
Features and Benefits of a Small Personal Loan:
- Ample Loan amount from Rs 50,000 to Rs 50 lakh
- Flexible repayment tenure from 12 to 72 months
- Competitive personal loan interest rates ranging from 10.85% to 16.65% per annum
- 100% Digital Loan process
- Instant access to funds
- Quick approval & disbursal
- 100% transparency in the application and borrowing process
- Paperless procedure
- No collateral required.
Factors Affecting Your Eligibility for a Small Personal Loan:
- Age
- Income
- Debt-to-Income (DTI) ratio and financial obligations
- Credit history
- Financial condition
- Repayment capacity
- Profession
- Work experience.
What to Consider Before Taking a Small Personal Loan?
When you are planning to secure a small Personal Loan, consider interest rates, fees & charges, repayment terms, and your ability to repay. Evaluate if the loan amount is necessary and if you qualify based on your credit score and income.
How to Get a Small Loan Online
Apply for an instant Personal Loan online in 5 easy steps:
- Click here to apply for a Personal Loan
- Enter your required loan amount
- Review your loan application details
- Accept the terms and conditions
- Authenticate your loan application and get your loan disbursed