What is the Minimum Personal Loan Amount I Can Take?

Last Updated : Oct. 15, 2020, 8:42 p.m.

Personal Loans come to your rescue when you don’t have money to meet your instant requirements. These loans can be approved instantly with minimal documentation and without any collateral. The maximum loan can be as much as INR 50 lakh based on your income, credit score and repayment potential. But do you know the minimum personal loan that lenders can sanction you? No! We are going to tell you that in this post. Read it and make yourself aware of this facet about personal loans.

Why Knowing the Minimum Personal Loan Amount is so Important to My Cause?

Before knowing the minimum personal loan amount available for you, it will be better to first assess why it is important to know the same. A lot of us may not need a bulk sum to meet our needs. What we may require is a mini loan that can help us tide over temporary cash flow issues. The good thing is that you have many options to choose from. Yes, in the era of evolving technologies, various loan apps are giving a tough competition to lenders in the mini personal loan segment. We will be checking the offer of all so that you can compare deep and pick the one that meets your needs better than other options.

Let’s Check the Minimum Personal Loan Amount Offered by Banks and NBFCs

Not everyone is well versed with technologies to apply on loan apps, so their first choice would most likely be banks and NBFCs. That’s why we are starting with their minimum personal loan offers. Check out the table below that shows the same along with the interest rate that lenders charge.

Minimum Personal Loan That Several Loan Apps Offer

We have told above the utility of loan apps in providing mini loans. The minimum loan amount can be even INR 3,000-5,000 through these apps. Such low loan quantum is specially designed for early earners who often want some small cash advance to meet their instant needs. The loan can be available for as short as 90 days and as long as 2-3 years. All you need to do is download the loan app where you wish to apply for a personal loan . Just mention a few personal details and submit your loan application. Here’s how  loan offers from these apps stack up for you.

How Can Loan Apps be a Better Option for Someone Wanting Small Loan Amounts?

The specialty of loan apps is their personal loan offerings for people without any credit score . So even if you have not taken a loan or credit card before, you could still get a loan from these apps.

Loan Against Credit Card

If you have a credit card, you can get a personal loan against the same too. It’s actually a pre-approved loan that you can get from the bank where you have a credit card. You can get the intimation for such loan offers via SMS or email. In case you don’t get such intimation and need funds immediately, you can contact the bank and check whether you are eligible for such a loan. This sort of loan runs for a period ranging from 1 to 4 years. Let’s check out loans against credit card offers of different lenders.