Why apply for Rs.10,000 loan, you may wonder. With the rising cost of living, people often dread month-ends and festive seasons when the cash in hand is depleted, but expenses are high and may spiral out of control. Though this may not be a serious financial problem, it nevertheless requires attention and an immediate solution. Getting small personal loans in an instant without any hassles can serve the purpose and solve the problem.

There may be a few instances in life when you unexpectedly require large sums of money. But it is pretty common to have situations where you need a small amount of cash, but the need is urgent and cannot be delayed. A 10,000 loan can be a significant relief as it can immediately cover the expenses. What matters is how quickly you can get the money you need.

Why do you Need Rs.10,000 Personal Loan?

Some of the most common reasons why you may need a small ticket personal loan are:

• Month-end cash crunch
• Emergency cash requirements
• Festival shopping
• Local trips & outings
• Education, training, and upskilling courses
• Repairs & servicing of home appliances, vehicles, etc
• Medical bills related to pharmacy, health checkups, etc
• Clearing other loans such as credit card dues or hand loans

Eligibility Criteria for Rs.10,000 Personal Loan

Applicants have to fulfil the following eligibility criteria to apply online for a 10,000 loan.

• Resident Indian Individuals
• Aged between 21 to 57 years
• Both salaried & self-employed individuals can apply
• Minimum monthly income of Rs.15,000
• Decent credit score (CIBIL score of 600 & above)

Documents Required for Rs.10,000 Personal Loan

The following documents are essential to apply for Rs.10,000 personal loan in India.

• Identity Proof: PAN, Aadhaar, Passport, Voter ID, DL
• Proof of Residence: Aadhaar, Passport, Ration Card, Rent Agreement, Gas/Electricity/Telephone Bills
• Income Proof: Salary slips of the last three months, bank account statements of the last six months, IT returns, Form 16
• Age Proof: PAN, Aadhaar, Passport, Birth Certificate, SSC Certificate

Interest Rates & Charges on Rs.10,000 Personal Loan

• The interest rates on 10K personal loans start at 10% p.a. These rates are subject to constant change and may vary based on personal factors such as age, income, credit score, loan tenure, etc.
• The processing fees may range between 2% to 4% of the loan amount, along with applicable GST.
• No additional charges for early closure of loans, i.e. before the loan tenure ends

How to Apply for Rs.10,000 Personal Loan?

The easiest way to apply and get a personal loan is by applying online. You can download a personal loan app on your phone and get instant approvals. The step-by-step procedure to apply for an urgent loan of 10,000 is listed below.

Step 1: Visit the lender’s website or download a personal loan app on your mobile phone. Please register on the app using your mobile phone number.

Step 2: Enter the required information related to your personal details to check whether you are eligible for the loan

Step 3: Select the loan amount and term according to your needs. You may also be offered a pre-approved personal loan.

Step 4: Upload the necessary documents to complete the KYC verification. You need soft copies of your PAN & Aadhaar. The video-KYC feature helps you to complete the verification process online.

Step 5: Enter the bank account details in order to link the account. Small loan amounts such as Rs.10,000 instant loans will be processed quickly and instantly transferred to your account within a few minutes.

Advantages of Instant Personal Loans

• Loans are processed, approved, and disbursed very fast. Small ticket loans may just need 3-5 minutes.
• Personal loan apps offer a 100% digital medium and the entire process, from loan inquiry to disbursal, happens online with absolutely no paperwork.
• No need to submit elaborate documents. Just a PAN and Aadhaar card will suffice.
• Loans ranging between Rs.10,000 to Rs.25 lakh are offered for customers who satisfy the eligibility criteria.
• Personal loans are offered without the need to provide any collateral security or personal guarantee by the borrower.
• Loan repayment of 10,000 personal loans can be made with flexible EMIs over longer tenures.
• 100% safety of personal details and protection of privacy on the loan apps

Important Features of Small Personal Loans

• Personal loans are categorized as unsecured borrowings and are typically offered without pledging any collateral security.
• Loans are granted based on the fulfilment of fixed eligibility criteria such as age, income & creditworthiness.
• Regular income and a decent credit score are sufficient to get a personal loan approved.
• There are no restrictions on the borrowers to use the funds. The money can be utilized as they deem fit and appropriate.
• Excessive documentation is not required. Personal loans up to Rs.25 lakh are often granted quickly, unlike a home loan or an education loan.
• Interest rates on 10K personal loans are far lower than credit card charges and rates charged by private money lenders.

Conclusion

Sudden, unplanned expenses can be quite troublesome for individuals & families. Though the amount may be small, the needs may be urgent and demand immediate action. You can now easily apply for Rs.10,000 loan and get an instant sanction.

FAQs on Rs.10,000 Personal Loans

1) Is it possible for me to get Rs.10,000 personal loan?

Ans: Definitely, yes. Most lenders, including personal loan apps, now offer small-ticket loans to borrowers

2) What is the minimum credit score required to get Rs.10,000 loan?

Ans: It is a good practice to maintain a credit score of 750+. But for small personal loans, a score of 600-650 is considered fine

3) My monthly salary is below Rs.15,000. Can I get this loan?

Ans: Though Rs.15,000 is the general requirement, you can get a small loan provided you meet the other criteria

4) Can I fully repay the loan before maturity?

Ans: Yes. You can prepay and close the loan after paying 2-3 EMIs.