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All You Need to Know About Small Cash Loan for Salaried Individuals

To meet financial expenses, you may have to lookout for funds from banks and NBFCs. But what if the amount needed is small like up to Rs. 50,000? Financial institutions seldom offer unsecured small cash loans for a short-period, so whom should you approach for the amount? You can search for a small cash loan at Loanbaba, which offers between Rs. 10,000 and Rs. 50,000 to salaried individuals for tenure 1 month to 6 months. You do not need to submit any collateral, but should have a credit score of 600+ to avail the funds.

Utilization of the Funds

Depending on your repayment capacity, the final borrowing will be decided and disbursed to your bank account. Loanbaba is a direct lender of this loan product, which is multi-purpose. You can utilize for any costs such as those related to educational course, medical emergency, travel trip, home repair, festive event, purchase of a gadget, etc. This product is basically designed to fulfil all your urgent cash needs and unexpected expenses.

Small Cash Loan and Its Availability in India

You can apply for a fast cash loan if you reside in Mumbai, Delhi, Pune, Noida, Gurgaon, Chennai, Kolkata, Hyderabad, Bangalore, Indore, Jaipur, or any of the major cities in India. All you have to do is visit and apply for a loan on the internet. It hardly takes 2 to 3 minutes to put ahead of the loan application. The approval rate is quick, and you can expect approval and disbursal of funds the same-day.

Also read: How to Get Startup Business Loans in California?

Things to Consider Before You Apply for Instant Small Cash Loan

Here are a few things to keep in mind, when you apply for this loan product.

  1. Employment and Age: Only salaried individuals can avail this loan. You need work experience of at least 2 years to get the funds, out of which 1 year should be with your current employer. You must be at least 23 years of age to apply for this loan.
  • Salary: Your net monthly income will be considered to judge your loan eligibility. Only salary credited to bank account or through cheque will be accounted for, as cash salary is not acceptable. You must draw a minimum of Rs. 25,000 to be eligible for this loan.
  • Loan Amount: The quantum of finance sanctioned will depend on factors such as your repayment ability, credit history, income, credit score, and other conditions. Processing fee and other penalty/charges will be mentioned in the loan agreement.
  • Documents Required: All necessary documents such as KYC, employment proof, income proof, bank statement, salary slip, etc, will be needed to be submitted online as soft copy with the loan application.
  • Other Verifications: You may be requested to send a test email from your official email id, to verify your employment status. Also, you will have to link your bank account to your easy cash loan application profile. Other verifications may include linking of any of your social media accounts. Strict checks are in place to verify your personal and employment details, which makes for higher credibility so that Loanbaba can grant you the funds.
  • Terms of Repayment: Loanbaba small cash loan can be repaid via EMI method. The monthly instalment will be set to a particular date, every month. The instalment amount will consist of principal borrowed and an interest component. You can make repayments via post-dated cheques as per the repayment cycle or any of the internet banking services such as NEFT and IMPS. Auto-debit option is unavailable.

Benefits of Small Cash Loans in India

Below-given are benefits of instant loan by Loanbaba:

  • No Collateral Required: You do not have to submit collateral to get the funds. The loan is unsecured, which means that the borrowing will be based on income and other factors and you do not have to secure any asset with Loanbaba.
  • Easy on Credit Check: Even though your minimum CIBIL score must be 600+, in certain scenarios, the institution can go easy on a credit check, if you had missed payments on earlier loan due to delay in salary credit, and genuine reasons. However, a loan on a credit score is not possible.
  • Improve Your Credit Score: The easy cash loan product is often taken by borrowers because it is a mechanism through which, they can build their credit history and improve credit score through regular payments. Since it is borrowing for a short term, the loan does not affect finances and can be used to build a healthy CIBIL score so that it is easier to borrow huge-ticket loans in future from traditional banks and NBFCs.
  • Low TAT (turnaround time): The loan is disbursed within a few hours of loan application approval. Typically it does not take more than 2 hours to disburse the amount, but you can expect the amount in not more than 24 hours. Thus, you can get the funds the same day of the loan approval. Make sure you fill correct details in the loan application and complete all the necessary steps to apply for the loan for a quick approval and disbursal process.
  • Short Term Loan: You can get done with repayments within a short time because a mini cash loan period is between 1 month and 6 months only on a negligible rate of interest.

To Conclude

A small cash loan is a perfect financial aid product for salaried individuals, who want to borrow for a short-term. It is a flexible loan since you can utilize it for n-number of purposes. Being an unsecured loan, it does not need you to submit any security to Loanbaba. It also helps in building a healthy credit history if you repay the loan in time. This loan product is also useful for emergency expenses, since fund disbursal takes a short time, and you can get cash transferred to your bank account within a few hours. So, if you wish to avail this loan, you can apply on the website of Loanbaba and complete your loan application on the platform itself for quick funds.

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