Small loans are primarily offered for a short term to meet urgent requirements. These kinds of loans are unsecured and require no collateral. We had taken a mini personal loan from ICICI bank to pay my grandfather’s medical expenses so I have a little bit idea about the same. To understand what is the smallest personal loan you can get, you need to know the eligibility criteria, documentation process, and other details. Let me share them all below.
What is the Smallest Loan You Can Get?
In ICICI Bank, you can get a personal loan as small as Rs. 50,000 and the repayment options and interest rates are also flexible. The interest rates usually range from 10.85% to 16.25% p.a. Though ICICI Bank offers these loans to both salaried and self-employed individuals, some banks prefer only salaried employees. So, I’d recommend you to go through the eligibility criteria before applying for the loan.
Eligibility Criteria for Small Personal Loans from ICICI Bank
Profession: Salaried employee, self-employed professionals, and non-professionals.
Age: 20 to 58 years for salaried employees, 28 to 65 years for self-employed professionals, and 25 to 65 years for doctors.
Income: Minimum Rs. 30,000 for salaried employees, a turnover of Rs. 15 lakhs for self-employed professionals, and turnover of minimum Rs. 40 lakhs for non-professionals.
Current Residence: The applicant must reside at their current residence for at least a year.
Experience: A minimum of 2 years for salaried applicants, 5 years for business owners, and 3 years of experience for doctors is required.
I hope this gives you some insight into mini or small loans. You should also check the documentation process of your respective banks.
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What is the Smallest Personal Loan You Can Get?
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2024-12-30T10:16:11+00:00 2024-12-30T10:16:11+00:00Comment
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