What is the Smallest Personal Loan You Can Get?

No fixed “smallest” personal loan amount applies across all lenders in India. But if you ask me what is the smallest personal loan you can get, I will say, on average, the minimum loan you can get is Rs. 5000. At many traditional banks, the minimum personal loan you can apply for tends to be quite high.

What is the Smallest Loan You can Get?

It completely depends on your lender. For example, several leading banks (like HDFC, ICICI, Axis) start their personal loan amounts from Rs 50,000 or more. However, fintech lenders and NBFC apps (digital micro-loan providers) offer much smaller personal loans. According to Wishfin, some apps let you borrow as little as Rs 3,000 to Rs 5,000.

With Bajaj Markets, you can get an instant personal loan of Rs 5,000 from partner lenders like KreditBee, mPokket, etc.

• Traditional banks tend to set higher minimums because the processing cost per loan is high, and they lend in larger chunks. Fintech platforms / NBFCs are more flexible and cater to micro-loan needs.

• If you have a strong credit score, lenders are more comfortable giving you a small loan (because your risk is lower). For riskier borrowers, lenders impose higher minimum amounts so that fixed costs (like processing) are covered.

• Your monthly income plays a big role. Lenders will set a minimum ticket size that ensures the EMI is manageable relative to your salary.

I hope you found this information useful.

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

1. Profession: Salaried employee, self-employed professionals, and non-professionals.

2. Age: 20 to 58 years for salaried employees, 28 to 65 years for self-employed professionals, and 25 to 65 years for doctors.

3. 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.

4. Current Residence: The applicant must reside at their current residence for at least a year.

5. 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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