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A Small Personal Loan is an unsecured Loan type useful for those who need an urgent but small amount to cover an expense.

Small Personal Loan

A small personal loan in India typically refers to a relatively small amount of money borrowed from a financial institution or lender for personal use.

These loans are usually unsecured, meaning they don't require collateral, and are used for various purposes such as medical emergencies, home repairs, education expenses, or debt consolidation.

In India, small personal loans usually range from a few thousand rupees to a few lakhs, with repayment terms varying from a few months to a few years.

Interest rates on these loans can vary depending on factors such as the borrower's creditworthiness, the lender's policies, and prevailing market conditions.

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Small Personal Loan-

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Following are the procedure steps:

1. Research and Comparison:

Begin by researching various lenders and financial institutions that offer personal loans in India. Compare interest rates, fees, eligibility criteria, and terms and conditions to find the best option suited to your needs.

2. Check Eligibility:

Once you've identified potential lenders, check their eligibility criteria to ensure you meet the requirements. Common eligibility criteria include age, income, employment status, credit score, and documentation.

3. Documentation:

Prepare the necessary documents required for the loan application. These documents may include:

  • Identity proof (such as Aadhaar card, passport, or driver's license)
  • Address proof (such as utility bills or rental agreement)
  • Income proof (such as salary slips, bank statements, or income tax returns)
  • Employment details (such as employment certificate or appointment letter)

4. Loan Application:

Submit the loan application form along with the required documents to the chosen lender. This can often be done online through the lender's website or in person at their branch office.

5. Verification:

The lender will verify the information provided in the application and documents. This may include verifying your identity, income, employment, and creditworthiness.

6. Approval and Disbursement:

If your application is approved, the lender will issue a loan offer detailing the approved loan amount, interest rate, tenure, and other terms. Upon acceptance of the offer, the loan amount will be disbursed to your bank account.

7. Repayment:

Repay the loan in accordance with the agreed-upon terms. This typically involves making monthly payments of principal and interest until the loan is fully repaid.

8. Closing the Loan:

Once the loan is fully repaid, the lender will issue a loan closure certificate or a no-dues certificate confirming that the loan has been settled.

Why choose Livanity for Small Personal Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Small Personal Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Small Personal Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Small Personal Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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