FlexPay Benefits of Small Personal Loans

Are you in need of some financial assistance to cover an unexpected expense or an emergency situation? Small personal loans may be the solution you need to bridge the gap until your next payday.

Using a small personal loan online is the new way to meet urgent cash needs. Asking for money from friends and family is an outdated idea. No longer have you had to depend on anyone for your unforeseen financial needs. With a simple online application process and after minimal and digital documentation you can easily access the money in your account.

So, if you’re looking for a way to meet your urgent financial needs, a small personal loan might be just what you need. Say goodbye to depending on others for unforeseen financial needs and apply for a small personal loan today.

What are Small Personal Loans?

Small personal loans are typically unsecured loans that you easily obtain from online lenders. These loans are designed for individuals who need a small amount of money, usually ranging from Rs. 1,000 to Rs. 5,000, to cover unexpected expenses such as car repairs, medical bills, or home repairs.

At FlexPay, we offer a line of credit as a small personal loan based on your income. Our relaxed personal loan eligibility for salaried persons means you can apply for a credit line of up to Rs. 3,00,000 with a salary of Rs.4,000/m or above. Apply for this small personal loan online and access the money in your salary account within 1 day.

Benefits of Small Personal Loans

Quick Approval: Small personal loans are usually approved quickly, sometimes within a few hours, and the funds are deposited directly into your bank account. This makes them an ideal solution for unexpected emergencies or when you need money quickly.

Easy to Apply: The application process for small personal loans is usually simple and straightforward. You can apply online, over the phone, or in person at a bank or credit union.

No Collateral Required: Small personal loans are usually unsecured, which means you don’t need to put up collateral such as your car or home to secure the loan. This makes them a popular option for those who don’t have assets to use as collateral.

Large credit limit: It comes with a credit limit wearing between Rs.500 to Rs.3 lakh. Whether it is a small cash need or a bigger expense, you can use it for every need. After full repayment, you can renew the credit limit with just one click. No need to apply for the loan from square one and go through the complete process. It is very helpful to maintain permanent credit support.

Flexible credit facility: Since it is a line of credit the interest is applicable only on the used some. Hence this line of credit is a flexible facility that you can use for your fluctuating financial requirements. Also, it imposes no fixed EMI mandatorily and flexible payback options are provided. In variable instalments, you can pay off your dues as easily as you. It comes with a flexible tenure of 3 to 36 months during which you can pay off your dues at any time. As long as you are paying minimum monthly instalments no divisional charges will be applied.

Reasonable rates and charges: Here, reasonable rates and charges are applied. Only a one-time processing fee is taken irrespective of the withdrawal of money from the approved credit limit. No prepayment charges against the loss of interest are applied if you choose to repay your loan in one go. It has zero hidden charges and by using the app or the website on your profile you can keep track of all the loan details.

Build Credit: If you make your payments on time, small personal loans can help you build your credit score. This can make it easier for you to qualify for larger loans in the future, such as a mortgage or car loan.

Purpose of the FlexPay Personal Loan

A personal loan is not a purpose-specific loan which means you can use it for various financial requirements. Whether it is a medical emergency or suddenly you have to travel somewhere, either you want to spend on a date or grab a sale, for your upskilling or spending or your children’s education; the needs could be many but a personal loan works as a one-stop solution for all of them.

Unlike an education loan, house building loan, car loan etc. a small personal loan is not restricted to one use. You can spend it on many needs and five are discussed here-

Flexible Spending: Once your small personal loan is approved instantly, you can use it to cover a wide range of expenses, big or small. Whether it’s for groceries, housekeeping, or just a cab ride, this credit line has got you covered. These expenses may seem insignificant, but they can add up over time. With this loan, you can create a budget and stick to it, covering all your variable financial needs. The best part is that you can pay off your dues at your convenience, with flexible instalments.

Upskilling: In the time of technological development and breakthrough of new ideas in the market continuous learning has become the need of the hour. For your professional growth if you choose to study further or want to learn a new skill you can spend on it using this line of credit. It is equally helpful for spending on the education of your children. Starting from school fees to private tuition it is one for all credit solution.

Medical emergency: When you are stuck in a medical emergency you don’t have to rush to a bank to apply for a loan. Simply being in your comfort zone you can apply for this credit line and meet all their needs. Whether it is the hospital bill or paying at the chemist’s shop, all the expenses can be covered using it. You can also use it to pay the premium of your health insurance and later you can repay the dues in chunks.

Debt consolidation: Instead of juggling multiple high-interest loans, streamline your finances with FlexPay’s credit line. By consolidating all your debts into one manageable loan, you not only simplify your financial situation but also benefit from competitive interest rates. Unlike credit cards, there are no maintenance fees associated with this option, making it a smarter choice for debt management.

Continuous credit: This credit line works as a continuous credit support for a salaried person. A person who has to manage all the expenses within a fixed monthly income keeps on having additional financial requirements. To meet all these needs you don’t have to apply for a new loan every time. Using FlexPay personal loans you can keep on spending them and renewing your credit limit.

Eligibility Criteria for small Personal Loan

You can apply for this small personal loan by simply following to eligibility criteria-

1- You must be an Indian citizen of 21 years or above

2- You must be a salaried professional with a salary of Rs.4000 per month or above

How to Apply for a Small Instant Personal Loan without Documents?

You can apply for this instant personal loan with minimal documentation. Only the mandatory records are required that you can upload using the app or the website of flex pay. Here, with your Aadhaar card, PAN card, salary slip, bank statement and one passport-size photograph the documentation is completed. For verification, neither does anyone visit you know you have to go anywhere to present their creditworthiness. Through a video call, it is completed and after successful verification, instant approval on the small personal loan is granted. Before the documentation, the application process is equally smooth which begins with the registration.

At FlexPay the registration is completed just with your name, contact and PAN details. Next comes the application stage where you provide your occupational details along with the amount you need and the term of the loan you want. Here, you can also check the loan-related terms and conditions online. And with auto direct facility the app takes you to the documentation page. After uploading all the records, you can proceed with verification.

With relaxed personal loan eligibility for salaried professionals FlexPay line of credit is the perfect solution. After the online and simple application with minimal documentation and digital verification, you can access the money within 24 hours. Whether it is an urgent financial need or you want a continuous credit back up this credit line works both ways.

Looking for a way to meet your urgent financial needs? A small personal loan might be just what you need! Gone are the days when you had to ask friends or family for financial help.