₹10,000 Personal Loan

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

Unexpected expenses are likely to throw your monthly budget off track. This may not be a major cash flow problem, but even a minor shortfall might throw off your plans. A small personal loan of say ₹10,000 could be the solution in such a situation. Small personal loans are available with rapid approval and minimal documentation.

There can be many reasons to apply for a personal loan of ₹10,000. Some of the common reasons why people take out small personal loans are:

• Urgent need for cash in an emergency

• Debt consolidation, i.e. paying off other obligations using the loan amount

• Big-ticket shopping expenses

• Planning for a vacation

• Paying medical bills

The eligibility criteria for personal loans are not only different for different lenders but also depend upon the credit profile of the borrower. Put simply, an applicant with a good credit score might get the loan at a lower interest rate compared to another with a not so good credit score. Still, following are some of the basic eligibility criteria that you will be required to fulfil in most cases to avail a personal loan of ₹10,000:

• Age

Your age must be between 18 years and 60 years to get a personal loan. Some lenders have a higher minimum age limit of 21 years for granting personal loans.

• Credit Score

You should have a decent credit score, above 650 to 700 at least. Most lenders will not require a very high credit score for small personal loans. Still, having a good credit profile always helps. You can get the loan at lower interest rates or with more favourable terms if your credit profile is good.

• Income and Type of Employment

Since a personal loan is unsecured, you must have a regular source of income to be eligible for one. Most banks and NBFCs grant personal loans to both salaried as well as self-employed individuals. The minimum income requirement for a ₹10,000 personal loan is not very strict - a monthly income of ₹15,000 would do in most cases.

Just as with any other loan, banks/NBFCs require you to furnish a certain set of documents before your application for the ₹10,000 personal loan is approved. Here is a handy list of documents that you need to submit while applying for a personal loan of ₹10,000:

• Identity Proof

Aadhaar card, Voter’s ID, PAN, passport etc.

• Address Proof

Aadhaar card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.

• Proof of Income

Latest salary slips (usually last three months’ salary slips are required) or income return certificate or latest Form 16.