Mini Cash Loan Online
A Mini Cash Loan also known as a microloan, is a small, short-term loan that can be used to meet personal exigencies or any lifestyle financial needs. Applying for a mini cash loan online in India can be the right solution during emergencies or unexpected expenses.
Meet Your Day-to-Day Needs with Mini Cash Loans
A mini-cash loan is a short-term unsecured personal loan and is generally used to meet day-to-today needs such as groceries, utilities, gas for your car, and other necessary household expenses. These are the costs of living that you incur on a regular basis to maintain your daily lifestyle. Mini cash loans can provide the financial support you need to cover these expenses when you are in a tight spot or need some extra funds to get by. One can borrow as small as Rs 4,000 to up to Rs. 200000. It comes with an easy application process and an instant approval facility. It's a multipurpose loan that you can use for all your financial needs.
Features and Benefits of a Mini Cash Loan
Collateral-free loans:
Since it's an unsecured loan, you don't have to keep a mortgage. Without any collateral, you can avail of this loan based on your income and credit history.
Pocket-friendly interest rate:
You can avail of a mini-cash loan online at a reasonable rate of interest. The availability of multiple lenders helps negotiate better interest rates. Also, your credit score and DTI ratio can get you a good deal.
Least turn-around time:
This loan can be obtained in a few hours only. This works best for urgent monetary requirements. Minimum application formalities help in getting credit fast.
Soft-credit pulls:
You can get this loan after a soft credit check as well. No hard credit pull is mandatory at every lender. If you have a clean credit history, it can go in favor of your loan application.
How to Get a Quick Cash Loan Online ?
Check eligibility:
Various lenders will have different qualifying conditions. You have to use the app or website of the lender to check the eligibility criteria they have. If your profile matches, you can start the application process for your quick loan.
Application:
Fill out the application process by entering the credentials required. Name, age, income, loan sum, term of the loan, etc. are mandatory fields to fill in. For small loans online, the application process is always simple and needs no professional help.
Upload documents:
In this stage, you upload all the mandatory records. Identity proof, income proof, and address proof are the essential records the lender asks for. In this loan no paperwork is done hence digitally you submit the documents.
Complete verification:
Now comes the stage where the lender observes the creditworthiness of all the records you provide. For an easy loan, it's completed online through e-KYC. No physical verification is done.
Cash disbursal:
After the verification is successful, instant approval is granted on the loan. It follows the quick disbursal, and within a few hours, you can access the cash.
Eligibility Criteria for a Small Cash Loan
Different lenders will have different eligibility criteria, you can check them before starting the application process. Although this loan is open for both salaried and self-employed, not all lenders will offer credit to both. You need to meet the basic requirements to apply for a loan. Following are a few mandatory eligibility checks that every lender sees-
| Nationality | You should be of Indian Nationality |
| Age | Your age must be atleast 21 years |
| Income | You are a salaried individual with a minimum salary of INR 8,000. |
Documents Required to Get a Mini Cash Loan
- Identity proof - Aadhar card/ PAN card/ Passport/ Government approved photo IDs
- Income proof - Salary slips/ Bank statements/ Cash Flow statements/ Financial statements
- Residential proof - Utility bills/ Aadhar card/ Rent agreement etc.
Type of Mini Cash Loans:
Same-day loans: Mini cash loans are quick loans that you can avail of in a few hours. When you apply for one with a lender you are an existing customer of, it comes faster. The reason is- Since no lengthy application process is there and already the lender has your records. For its quick access in a few hours after an easy application, it's called a same-day loan.
Payday loans: You can borrow a small cash loan in form of a payday loan. A payday loan is given only to salaried professionals for not more than 30 days. It becomes due on the next date of your salary.
Credit card loan: You can also borrow moneyon your credit card against its unused credit limit. It's also disbursed in a few hours, whichyou can use for emergency expenses.
Line of credit: A line of credit is a borrowing credit limit approved on your account. You can spend the money on it as you need. After spending only the money spent sum is applied. It also comes with ,instant approval and quick credit.
Many NBFCs and banks now offer a line of credit online. The eligibility criteria and credit limit can vary with the lenders. Based on your financial needs you can choose a lender and apply for a credit line. As a salaried professional, you can choose the FlexSalary line of credit.
FlexSalary is an NBFC-backed credit provider that offers a credit line exclusively to salaried professionals. With its quick access and easy repayments, it can make the best instant loan online for you. Following are its features and benefits.
Top 5 Reasons to Choose a FlexSalary Credit Line for a Mini Cash Loan
Fast Approval and Disbursal: Our mini cash loans offer fast approval and disbursal, allowing you to get the cash you need in as little as 1 hour.
No Collateral Required: Our mini cash loans are unsecured, meaning you don't have to put up any collateral to qualify.
Multiple Loan Amounts Available: You can choose a loan amount ranging from INR 4,000 to INR 200,000, depending on your needs.
High Approval Rate: We have a high approval rate, so you can be confident that you will be approved for a mini cash loan with our revoloving credit line.
Relaxed eligibility & easy Application: With a salary of Rs. 8,000 per month, you are eligible to apply for an instant credit line. It has a large credit limit of up to Rs.2,00,00 starting atRs.4,000. For all your small and bigger emergency cash needs, it can help you instantly. It has an online application procedure where you can start the registration just by providing your name, contact, and PAN details.
Minimal documentation & digital verification: At this line of credit, you can complete the documentation by uploading all the records using its official website or the mobile app. Nothing more than your Aadhaar card, PAN card, salary slip, bank statement, and one photograph are demanded. After online KYC is completed through a video call for verification. There is no physical verification needed which is time-saving and easy.
Flexible tenure and repayment: We have a flexible tenure of 3 to 36 months during which you can repay your dues at any time. No fixed EMIs are mandatory, and variable installments are accepted without any additional charges. Its flexible payback options help a salaried employee a lot. Having it you can easily manage every other expense in a fixed monthly salary along with being off the dues in chunks.
Reasonable interest rate and accrual: Our personal line of credit has a reasonable rate of interest with no hidden charges. It is pocket friendly in the first place because it's a credit line where the interest is accrued only after spending the sum. It works, unlike a personal loan where the interest is calculated on the lump sum from day one. Also, based on your credit score, you can negotiate a better rate of interest.
Why Choose a Credit Line Over Other Loans?
A line of credit is a better credit option than a personal loan because the interest is only applied as you use the money. With a personal loan, you have to pay interest on the total amount approved upfront. A credit line is also a better option than a credit card loan because it has no maintenance charges or annual fees.
A mini loan in India can be a fast solution for urgent financial needs. Using a FlexSalary line of credit for these needs can be a budget-friendly credit tool. You can easily apply for a credit line based on your salary slips and bank statements. A soft credit pull may be done, but a hard credit check is not required for approval. Once you repay your debts, you can easily renew the credit limit and use it again and again. It acts as continuous credit support for all your variable financial needs.
