Small Cash Loan & Features Of Small Cash Loan

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What Is Small Cash Loan & Features Of Small Cash Loan?
A small cash loan is a short-term instant finance available for salaried individuals. A borrower can avail anywhere between Rs. 10,000 and Rs. 1 lakh for a period of up to 180 days. The repayment is done through monthly EMIs. There are no prepayment and foreclosure charges, enabling borrower to repay loan early without attracting penalties.
Small Cash Loan By Loanbaba

Purpose of the Loan
Being a multi-purpose loan, a small cash loan can be taken to fulfill any emergency or personal expense. Since the funds are disbursed within 24 hours of loan approval, many usually choose the loan for financial contingencies such as paying school fee of children, home repair, travel, medical treatment, etc.

 Features of a Small Cash Loan
Below-given are some of the features of instant cash loans.
  • Since the loan is unsecured in nature, financial institutions provide the loan by analyzing the borrower’s net monthly income, financial liabilities, and repayment capacity.
  • Minimum CIBIL Score must be 600+. Thus, many opt for this type of funding than a personal loan, which requires a higher credit score for better interest rates and terms.
  • The applicant must be older than 23 years with net monthly salary at least Rs. 25,000. Cash salary is not acceptable, so the salary must reflect in a bank account.
  • Documentation is minimal. The applicant has to submit basic KYC proof (address and identity proof), PAN card, 2 recent passport-sized photographs, income proof, latest bank statement to where the salary credits.

Benefits of a Small Cash Loan
Below-mentioned are the benefits of small cash loans.
  • If a borrower repays the loan in a timely manner, then he/she can significantly build a good credit history and a credit score, making it easier to avail new loans.
  • Since the loan is disbursed within a short-time, it is apt for emergencies, where instant cash is required.
  • Old customers can re-apply for the loan, and get instant approval with funds within a few hours.
Thus, a small cash loan helps people to avail funds quickly for any of their need.


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