Small-ticket loans can be a savior in a financial emergency. You don’t have to go to friends and family and beg for money. There’s no need to swipe credit cards and pay 2-3% interest a month. The small-ticket loan is there for you.
Small-ticket loans cover loans of size Rs 1 Lakh or less. These loans are great for first-time borrowers who need money for financial emergencies or even to meet day-to-day needs.
Let’s say you plan to buy the latest smartphone at Rs 20,000. You have managed to save Rs 12,000. There’s a shortage of just Rs 8,000. There are 2 options. You buy a cheaper smartphone or scrap the plan. There’s a third option which is taking a small-ticket loan. You can borrow the money you need in a few minutes by selecting loan amount and tenure and then uploading relevant documents.
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See Also: Personal Loan in India
Small-ticket loans help first-time borrowers get loans for day-to-day needs. They can build-up credit history and are soon eligible for larger loans like home loans.
InCred offers personal loans, education loans, SME Business Loans and even two-wheeler loans. It leverages technology and data-science to make lending easy.
See Also: When Should I Get a Personal Loan?
MoneyTap offers a ‘Credit Line’. Banks issue a credit line up to Rs 5 Lakhs without collateral. You can borrow amounts as low as Rs 3,000 to Rs 5 Lakhs and make repayments in easy EMIs of 2 months to 3 years. The credit limit depends on credit history.
The online loan marketplace connects borrowers with lenders and helps them find the right loan product. Loans can be used for marriage, education and to meet financial emergencies.
With this platform, you don’t need credit cards or even a credit score. Loans are handy for travel, buying furniture, fashion, education and can be used for e-commerce platforms like Flipkart, Amazon, Myntra, MakeMyTrip, or PepperFry.
This platform offers short-term loans for working professionals. Credit options range from Rs 5,000 to a Lakh.
LoanTap offers unsecured personal loans. These loans don’t require collateral or security except under certain conditions. Ticket sizes range from Rs 50,000 to Rs 10 Lakhs. Tenure is from 6 months to 5 years.
Banks ignore students because they don’t have salary slips. This is where Fintech firms have jumped into the business. They offer small-ticket loans to students to complete their education and enjoy a bright career. Banks find funding college-students for higher education not too lucrative.
Students have financial requirements like tuition fees, buying books or applying for workshops and seminars. They are forced to depend on parents to fund this need. Technology has made life easy and there are instant-loan apps to fund this need.
You can get loans of small-ticket size ranging from Rs 500 to Rs 20,000 for educational purposes. The online platform limits the money which can be borrowed and also tracks how the money is spent. There are loan platforms that offer instant small-ticket loans to newly graduated young professionals who have just got a job. This was a segment long neglected by banks.
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