Mini Cash Loans - Remedy for Quick Finance NeedsA mini cash loan is a small cash loan that starts from Rs.10,000 and goes higher up to a couple of lakhs. It is a preferred credit option due to the less risk involved in defaulting the EMIs. There are a variety of trending business ideas that one can start with mini cash loans. As the loan amount is less, it can be repaid easily within 24 months or less. A mini cash loan is definitely a remedy for availing quick finance that can be used for a variety of purposes – house rent, education, wedding expenses, medical emergency etc.
Mini cash loans can be borrowed within 24 hours via instant personal loan apps. SimplyCash by HeroFinCorp offers mini cash loans starting from Rs.50,000 to 1.5 lakh. This loan figure can be availed quickly through an entirely online process functional on a smartphone – application, documentation, verification, approval and disbursal. Download SimplyCash from Google Play Store and go through the user journey to avail mini cash loans online.
Here are some common reasons why mini cash loans are easy to apply via instant loan apps:
Easy sign-up & loginInstant loan app allows a simple login method on your smartphone using an email id and mobile number.
Quick disbursalWhen applying for mini cash loans via instant loan apps, the amount gets approved and disbursed immediately within 24 hours.
Collateral free loanAs the loan amount requested is less as compared to long-term loans, no security or guarantor is needed when you avail mini cash loans. This makes the loan processing faster with fewer formalities.
Affordable interest rateSimplyCash offers a starting rate of interest low as 1.67% per month, interest rates may differ and get better based on your credit score and your existing relationship with the lender.
No Physical documents requiredIn a digitized instant personal loan app, the required documents for mini cash loans are paperless, minimal and hassle-free.
Automated repayment methodLoan EMIs are deducted automatically from the borrower’s bank account at a fixed date every month. This ensures mini cash loans are repaid on time without any delay.
Below are the required documents and eligibility criteria for mini cash loan approval:When applying for mini cash loans online through instant loan apps, keep your KYC documents handy, inclusive of:
- Identity Proof- Aadhaar Card/Smart Card Driving License
- PAN card
- Address proof- In the absence of an Aadhaar card, address proof becomes mandatory that includes passport/electricity bill/voter id
- Six months bank statement or salary slip for salaried individuals
Eligibility Criteria for mini cash loans:
- Borrowers must be in an age group between 21-58 years
- Borrowers must fall in a minimum monthly income bracket of Rs.15,000
- Borrowers should have credit accounts in any of the affiliated banks with “SimplyCash”