A small personal loan is a short-term loan for a small amount of money, typically used for immediate or emergency expenses. It is designed to provide quick financial relief for short-term needs.
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About Our Small Personal Loans
A small personal loan is a convenient financial solution for individuals who need quick access to a lower amount of money. These loans are designed for short-term needs and can be used for various purposes, such as emergency expenses, medical bills, or minor home repairs. Small personal loans typically have a straightforward application process and quick approval times, making them ideal for urgent financial needs.
Benefits of Small Personal Loans
Fast process
No collateral needed; easy and quick
Tailored repayment options
Instant Disbursement
Features of Small Personal Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for a Small Personal Loans with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Small Personal Loans EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Small Personal Loans
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Small Personal Loans for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Rakesh
Mumbai
RING made it so easy to get a small personal loan. The process was quick and hassle-free, and I got the loan amount in my bank within minutes.
Priyanka
Bangalore
I was able to cover my emergency medical expenses in time thanks to RING's instant approval.
Anil
Delhi
Applying for a personal loan was seamless with RING. I simply had to spend about 5-6 minutes, and I got the process done! Highly recommend it!
Kavita
Pune
The customer service at RING is top-notch. They guided my mother through the entire process when she wanted some small personal loan.
Rohit
Hyderabad
Fast, reliable, and easy to use. RING is my go-to app whenever I need personal loans.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is the definition of a personal loan?
What distinguishes small personal loans from other types of loans?
Small personal loans are characterized by their quick approval process, lower loan amounts, and shorter repayment periods compared to larger, long-term loans. They are typically used for immediate financial needs and have simpler application procedures.
What are my options for borrowing a small personal loan?
The best place to get a small personal loan online is through platforms like RING, which offer quick and easy access to funds. Other options include credit cards, payday loans, and borrowing from friends or family, but small personal loans often offer better terms and lower interest rates.
What is the least personal loan that I am eligible for?
The minimum loan amount you can borrow varies but typically starts from as low as Rs. 10,000. The exact amount depends on the lender's policies and your eligibility.
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