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Get FIRSTmoney Small Personal Loans Online

Small loans are also called short-term loans. They are unsecured personal loans of limited amounts that borrowers can use to meet their small capital needs. Small loans are easily accessible, while borrowers also benefit from easy repayment terms. Read on for more

Features of Small Credit Loan

Get an Instant Small Personal Loan Online Get an Instant Small Personal Loan Online

You can get a line of credit up to ₹10 lakhs instantly

Multiple Withdrawals Available on Small Personal Loan Multiple Withdrawals Available on Small Personal Loan

Make multiple withdrawals up to the credit limit, and withdraw again after you repay the borrowed amount

attractive interest rates starting 10.99%* p.a. attractive interest rates starting 10.99%* p.a.

Small loans through FIRSTmoney are funded at attractive interest rates starting 10.99%* p.a.

Pay interest only Pay interest only

Pay interest only on what you borrow, not on the entire credit limit

Small Loan Eligibility Criteria for Salaried Person Small Loan Eligibility Criteria for Salaried Person

Salaried individuals with a credit score of 730+ can apply

Flexible Tenure of 2 to 60 months repayment plan on Small Personal Loan Flexible Tenure of 2 to 60 months repayment plan on Small Personal Loan

Choose a flexible tenure of 2 to 60 months for easier repayments

Get a Small Personal Loan without a guarantor Get a Small Personal Loan without a guarantor

You do not need a guarantor. If your credit score is 730+ and you fulfil the eligibility parameters, the small loan is sanctioned to your account

No charges on foreclosure of the loan No charges on foreclosure of the loan

No charges on foreclosure of the loan

How FIRSTmoney can empower you

Travel

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, FIRSTmoney offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, FIRSTmoney empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply seamlessly on an end-to-end digital journey and make your bookings the same day without dipping into your savings.

Advantages of FIRSTmoney for travel expenses:

  • • Set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
  • • Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • • Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a. 
  • • No need for collateral or security deposit to set up a loan.
  • • By responsibly managing your loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavors.

Emergency Loan

In times of financial emergencies, FIRSTmoney stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our loan can be a lifeline during emergencies:

  • • Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • • Get the amount credited promptly to your bank account on the same day
  • • No collateral requirement for emergency personal loans
  • • Flexible loan repayment tenure of up to 60 months
  • • Attractive fixed interest rate (on a monthly reducing basis) starting from 10.99% p.a. only.
  • • Safeguard your financial stability in the face of emergencies

Wedding Loan

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, FIRSTmoney allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • • From venue rentals to catering costs and everything in between, FIRSTmoney offers up to ₹10 lakh, allowing you to cover all aspects of your wedding expenses with ease.
  • • Completely paperless, quick and digital application process
  • • One-time sanction with the facility to withdraw multiple times
  • • Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.99% p.a. only
  • • No need for collateral or security
  • • Enjoy flexible repayment terms extending up to 60 months

Medical Loan

Medical emergencies often come with unexpected expenses. With FIRSTmoney, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart instant personal loan, offers invaluable support and peace of mind during medical emergencies. Here's how:

  • • Can act as a top-up to your insurance for medical expenses
  • • Cover unforeseen costs, such as ambulance fees, hospital stays, surgeries, and specialized treatments
  • • Access funds anytime, anywhere to address medical bills, treatments, and medications without delay
  • • No need for collateral or security
  • • Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.
  • • Tailor your payments to fit your budget and financial capabilities, providing additional peace of mind during a challenging time

Home Improvement Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly. Use your credit limit as an when you need. 

  • • Can act as a top-up to your home loan
  • • Can serve to pay for renovation and expenses in parts
  • • Access funds anytime anywhere
  • • No need for collateral or security
  • • Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.

Eligibility Criteria for Small Personal Loans

Salaried individuals Salaried individuals

Salaried individuals

Age limit – 21 to 60 years Age limit – 21 to 60 years

Age limit – 21 to 60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Required Documentation for Small Personal Loans

Video KYC Video KYC

Display your physical PAN card during the VKYC process.

Display your physical PAN card during the VKYC process.

Repayment of a small personal loan

Repaying small personal loans is easy. The repayment plans are flexible so that you can clear the debt affordably. Metra Trust FIRSTmoney offers a flexible repayment tenure starting from two months and going up to five years. You can choose your EMI date and repayment amount and pay off what you borrow in the most convenient way, without hurting your finances.

 

Rate of Interest on Small Credit Loans
 

Check out the table below to know the interest and the charges associated with FIRSTmoney:

Types of Fees Applicable Charges
Personal loan interest rate Starting 10.99%
Processing fees Processing fees of up to 2% will be deducted from the loan amount at the time of disbursal
Late payment fees 2% of the unpaid EMI
Stamping Charges As per actuals
Foreclosure charges Nil
EMI bounce charges ₹500
Cheque or mandate swap charges ₹500
EMI pickup or collection charges ₹500
Physical statement of account / Repayment schedule ₹50

 

Interest rate range for Small Loan
 

The interest rates on small loans can vary depending on several factors such as the borrower's credit score, the amount borrowed, and the loan tenure. Small loans from FIRSTmoney have a reducing interest rate starting at 10.99% p.a.

 

Service Charges for Small Loan
 

Service fees may be charged by lenders on top of interest rates on small loans. These include charges like processing or application fees. To get the best deal possible, compare service charges by different lenders so that you can determine the most economical provider.

 

Calculate your small loan interest rate
 

Metra Trust has an online personal loan calculator that you can use to check your monthly EMI payable for FIRSTmoney. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the loan amount you withdraw, the applicable personal loan interest rate, and the tenure for which you want the loan. Once you enter these details, the calculator will give you the EMI. Check it out here

How to Apply for a Small Personal Loan Online?

Start by scanning the QR code

Step 1

Start by scanning the QR code

Register using your mobile number

Step 2

Register using your mobile number

Confirm basic/personal details to check your eligibility

Step 3

Confirm basic/personal details to check your eligibility

Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms

Step 4

Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms

Link your bank account where you wish the funds to be disbursed

Step 5

Link your bank account where you wish the funds to be disbursed

Complete the video KYC verification process

Step 6

Complete the video KYC verification process

How can a small loan help you?

Here are some ways in which a small loan can help you -

  • ● Supplementing savings

    A small loan can supplement your savings, if they are limited, and help you meet your financial obligations easily.

  • ● Multipurpose

    Small loans
    are multipurpose. You can use them for any personal or business-related need without any restrictions.

  • ● Multiple withdrawals

    With FIRSTmoney, you can make multiple small withdrawals from the sanctioned credit limit and use the small loans for different financial needs.

  • ● Instant disbursements

    With a small personal loan at your disposal, you don’t have to put off your desires for later. You can buy of fulfil your needs instantly, whether it is taking a trip or buying a home appliance.
Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Home Renovation - Fees and Charges

Enjoy competitive interest rates and minimal charges

Frequently asked questions

Is there a credit check done?

A small loan is like any other loan where you seek credit from a lender. So, your credit score is checked and based on it, the loan is sanctioned.

How do I send my bank statement and other documents?

FIRSTmoney doesn’t require your bank statements and other documents for sanctioning the line of credit. All you need to do is upload your PAN card for VKYC when you apply for the small loan online.

How soon will the small loan get approved?

With Metra Trust FIRSTmoney, the loan approval doesn’t take time. With a digital process you can get the small loan online within minutes.

In which cities does Metra Trust operate?

Metra Trust has branches in 580 cities of India, including Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. Plus, with FIRSTmoney you can apply for the loan online and get it in any city of the country.

What are small personal loans for?

Small personal loans are multipurpose loans. The funds can address both personal and professional financial needs. Even business owners and entrepreneurs can get a small personal loan to cover their working capital needs.

How can I get an instant small loan?

Apply for an instant small loan online with FIRSTmoney through the following steps –

● Start by scanning the QR code or clicking loan from your smartphone

● Register using your mobile number and confirm basic/personal details to check your eligibility

● Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms

● Link your bank account where you wish the funds to be disbursed

● Complete the video KYC verification process with your physical PAN card

What is a small loan?

A small loan is a short-term loan that helps you meet your day-to-day, varied financial needs such bill payment, pending EMIs, urgent shopping or travel expenses, etc. FIRSTmoney provides quick access to funds, typically ranging from ₹50,000 to ₹10,00,000, to meet personal financial needs.

What are the eligibility criteria for a small amount personal loan?

The eligibility criteria of FIRSTmoney small loan are as follows –

● You should be a salaried employee

● Your credit score should be 750+

● Your age should be between 21 and 60 years

Who should take a short-term loan?

Any individual looking for funds for any purpose can apply for the short-term loan provided they fulfil the eligibility parameters.

What are the uses of small loans?

Small loans can be utilised for various purposes, including:

  • Managing daily expenses
  • Handling unexpected emergencies
  • Paying utility bills
  • Financing minor home renovations or repairs

What is the minimum CIBIL score required to take a small loan?

A minimum CIBIL score of 750 is generally required to qualify for a Metra Trust FIRSTmoney small loan. This score reflects excellent creditworthiness and improves the chances of loan approval.

More FAQs

Get FIRSTmoney Smart Personal Loan of Different Amounts