A small personal loan is a relatively modest amount of money borrowed by an individual for short tenure. It is a type of unsecured personal loan, as it is not backed by any sort of collateral. You can take small loan for various reasons, including unexpected expenses, home improvement, wedding, education, travel, etc.

The versatility of this loan makes it a flexible solution for relatively quick access to funds without the need to pledge assets. The repayment terms are generally concise, allowing borrowers to manage their financial commitments efficiently. Hence, a small personal loan serves as a practical means to meet short-term financial goals and aspirations.

Key Features & Benefits

Digital Loan Processing

You can use the Piramal Finance website anytime, anywhere, to apply for a small loan online within minutes. Due to fast, seamless online verification process, your loan amount gets disbursed on the same working day.

Digital Documentation

It can consume a lot of time to collect and manage all the requisite paperwork until the loan procedure is complete. With Piramal Finance digital small loan, there’s minimal documentation requirement – which becomes paperless for more convenience – and real-time verification.

No Need for Collateral

Piramal Finance does not need collateral for a small personal loan. We understand that emergencies can happen to anyone and thus avoid any time-consuming aspect that can slow down the loan disbursal.

Affordable Interest Rate & Flexible Tenure:

The interest rate for a small loan at Piramal Finance is starting at 12.99*%pa, which is both reasonable and competitive. The low-interest rate makes your EMI lesser and more convenient to repay. Furthermore, we offer a maximum loan repayment term of five years, which can be extremely beneficial in terms of obtaining low EMIs and balancing your finances.

Fees and Charges

Get Small Loan online at competitive fees & interest rate. Below is a table of our fees and charges –

Features and FeesDetails
Interest Rates12.99%* p.a. onwards
Loan Amount₹ 25,000 to ₹ 5,00,000
Processing FeesUp to 5% plus applicable taxes
Loan Tenure3 - 60 months tenure
Prepayment Charges ₹ 0
Foreclosure Charges₹ 0
Stamp DutyAt actuals (as per state)
Cheque Bounce Charges₹ 500 plus applicable taxes
EMI Bounce Charges₹ 500 plus applicable taxes
EMI Pickup/Collection Charges₹ 250 per visit plus applicable taxes
Cash Collection Charges1% of collection amount of Rs. 3 lakh and above in cash + taxes
Change of Loan Repayment Mode₹ 500 plus applicable taxes

Documents Required

You need to submit some essential documents to validate your ID, address, and income. This table outlines all the documents required for availing small loan:

Document TypeFor Salaried Individuals
Photo ID ProofVoter ID card, Pan Card, Passport, and Aadhar Card
Residence Address ProofVoter ID card, Passport, Aadhar Card, Driving License, Utility Bills
Office Address ProofNot Applicable
Income ProofBank account statement of salary account, salary slip of the last three months, Form 16

How to get a Small Loan on the same day?

You can easily apply for a small personal loan at Piramal Finance. Simply follow these steps:

  • Step 1:
    Click on Apply Now and start your Loan application
  • Step 2:
    Enter your mobile number linked to your bank account
  • Step 3:
    Enter the OTP received on your mobile number
  • Step 4:
    Enter the required document and verify the same
  • Step 5:
    Bank account verification
  • Step 6:
    Income Verification
  • Step 7:
    Check the Final Loan Offer, Accept, and continue the final process

After completing the final process within 24 hours, the loan amount will get credited to your verified bank account.

Factors Responsible for Small Loan Interest Rate

The interest rate for Rs. 3 lakh loan typically starts from 12.99*%pa, and the maximum repayment tenure is five years. The interest rate on Rs. 3 lakh personal loan depends on your income, employment type, work experience, and age.


You must be at least 21 years old to be eligible to apply for a personal loan. However, the maximum age at which a person can apply for a loan is 58 years. Usually, younger applicants can repay loans better than older applicants because of their higher repayment capacity. Consequently, a younger applicant is eligible for a lower interest rate than an older applicant.

Credit Score:

We prioritize individuals with a credit score of 700 or higher. Being seen as trustworthy increases the chances of getting a personal loan with low interest rates. Nonetheless, you can always improve your credit score to get the best ROI.

Employment Status:

Individuals employed in public sector enterprises and private sector firms are deemed suitable. People with stable income and job security get lower interest rates compared to others.

Work Experience:

To be eligible for a loan, you must have a regular income and have worked for at least two years. The greater your professional experience, the higher your ability to repay the loan, and the lower your interest rate.

Different Types of Personal Loans

Frequently asked questions

What is a Small Personal Loan?
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Is it possible to foreclosure or prepay a Small Loan?
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When should I take Small Loan?
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Can I get Small Personal Loan Online?
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What is the mode of Loan Payments for Small Personal Loan?
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What is the EMI for a Small Personal Loan?
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