Most common queries about Personal Loan on smallcase

Welcome to our short yet comprehensive guide on Personal Loans on smallcase! From eligibility criteria to the application process and benefits, we’re here to simplify your decision-making process and help you understand how personal loans can work for you. 

In case you do not find your question here or want more information, you can reach out to us at help@smallcase.com or chat with our support team on the smallcase app.

Q.1 Who is eligible for a personal loan?

Our lending partners determine eligibility based on several factors, including but not limited to your credit score, past credit behaviour and overall financial capability. These factors reassure lenders of your ability to repay the loan on time.

Q.2 Is there any security/collateral required for a personal loan?

No, you don’t need to provide any collateral or securities to get a personal loan on smallcase.

Q.3 Will my credit score be impacted if I take a personal loan?

Your credit score will not be impacted when you start the application process. If you take the loan, information about it is reported to the bureau and will show up in your credit report. If you keep paying EMIs on time, it will have a positive effect on your credit score. However, skipping or delaying EMI payments can have a negative impact on your credit score.

Q.4 How much loan can I get on smallcase?

Currently, you can borrow between ₹50,000 to ₹5 lakh, depending on your eligibility as determined by the lender. 

Q.5 What will be the interest rate?

The interest rate is determined by the lender based on factors such as your credit profile and financial history. smallcase provides attractive interest rates, starting at just 15%.

Q.6 How long can I take the loan for?

Once you start your application, you will see the available tenure options as determined by the lender. It typically ranges from 1 to 4 years. The minimum tenure allowed at the time of taking the loan is 12 months, however, after your 1st EMI, you may repay the loan early when you want without any charges.

Q.7 What are the various charges and fees?

Please refer to the following table to know the charges.

Q.8 What benefits does loan insurance offer?

Loan insurance, available at an additional minimal cost, covers your EMI obligations during unforeseen events such as hospitalisation, accidental death, or disability. In case of hospitalisation, the insurer covers up to three EMIs. For accidental death or disability, the insurer will pay the full loan amount.

Q.9 Why do I not have a loan offer on smallcase?

Loan offers are gradually being extended based on the eligibility check conducted by the lender. Rest assured, you will be notified as soon as a personal loan offer becomes available to you.

Q.10 Who is providing the loan to me?

smallcase has partnered with Aditya Birla Finance Ltd. to enable you to avail a personal loan.

Q.11 How many loans can I take at a time?

At the moment, you can only take one personal loan at a time.