Frequently Asked Questions

It's our fundamental trait to be transparent with our customers!

  • 1. What are the basic eligibility requirements to apply for an unsecured loan?

    Eligibility may vary depending on the lender, but the general criteria are:

    For Salaried Applicants :

    • Minimum Age: 21 years

    • Minimum Monthly Salary: ₹15,000 (income should be credited to a bank account)

    • Employment Duration: At least 1 year of work history

    For Self-Employed Applicants :

    • Minimum Age: 21 years

    • Income Tax Filing: At least 1 year of ITR records

    • Business Duration: Minimum 1 year of operational history

    Final eligibility is determined by the lending institution based on their internal policies.

  • 2. What documents are usually required during the application process?

    Applicants may be asked to provide the following documents:

    • Aadhaar Card

    • PAN Card

    • Proof of Income (Salary Slip or Form 16 for salaried individuals)

    • Recent Bank Statements reflecting income deposits

    • Residential Address Proof (Utility bill, rental agreement, etc.)

    Depending on the applicant’s profile, lenders may request additional documentation.

  • 3. Are there any tax advantages related to unsecured loans?

    Tax benefits generally depend on how the borrowed funds are used. For example, benefits may apply if the funds are utilized for purposes such as home renovation or certain business investments. For accurate guidance, it is advisable to consult a qualified tax advisor or chartered accountant.

  • 4. Can I apply for a loan online without visiting a bank branch?

    Yes. moneysmallfinance.com provides a digital platform where users can check eligibility, submit documents, and initiate loan applications online through partnered financial institutions, subject to subscription-based service access.

  • 5. Can loan funds be used for purposes like education or personal expenses?

    Unsecured loans generally offer flexible usage. Funds may be used for various personal or financial needs such as:

    • Higher education expenses

    • Home improvements

    • Medical bills

    • Travel or lifestyle expenses

    • Debt consolidation

    However, final usage terms may vary depending on the lending institution.

  • 6. What factors influence loan approval?

    Loan approval decisions are primarily based on the applicant’s financial profile. Key factors include:

    • Applicant’s age

    • Monthly income and financial stability

    • Credit score or credit history

    • Existing liabilities and repayment capacity

    Lenders may also consider additional criteria based on their risk assessment models.

  • 7. What credit score is considered suitable for applying?

    While requirements may vary by lender, a credit score of around 650 or above is generally considered favorable for loan applications. Higher credit scores may improve the chances of approval and potentially offer better terms.