Get an Instant ₹ 10,000 Personal Loan Online from Freo
Almost everyone has those months when the budget gets tight. At times like these, your expenses could go a little more than what you can currently afford. If your need for cash is just ₹10,000, going through a lengthy process to get a traditional loan of ₹10,000 is not worth its while.
Moreover, most traditional banks do not entertain personal loans for amounts as low as ₹10,000. In such cases, a personal loan can help you take a small personal loan from your approved credit limit to help bridge the gaps without you having to tap into your savings.
Freo offers you a personal line of credit of up to ₹5 Lakh from which you can borrow the ₹10,000 you need to make small purchases.
Buy a budget-friendly smartphone for your child's online class
Due to the coronavirus pandemic, life has gone through a sea of changes. In response to the critical situation, schools have adopted smartphones and laptops as learning tools and as a medium to deliver online classes.If you do not have a laptop/smartphone to spare and are short on cash to buy another, a small loan of ₹10,000 can help you buy a budget-friendly smartphone, thus ensuring that your child's learning is not interrupted.
Purchase gifts for your loved ones
Be it a birthday or a festival; every happy occasion has to be celebrated. And there is no better way to show your love and care for your loved ones than giving them gifts. But a cash shortfall can ruin your chances to display your affection, especially if the occasion falls at the end of the month. A loan of ₹10, 000 can help
If you are wondering what gifts you can buy within a ₹10,000 price range, here are a few options:
- Smartphone
- Gift card
- Bluetooth earphones
- Coffee maker
- Smartwatch
- Sunglasses
- Watch
Enrol in certification courses to enhance employability
In today's challenging job market, having specialized skills is a hot commodity. To increase your employability, get a promotion, or break into a competitive industry, enhancing your skills and knowledge through certification courses is a great idea. But paying for certification courses isn't always easy, and you might have trouble financing it. In such cases, a ₹10,000 personal loan can help.
Replace or upgrade your home appliances
Your reasons to buy new home appliances could be any or all of these:
You need to upgrade to the latest model.
Your old appliance is broken down and is beyond repair.
You need to upgrade your kitchen.
However, newer models have a steep price tag. Most of the time, you might not have the funds to pay for them. Even if you do have sufficient funds, spending money in one go to get just one product may make your monthly finances suffer. So, instead of overstretching your financial capabilities, getting a small loan is a practical solution.
Some of the home appliances you can buy with a ₹10,000 loan are:
- Mixer
- Oven
- Microwave
- Cooler
- Water purifier
Stay prepared for emergencies
No matter how much budgeting you do, there are some expenses you just can't account for. When you need just an extra little bit of flexibility to overcome the unexpected bumps in the road that life tends to deal out from time to time, a small loan of ₹10,000 can help.
Examples of emergencies where a ₹10,000 personal loan can help:
Medical emergencies
When you have a medical emergency such as an accident or sudden illness that requires immediate hospitalization, you need urgent access to money to ensure medical expenses associated with hospitalisation, urgent medical tests, medicines, etc. are taken care of on time. In such cases, an instant ₹10,000 loans ensure that you get the medical care you need immediately without having to wait for funds.
Car repairs
When your car breaks down, you don't have much choice – you've got to get it fixed. But car repairs don't come cheap, and if your finances are already tight, then a few extra thousands can easily put you in a difficult position. A small loan of ₹10,000 online can take care of the bulk of the cost and get the car back on the road quickly.
Home repairs
Many people don't budget for unexpected home damage. So when an unexpected emergency strikes, a small loan can help you deal with repairs when you might not have the cash on hand to cover the expenses. Some of the home repairs that can be easily taken care of by a ₹10,000 loan are:
Wall seepage
Leaky drainage system
Water pipes burst
Leaky fauce
Unexpected increase in utility bills
Your monthly utility bills are something you budget for every month. Due to the pandemic situation, as most of us are staying home, either working or attending online classes, we have been consuming a lot of energy for our day to day activities. Due to high consumptions of the following, it's quite possible for you to receive bills that are unexpectedly high:
Internet
Phone
Electricity
Cooking gas
A small personal loan of ₹10,000 can take care of these bills without putting much strain on your finances.
Sudden loss of a family member
Loss of a family member is obviously an upsetting time, but it also brings the added financial difficulty, particularly when you have to travel a long distance to attend the funeral urgently. Last-minute travel is always expensive, and many people don't have that kind of money to spare. In such cases, a small loan of ₹10,000 can be a good option to help deal with this unforeseen cost.
Features and Benefits of Instant Loan of ₹10,000 From Freo
Instant Approval
Get Rs 10,000 personal loan or up to Rs 5 Lakh approved within 4 minutes through online application and minimum documentation.
Borrow in Parts
This feature makes it one of the most affordable loans in Vadodara. Unlike other loans where you have to pay interest on the entire limit from day 1, with Freo you only pay for the amount you withdraw, whenever you withdraw it. If you don’t use it, you don’t pay any interest rate on it.
Save on interests
Enjoy low-interest rates starting at 1.08% per month charged only on the amount you borrow.
Duals Up as a Credit Card
Get a complimentary Freo-RBL Credit Card loaded with features, benefits, and rewards to use your approved credit limit for online & offline purchases and an option to convert your purchases into EMIs.
Flexible Repayments
Choose the repayment schedule that suits your financial affordability. The flexible repayment option ranges from 2-36 months.
How to apply for Personal Loan
It is very easy to apply for a personal loan of ₹10,000 from Freo. You can apply for a loan either on our website or by downloading the Freo app.
Eligibility Criteria
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month
or
Must be a self-employed professional with an income of at least ₹ 30,000/month.
(Only certain professionals like doctors, lawyers, or business owners qualify)
Must be above 23 years and below 55 years of age
Must be a resident of one of the following cities:
Required Documents
Pan Card Number
Professional Selfie
To be taken on the Freo App
Address Proof
Valid Driving License / Valid Passport / Aadhar Card
ID Proof
Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card
Interest Rates for a ₹10,000 Personal Loan
The interest rate applied on Freo's ₹10,000 personal loans depends on your credit score and repayment capacity. Freo's interest rates on personal loans typically range from 13% to 18% per annum. When you get approved for a personal loan with Freo, you'll get to see the interest rate applicable to you and the EMI amount you need to pay for the loan amount you take.
With Freo personal loan, even if you are approved for a credit limit higher than the amount you need, you can just withdraw the amount you need, i.e., ₹10,000, and repay the borrowed amount in easy monthly EMIs. The best part is that the interest will be applied to the ₹10,000 you borrowed and not the entire credit limit. You can keep the rest of the money as emergency funds and use it if you are in need of cash again.
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FAQs
What factors should you consider before applying for a personal loan?
Some of the factors you should consider before applying for a personal loan are:
Loan amount: Determine how much you need and borrow only what you need
Eligibility criteria: Check whether you meet the eligibility criteria of the lender of your choice.
Documents required: Go through the list of documents needed to apply for the loan and arrange for those before applying for the loan.
Processing time: Check the time required to process the loan to ensure that you get the funds when you need them the most.
Charges, fees, & interest rates: Check out the interest rate and other fees and charges associated with the personal loan.
Annual Percentage Rates (APR): Always compare the APRs of various personal loans offered by different lenders. Low APR brings down the overall cost of borrowing a loan.
Repayment: Check whether you are in a position to repay the loan amount before actually committing to a loan.
Foreclosure policy: Find out if there are any foreclosure charges imposed by the financial institution for prepaying the loan.
Credit history: Make sure you have a credit score that defines you as creditworthy in the eyes of the lenders.
Will I get a ₹10,000 instant personal loan if I don't have a bank account?
No, you need to have a bank account to get a personal loan from any bank or NBFC.
Will my EMI be auto-debited from my bank account?
Yes, you can set up an auto-debit system for your monthly payments by visiting the website of our partner bank that has approved your loan application.
How do I get a personal loan of ₹10,000 Freo?
In just a few minutes, you can get approved for a personal loan from Freo. The loan application process is 100% online. Just download the Freo app, register online, get pre-approved by submitting your basic personal details, complete e-KYC online, and get the money in your bank account upon approval!
You can also track all your transactions on the app with a single tap.
How long does it take to get approved for a ₹10,000 Loan from Freo?
In just a few minutes, you can get approved for a personal loan from Freo. The loan application process is 100% online. Just download the Freo app, register online, get pre-approved by submitting your basic personal details, complete e-KYC online, and get the money in your bank account upon approval!
You can also track all your transactions on the app with a single tap.
How long does it take to get approved for a ₹10,000 Loan from Freo?
Once you submit your basic details, the loan processing begins. The loan pre-approval status is intimated to you within a few minutes. However, the final approval involves KYC verification that may take a few days more, upon which the loan amount is transferred to your bank account.
What is the best way to contact Freo?
Contact hello@freo.money for all your queries and concerns.
Is my data safe with Freo?
Yes, your information is encrypted and safely stored in our access-controlled system that restricted access. Please go through our privacy policy to know more about our secure socket layer.
What if I miss/do not pay on my scheduled personal loan EMIs?
We send you reminders on your app to ensure that you don't miss making your payments. However, if you miss your repayments, your action can have the following implications:
Our partner bank will report the payment default to all the credit bureaus, including CIBIL, Experian, Highmark, and Equifax. This reduces your credit score and can affect your eligibility, approval limit, and interest rate for future loans.
You'll have to pay a late payment fee of 15%, ranging from ₹ 350 to ₹ 1000.
Even after repeated reminders, if you don't repay the loan, the bank may initiate the process of recovery.
So, the best thing you can do for a better financial future is to pay your EMIs on time.
