Microfinance Loan In India

Gone are the days when you needed to have a huge amount in your bank to have access to a loan. With microfinance loans, you can now easily avail small loans to increase your funds and manage your expenses. And, the best part is that most microfinance loans are non-collateral in nature, where you don’t have to worry about risking your valuable asset or valuable in exchange for funds. 

So, if you are an individual with low income who typically lacks access to traditional loan banking services, microfinance loans are here for your rescue. This comprehensive guide will walk you through in-depth information that will help you understand basic fundamentals of microfinance bank loans and how you can avail the best benefits of the same! 

But, before getting deep into the blog, let’s first understand what microfinance loans are. 

Also Read: Different types of personal loans in India

What is a Microfinance loan? 

As the name suggests, microfinance is a loan service designed to provide loans to individuals with low income or small businesses who typically lack access to traditional banking services. Microfinance loans offer financial freedom to low-income individuals to help them manage their expenses and improve their standard of living. 

However, it is important to know that you should have a stable income to get access to the benefits of microfinance loans and take home the maximum loan amount. Generally, the basic limit to avail of the microfinance loan is ₹ 3 Lakhs, but it can differ depending on different types of banks, criteria, or loan eligibility limits set by the loan providers. Hence, it is important to read all the rules and conditions before applying for a loan from any loan provider. 

Also Read: Personal Loans for Government Employees

Benefits of Investing in Microfinance 

Here are the significant benefits of microfinance loans for low-salary individuals or business owners: 

• Non-collateral: Generally, microfinance loans are non-collateral in nature, which means you don’t have to worry about offering your personal assets or valuable belongings to avail of the loan. You can easily get the maximum loan amount based on your credit limit by filling in the necessary documents and information. 

• Immediate funds: One of the best parts of investing in microfinance is that you can get immediate funds in a hassle-free and convenient way. At Airtel Finance, we offer personal loans starting from ₹10,000 to help individuals meet their expenses and become financially independent. To avail of the best credit offers and become financially independent, register with Airtel Finance today! 

• Suitable for low-income individuals: Usually, it is not very easy and quite overwhelming for low-income individuals to get loans, even for a small amount. But, with microfinance bank loans, it has become quite easy and convenient for low-salary individuals to get small loans and improve their standard of living. 

• High Credit score: With microfinance loans, you get an opportunity to increase your credit score and increase your chances of getting high loans in the future. It helps you build a favourable credit score starting from the initial days of your earnings. 

Also Read: Credit Card Loan or Personal Loan – Which one is better?

Documents needed for Microfinance 

Following are the personal loan documents that need to be submitted while applying for the Airtel Personal Loan

• Identification document: Such as Aadhaar Card, PAN card, and more. 

• Address proof: Such as electricity bills, water bills, and other utility bills. 

• Work experience documents: Such as salary slips of the past three months. 

• Loan application form: The loan form provided at the time of filling out your application. 

• Other documents: Such as proof of income, official mail ID, bank statements, and more. 

How to Apply for an Airtel Personal Loan?

Here are the following steps to apply for Airtel Personal Loan through the Airtel website: 

• Visit the Airtel Personal Loan webpage.
• Once you are on the page, scroll down to find the QR code to initiate your loan application.
• Open the scanner on your smartphone or internet device to scan the QR code.
• Following this, the QR code will redirect you to the Airtel Personal Loan application page.
• From there, you can begin to file your application by entering your personal details like name, DOB, etc.
• Ensure to fill in the employment details with PAN and Aadhaar number.
• Confirm the details you have entered.
• Remember, If you are eligible, you will instantly see the loan offers that you are applicable for. However, if that is not the case, then your online personal loan application will be rejected.
• Eligible individuals can choose one of the loan offers and proceed with the application.
• You will have to complete the KYC.
• Follow the instructions shown on your screen and complete the personal loan application online.
• Post approval, the loan amount will be credited to your account within 24 hours or as mentioned. 
• Open the Airtel personal loan page on your smartphone.
• Click on the ‘apply for Airtel personal loan’ button
• And, now you can start on your Airtel personal loan journey in the most hassle-free and convenient way! 

From the Airtel Thanks app

• Download the Airtel Thanks app.
• Head on to the Shop section.
• Tap on Airtel Finance. You will see two Airtel Finance offerings here – Airtel Flexi Credit and Airtel Axis Bank Credit Card.
• Then, click on the personal loan section and start your application and complete the KYC.
• If approved, the loan is disbursed instantly.

Hopefully, this comprehensive guide helped you get a basic understanding of microfinance loans in India and who can apply them. Remember, to make timely submission of your loan interest to improve your credit score and live a financially independent life with Airtel Personal loans tailored exclusively for your financial needs and requirements. 

Download the Airtel Thanks App today and sign up for exclusive and secured Airtel personal loans with just one click!