I Need 10000 Rupees Loan Urgently

Home » Blogs » I Need 10000 Rupees Loan Urgently

Have you been postponing a well-deserved weekend trip? Or buying that laptop you’ve been eyeing for the last six months? Doing either of these might just be a few clicks away. Availing a loan of Rs. 10000 isn’t solely for emergencies, after all!

A Rs. 10,000 loan covers immediate expenses such as car/bike repairs, electronic appliance costs, utility bills, and other medical or family emergencies. However, you may also use this fund to spend on a trip or gadgets.

An added benefit? It’s super easy to repay such small loans. Moreover, it builds your credit history, which gets you easy approvals for bigger loans in the future.

This blog will cover everything you need to know about availing a Rs. 10,000 loan urgently. Let’s start by understanding a few real-life situations where such loans are useful.

Also Read: I Need 1000 Rupees Loan Urgently

Instant Money Loan Types

There are two main types of instant money loans:

1. Personal Loan: This is the most common type of instant loan. It doesn’t require you to pledge any collateral (like a car or house) to get the money. However, unsecured loans typically have higher interest rates than secured loans.

2. Payday Loan: This is a short-term, high-cost loan that’s typically due on your next payday. They can be risky due to very high interest rates and fees. Be cautious about using payday loans due to the potential for a debt cycle. It is usually popular in the US.

Top 5 Fastest Instant Loan Apps in India Of 2024

According to a June 21, 2024, article on Moneyview, here are 5 of the fastest instant loan apps in India, which also happen to be our lending partners. Getting you the right loan quickly is our priority. That’s why we partner with top instant loan providers. Browse through your options and choose the best one for you!

Why Opt For A 10,000 Rupees Loan Urgently From Credmudra?

For a personal loan, Credmudra can match you with the right lender based on your requirements in 3 minutes. The reason why crores of Indians trust Credmudra for their short-term loans:

1. 90%+ Disbursal Rate: Credmudra has a high success rate of matching borrowers with lenders, increasing your chances of getting your loan approved.

2. 100% Paperless: You can apply for the loan online without any physical paperwork.

3. Prequalified Offers: Credmudra offers prequalified offers so you can check your loan rates without affecting your credit score.

4. Tailor Your Loan: You can customize your loan amount from INR 1000 to INR 1,00,000 with a tenure of 3 months to 2 years.

Purpose of  Rs. 10,000 Urgent Loan

Loans don’t just fulfill larger goals such as buying a house, a car, studying abroad, etc. They also serve smaller goals that you may have in any aspect of your life. We’ve listed six such scenarios below:

1. Medical Emergencies

At times, even a Rs. 10000 loan can be a lifesaver. Lenders often credit the loan amount instantly after applying, which could be a boon in times of medical emergencies.

2. Upgrade Your Skills

Maybe you want to enhance your skillset and enroll in a new course or workshop but don’t have enough funds. You can use a personal loan for this purpose as well.

3. Purchase Electronics or other Utilities

With a Rs. 10000 loan, you can purchase that gadget you had been longing for or some other utility device for your home. These loans are useful when you’re short on cash but wish to invest in high-quality electronic appliances.

4. Plan a Weekend Getaway

If you’ve been postponing a long-awaited getaway, use a Rs. 10000 loan to bring that plan to life.

5. Small-Scale Home Renovations

Plumbing fixes, sofa repairs, or minor upgrades require additional funds. This loan allows you to fulfill these maintenance needs easily.

6. Manage Small-Scale Events

While a Rs 10000 loan won’t be enough to organize an entire wedding, it’s enough to buy wedding outfits or even organize small-scale events, such as birthday parties or festive gatherings.

Whether to use this money to pay your utility bills or for debt consolidation, is entirely up to you.

Note: If you already have a salary account, apply for the loan from the same bank through their website or app. The loan approval will be quicker and you may get more repayment flexibility.

Also, Read: I Need 50000 Rupees Loan Urgently

Eligibility Criteria For Rs. 10,000 Instant Loan

The eligibility criteria differ not only for each lender but also for the loan amount. For instance, a good credit score will get instant loan approval, even for bigger loans. However, it may take a while in case your credit score is bad.

For smaller loans, lenders often don’t require a credit score. However, there may be certain other requirements that you need to fulfill.

1. Age Range

You must be between 19 and 60 years old. Some lenders require the borrower to be at least 21 years old. Check with your specific lender before applying for the loan directly.

2. Citizenship

You must be an Indian citizen to apply.

3. Income Criteria

If you’re salaried or self-employed, you should meet the minimum income requirement based on the lender’s loan policy. Usually, lenders require borrowers with a monthly income greater than Rs. 10000 to apply for a Rs. 10000 loan.

4. Good Credit Score

Your credit score should be above 650. While many lenders don’t need credit score information to apply for such small loans, having a good credit profile is always beneficial.

To check eligibility for any loan amount, use Credmudra’s personal loan eligibility checker. Submit the details required and it’ll show you a list of lenders.

Also Read: I Need a 3000 Rupees Loan Urgently

Documents Required for Rs. 10,000 Instant Loan

The list of documents required also differs for different lenders. However, keep these documents handy for a hassle-free process:

1. ID Proof

Submit identity proof such as Voter’s ID, PAN Card, Passport, Aadhar card, etc. However, availing of a Rs 10000 loan without a PAN card is also possible in some cases.

2. Address Proof

As address proof, you can submit your Driving License, utility bills, Aadhaar card, rent agreement, etc.

3. Income Proof

If you’re salaried, submit the latest salary slips (usually of the last three months) or the latest Form 16.

Also, Read: Need 30,000 Rupees Loan Urgently In a Day

Interest Rates Range And Tenure for Rs. 10,000 Urgent Loan

These approximate figures are subject to change based on your credit score, employment status, loan repayment history, etc.

Most of these lenders don’t charge processing fees. However, a standard range to expect in a few cases is 2-6%.

The loan repayment tenure varies for different lenders and can be between 3 and 24 months, depending on the lender’s loan policy. So, choose a lender that offers a more flexible repayment schedule.

Also, Read: I Need ₹5000 Rupees Loan Urgently: Quick Guide

EMI Calculator For A 10000 Rupee Loan

You can calculate your EMI using an EMI calculator or manually with the following formula.

EMI = P x r x (1+r)n/((1+r)n-1)

Where

P = Loan amount
r = Interest rate
n = Tenure in months

So for P= 10,000,
r = 9.9%
n = 6 months

EMI = 1,716 Rs.

Of which,

Interest payable = Rs 293
Total Payable = Rs 10,293

Similarly for,

While you can calculate EMIs with this formula, use this EMI calculator for an error-free calculation.

Also, Read: I Need 30,000 Rupees Loan Urgently In a Day

How To Apply For Instant Rs. 10,000 Loan?

With advancements in technology, getting a Rs. 10000 loan is a matter of a few minutes. Follow six simple steps:

1. Research Lenders

Start the process by looking up lenders who offer small loans online (most lenders need the loan amount to be at least Rs. 50,000). Find reputable lenders with positive customer reviews.

2. Choose a Suitable Lender

Choose a lender who offers competitive interest rates, quick disbursal, and flexible repayment terms.

3. Check Loan Eligibility

After choosing a lender, apply for a loan through their website or mobile application. The lender’s loan application page will have information on eligibility criteria, interest rates, repayment terms, etc. Check those pointers before applying.

4. Fill Out the Application Form

Complete the loan application form, which typically includes personal details such as your name, date of birth, address, employment information, bank account information, etc.

5. Upload Required Documents

Some lenders ask you to upload documents such as ID proof (Aadhar card, PAN card, passport), address proof, income proof (bank statements of past three months or salary slips)

6. Wait for Approval

Once you have applied, the lender will notify you when the loan is processed, and the money gets disbursed to your bank account right after approval.

Review the terms and conditions before applying for a loan, such as the interest rates, repayment schedule, late-payment penalties, etc.

Also, Read: I Need 50000 Rupees Loan Urgently

Alternative Application Process for 10,000 Rupees Personal Loan

Here’s how to apply online in a few steps:

1. Head to Your Lender’s App:  Find your chosen lender’s app and go to their “Personal Loan” section. Most lenders offer mobile apps for easy application.

2. Verify Your Phone: Enter your mobile number and confirm it with a one-time code sent to your mobile number.

3. Fill Out the Form:  Enter your basic information in the application, like PAN number.  Indicate that you need a 10,000 rupees loan amount and submit the application!

4. Get Help Approval:  A lender representative might contact you to assist with your application or even offer immediate approval (if you’re pre-approved).

Remember: This is a general process, and steps might vary depending on the lender. 

FAQs

1. How Fast will I Receive the 10000 Rupees Loan Amount After Applying?

Usually, the approval process takes between a few minutes to a few days. In case of an error-free application, you’ll get the amount credited to your bank account instantly after approval.

2. Do I Need to be Salaried to Apply for a Rs. 10000 loan?

No, you don’t need to be salaried. However, check eligibility as a non-salaried person before applying.

3. Do I Require A High Credit Score to Avail of a Rs. 10000 Loan?

No, you can apply even with a low credit score. However, you may need a co-signer or face stricter terms, such as higher interest rates than those with good credit scores.

4. Can I Prepay the Loan without Penalties?

Few lenders let you pay the loan amount early without penalties. Enquire about the prepayment terms before signing the loan agreement.

5. What if I’m Unable to Pay the Loan on Time?

You may then be liable to pay a penalty, which badly affects your credit scores. You could also be subject to legal action from the lender. It’s best to contact your lender immediately and find the best possible next step.

Also, Read:  I Need 2000 Rupees Loan Urgently