Worrying about your short-term needs? Lacking finance to meet your small expenses such as buying a two-wheeler or a laptop? You will be excited to get to know the fact that many of the lenders and applications are providing you with short term personal loan. These loans are availed for a small period of time and for a small amount.
These short-term loans are provided even to those customers who are completely new to this credit world. You can get short-term personal loans easily with paperless documentation and instant approvals and disbursals. Let us get to know more about short-term personal loans.
What is a short-term personal loan?
Short-term personal loans are unsecured loans that can be availed for a period of 1-2 years with amounts offered mostly up to 5 lakhs. There is no requirement of collateral to avail of short loans. The funds can be also transferred instantly proceeded with the approval of your application. The documentation for a short-term personal loan is simple and easy. You can also avail the online short personal loan on many of the applications such as MoneyTap, pay sense, money view, etc.
Short term Personal loan Eligibility criteria
There are certain eligibility criteria to avail of the short-term loan. However, your eligibility depends on certain factors such as your profession, type of job, income, monthly expenses, and other factors. The general criteria to avail of the short term loan are-
- Your age should be at least 21 years old.
- You can be salaried or self-employed, however, the eligibility criteria depend on the lender for both types.
- The income of the applicant should be more than Rs 12000 per month.
- CIBIL score required is more than 600.
Documents required to avail the Short Personal loan
Some of the general documents required to avail the short term loan are mentioned below-
- Aadhaar card
- Pan card
- Salary slips
- Bank statements or ITR if asked
- Passport size photographs
How can you apply for Short term Personal Loan?
- To apply for a short-term personal loan, you need to first identify the amount required.
- Then, you need to search for the best lender or the application which provides you with the best offers and interest rates.
- Then, download the particular application and register with the help of your mobile number.
- Provide your other basic information and finalize it.
- Choose the required loan amount.
- If asked, upload the required documents.
- After filling in the complete information, the application will be verified and the amount will be credited to your account.
Some Applications to apply for Short term Personal loan
- Lazy pay and many more
Benefits of Short term personal loans
- No requirement of collateral to put up
- Attractive interest rates
- Instant approval and loan amount disbursal
- Shorter repayment period
The Bottom Line
Short-term loans are distinct from other types of personal loans in that not all short-term lenders will conduct a comprehensive credit check before approving your application. They frequently base their decisions on an applicant’s current income and financial status, which means that people who have defaulted in the past may have a better chance of acceptance than those who have used a traditional lender. In comparison to a regular personal loan, which normally has a length of one or more years, a short-term lender will give a short repayment term, which can range from 16 days to one year. As a result, a short-term personal loan may be unsuitable for persons who require a longer repayment period.
Short-term loans are suitable for borrowers who are in need of quick access to money. All you need to do is download the application, register, and request a short-term loan, and the amount will be credited to your account.