Short Term Personal Loan – Apply Online 2022

Personal Loan

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    Usually, it becomes difficult for an individual to meet his small financial needs for vacation, weddings, buying second-hand 2 wheelers, or any other needs. Borrowing money from friends and relatives has a bad record because ultimately it damages the relations. On the other hand, to fulfill small financial needs you can’t go for a heavy liability of personal loans. Therefore, the only option left with you is to apply for the Short Term Personal Loan. The name says it all, a loan taken for a period of less than 1 year is a short-term loan. The borrowed amount is also nominal and the repayment period is also quick. So, here you can see all the applications available in India that lend short term loans to the needy.

    Short Term Loan Applications

    Here, you can go through the short term loan interest rate and all the applications that give you such loans. You can also see other benefits and the loan amount lend by these applications.

    Short Term Loan AppsLoan AmountInterest RateTenureFeatures and Benefits
    Money ViewINR 10,000 to INR 5,00,0001.33% per month or 16% per annum3 Months to 60 Months- Enjoy great offers on the loan and apply for this loan at a Cibil Score of just 600.
    - Get the loan from Money View within 24 hours.
    - There is no need to visit any branch to get an Instant Loan.
    - All the processes from documentation to disbursement will be digital.
    Early SalaryINR 5,000 to INR 5,00,00018% per annumUp to 24 Months- Get an instant cash loan from Early Salary.
    - Flexible amounts that you can borrow as a short term personal loan.
    - There is no need to fill out lengthy forms to get instant cash.
    - Apply for the instant short term loan anytime 24x7
    MoneyTapUp to INR 5,00,00013% onwards per annumUp to 36 Months- You will have to pay interest on the borrowed amount and not on the approved limit.
    - Get the Instant Short Term Loan anytime from the approved limit.
    - There is no need for any collateral or security to get a small loan.
    - Enjoy safe and secure credit from MoneyTap.
    PaysenseINR 5,000 to INR 5,00,0001.4% to 2.3% per month3 Months to 60 Months- Quick approvals and affordable EMI options.
    - Apply for the short term loan without Cibil.
    - The loan disbursal process will be paperless.
    - Get the short term loan approval digitally without visiting the branch.
    IIFL Personal LoanINR 5,000 to INR 5,00,00014.25% to 28.25% per annumUp to 36 Months- You will not need any collateral to take this loan.
    - Get the short term personal loan within 24 hours.
    - Apply for the loan at a Cibil Score of just 700.
    - You can borrow an amount as low as INR 5000 as a personal loan for the short term.
    CasheINR 1,000 to INR 4,00,0002.5% onwards per month3 Months to 18 Months- You will get the quick disbursal of the Short Term Personal Loan.
    - All the disbursal processes will be 100% digital.
    - There is no need for any collateral to apply for the Cashe instant small loans.
    - Borrow quick loans 24x7 from the approved limit.
    Simply CashINR 50,0000 to INR 1,50,0002.08% onwards per month6 Months to 24 Months- This loan is available for all borrowers.
    - You can get this short term loan without collateral.
    - All the documentation processes will be paperless.
    - The loan approval will be quick and you can apply through an app.
    MobikwikUp to INR 5,00,0005.50% onwardsUp to 24 Months- Avail off a short term loan within 5 minutes.
    - There is no need for any collateral to apply for the Mobikwik Loan.
    - You will have full access to the funds you have borrowed
    - All the paperwork and documentation will be digital.
    StashFinINR 1000 to INR 5,00,00011.99% onwards per annum3 Months to 36 Months- Enjoy 1500 Stashcash as the welcome benefit on this loan.
    - Get an Instant Short Term Personal Loan within 4 hours.
    - You can upload your documents digitally and there is no need to visit the branch.
    - Enjoy a cashback of 1% on every online spend and POS transaction.
    Lazy PayUp to INR 5 Lacs18% to 25% per annum3 Months to 24 Months- Get the Instant small loan online without visiting the branch.
    - No collateral or security is needed to get the loan.
    - You will only have to pay interest on the borrowed amount and not on the approved amount.
    - The whole process will be digital and you can get a personal loan through your mobile phone.

    Short Term Personal Loan Eligibility Criteria

    You will have to be eligible for taking a loan for the short term. If you aren’t eligible then you cannot borrow short term loans. Therefore, you must go through the eligibility criteria that you will have to fulfill before you apply for short-term personal loans.

    • You should have a minimum age of 21 years.
    • Salaried and Self Employed individuals can get a short term loan but it differs from application to application.
    • You should have a stable source of income of more than INR 12000 per month.
    • You should have a minimum Cibil Score of 600 and above.
    • The applicant must know how to use the application on the mobile phone.

    Documents Required for Short Term Personal Loan

    If you are using the Short Term Personal Loan App to get a loan then you should know that you will have to submit all the documents digitally. You will have to scan the documents first and then upload them on the app from which you are borrowing the loan. Here are the most important documents you will have to upload to get the loan:-

    • Aadhaar Card
    • PAN Card
    • Salary Slips
    • Photograph
    • Bank Statement or ITR (if asked)

    How to Apply for Short Term Loans

    You can apply for the Short Term Loans through the application of the respective lender. You can see the process to apply for the Short Term Personal loan below:-

    • Open Play Store or App Store on your mobile phone.
    • Search for the Instant Loan App and download the application.
    • Launch the application and provide your basic details like name, mobile number, etc. to register.
    • After registration, choose the loan amount you are willing to borrow.
    • Upload the digital copies of the documents as the app asks.
    • After submitting the valid documents and their verification, the loan amount will be credited into your account.

    Why a Short Term Loan and not a Credit Card?

    Many people think that a credit card can be a better option to meet emergency financial needs. But you must know that if you don’t pay the credit card bill on time then you will have to pay high interest on it. On the other hand. If you have a salary below INR 20,000 then you will not get a very high limit on credit cards. Therefore, in such a salary a short-term personal loan will be a better option because you can borrow a huge amount of funds and meet your financial needs. If you withdraw cash from a credit card, you will have to pay extra charges whereas no charges are there when you turn the short-term loan amount into cash.

    Short Term Personal Loan FAQs

    1. Which loan is best for the short term?

    There are multiple Short Term Personal Loan options available above in the table and all of them are the best in their own way. They have unique offers and benefits so it is difficult to make a one-sided choice. On the basis of your needs, you can choose a loan that will eliminate your financial need. Every short term loan has a different rate of interest, tenure, and loan amount.

    2. Can I borrow money for 3 months?

    Yes, you can borrow money for 3 months. There are some short-term loans from Paysense, Cashe, Money View, Lazy Pay, and StashFin that give you the option to borrow a short-term loan for just 3 months.

    3. Can I get a 1-month personal loan?

    Yes, you can get a 1-month personal loan from these apps. The loan will be for a minimum of 3 months but you have the option to foreclose the loan after one month only.

    4. What is a short term personal loan?

    A loan given by lenders for a tenure of 12 months or less is known as a Short Term Personal Loan. In other words, if you repay the loan within 12 months of its disbursal irrespective of the tenure given by the bank, it is known as a short-term personal loan.

    5. Does short term debt affect credit score?

    No, the short term debt will not affect the credit score unless and until you skip any EMIs or have a bad repayment history of that loan.

    6. What is an example of a short term loan?

    A loan that is given for a period of 12 months or less is considered a short term loan. Any loan borrowed from an Instant Short Term Personal Loan app will be an example of a short term loan.

    7. Why do people get short term loans?

    People get short-term loans to meet their emergency fund needs and it can be sued for marriage, vacation, home renovation, clearing peer’s debt, and many other purposes.

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