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Short Term Loan

About Short Term Loan

Short term loans are loans that are basically provided for a brief tenure of but one year. These are typically just the once loans and may are available helpful just in case you're ineffectual to get credit from a bank for a longer tenure loan. just in case of those loans, the interest is sometimes collectable on the principal advance amount and repayment tenures are shorter as compared to different kinds of loans. These loans also are created offered to customers and businesses and should be provided by personal finance companies or banks.

Apply online for Short Term Loans in India available from top banks at fixed interest rates. Visit our website to check eligibility criteria.

  • CASHe only charges a nominal processing fee for the short-term loans that it offers. The processing fee starts from Rs.200 onwards.
  • For loans that have a tenure of over 30 days, a grace period of 7 days is offered for repayment of the due amount.
  • The lender assesses your creditworthiness by taking into account a number of factors including your social media activity, monthly income, educational qualification, and work experience.

Eligibility Criteria for Short-Term Loans

The eligibility criteria that you will need to meet to avail a short-term loan will vary significantly from lender to lender. That said, here is the general eligibility criteria that you will need to fulfill to get a short-term loan:

  • You must be a resident of India. 
  • You must either be a salaried employee or a self-employed individual/business owner. 
  • You should be over 18 years of age. 
  • You should have a savings bank account. 
  • You should earn an income of over Rs.15,000. 
  • If you are a salaried employee, you should have a work experience of at least 2 years.  
  • If you are a business owner, your business should be at least over 1 year.  
  • *Note: Keep in mind that the above-mentioned statements are indicative. It is advisable to check the eligibility criteria specified by the lender before applying for a loan.  

*Note: Keep in mind that the above-mentioned statements are indicative. It is advisable to check the eligibility criteria specified by the lender before applying for a loan.

Documents Required

The documents that you will need to submit when applying for a short-term loan are as follows:

  • PAN Card 
  • Proof of Income: Salary slips for the most recent 3 months 
  • Proof of Residence: Rental agreement, Passport, Landline bill, Post-paid mobile bill, Bank statement 
  • Proof of Identity: Driver’s license, Aadhaar, Voter ID, Passport 
  • Proof of Age: Driver’s license, PAN card, Passport 
  • Bank statements for the last 6 months 
  • Proof of Employment: Offer letter, Form 16, Relieving letter 
  • Passport-size photographs 
*Note: This is a generalised list of documents that you may be asked to submit when applying for a short-term loan.

Features and Benefits of Short-Term Loans

  • Short-term loans are usually disbursed quite quickly.  
  • Short-term loans can be availed by salaried individuals, self-employed individuals, and businesses, based on the lender’s terms and conditions. 
  • Most lenders who offer short-term loans allow applicants to submit the required documents through online channels, thus making the transaction completely paperless. 
  • The EMI repayment plans are set taking into consideration the repayment capacity of each borrower. 
  • Short-term loans are customisable since borrowers can opt for a loan amount of their choice for a tenure as per their requirements, provided it doesn’t exceed a tenure of 1 year.  
  • Although the interest rate charged for short-term loans may be higher than that of regular personal loans, the overall amount that you will have to pay as the interest may be lower since the loan tenure is quite short.