Short term loan starting @ 12.5% p.a
Short term loans are loans which as the name indicates, come with a shorter tenure. Apply now and get instant approval.
What is a Short-Term Loan?
As the name indicates, short-term loans are loans that come with a shorter tenure, usually a year or less. It is a one-time repayment loan that is especially useful if you cannot avail a long-term loan.
Short-term loans are for smaller amounts, and the eligibility criteria are usually relaxed. However, banks will analyse the repayment capacity of the borrower. Since the tenure is low, the rate of interest for short-term loans is usually high. Many banks and NBFCs prefer to give short-term loans as they find them more profitable.
Features and Benefits
Eligibility Criteria for a Short-term Loan
The eligibility criteria for the Short-term Loan differs from lender to lender. Here are some eligibility criteria set by most lenders,
- You must be a resident of India
- Must be a salaried employee or a self-employed professional
- Minimum age 18 years
- Must have a savings bank account
- Most banks expect you to have a net monthly income of Rs.15,000 at least
- Salaried employees should have a work experience of at least two years, and the self-employed should have run the business for at least one year.
Documents required for Short-term Loan
There are few documents to be submitted with the loan application,
- PAN Card
- Income Proof – Salary Slip for the past three months for the salaried, balance sheet for the self-employed
- ID Proof – License, Aadhaar Card, Passport, Voter ID
- Address Proof – Ration card, Rental Agreement, Telephone Bill
- Bank Statement for the past six months
- Two Passport size photographs
How to Apply for a Short-term Loan
Many lenders allow customers to apply for short-term loans using their online channel. However, checking every one of them is a challenging task. Fincover eliminates the hassle of applying on every bank’s website, thereby saving you a lot of time. With our loan aggregator service, you will find the best short-term loans in a few clicks. Listed below are a few steps that you must follow to apply for a short-term loan.
- Log in to Fincover
- Click on “Short-term Loan” under “Loans and Deposits”
- Enter the details asked for and click on submit
- You will get the loan offers of different banks and NBFCs
- Select the loan offer that suits you the most and submit the documents required for the process
- We will forward your application to the lender and a representative from the side of the lender, will contact you with further details