Short term personal loans are designed to be repaid within a tenure ranging from 1 month up to 2 years. These loans are unsecured, meaning you can avail them without any collateral. They are ideal for addressing various financial needs such as wedding expenses, unexpected vacations, medical emergencies, school fees, or purchasing a second-hand vehicle. Since the repayment period is shorter, you can clear your debts quickly. However, keep in mind that shorter tenures usually come with higher EMIs.
Read on to learn more about short term personal loans.
Eligibility Criteria for Short Term Personal Loans
- You must be a citizen of India.
- The applicant must be between 21 and 60 years old.
- A minimum of 1 year of continuous work experience in the current organisation is required.
- A credit score of 750 or above is preferred for hassle-free approval.
Documents Required for Short Term Personal Loans
For Salaried Employees:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving Licence, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Bank statement for the last six months |
| 4 | Work Experience | Employment Certificate showing a minimum of 1 year |
For Self-Employed Individuals:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving Licence, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Bank statement for the last three months Income Tax Returns for the last three years Audited Balance Sheet and Profit & Loss Statements for the past three years certified by a CA |
How to Apply for a Short Term Personal Loan?
- Visit the official website of your preferred lender or download their mobile app.
- Select your desired loan amount and repayment tenure.
- Upload the required documents for verification.
- Once your documents are verified, your loan application will be processed and approved.
- After approval, the loan amount will be credited to your bank account, often within a few hours.
Short Term Personal Loan Interest Rates Offered by Top NBFCs
Here is an updated list of popular loan applications offering short term personal loans in India for quick access to funds.
| Short Term Loan Apps | Loan Limit | Interest Rates | Tenure | Apply |
| Buddy Loan | ₹10,000 to ₹5,00,000 | 11.99% per annum | 3 to 60 months | Apply Now |
| Cashe | ₹1,000 to ₹4,00,000 | 2.5% per month onwards | 3 to 18 months | Apply Now |
| Early Salary | ₹5,000 to ₹5,00,000 | 18% per annum | Up to 24 months | Apply Now |
| Lazy Pay | Up to ₹5,00,000 | 18% to 25% per annum | 3 to 24 months | Apply Now |
| Mobikwik | Up to ₹5,00,000 | From 5.50% per annum | Up to 24 months | Apply Now |
| MoneyTap | Up to ₹5,00,000 | Starting at 13% per annum | Up to 36 months | Apply Now |
| Money View | ₹10,000 to ₹5,00,000 | 1.33% per month (approx. 16% per annum) | 3 to 60 months | Apply Now |
| PaySense | ₹5,000 to ₹5,00,000 | 1.4% to 2.3% per month | 3 to 60 months | Apply Now |
| Simply Cash | ₹50,000 to ₹5,00,000 | 2.08% per month onwards | 6 to 24 months | Apply Now |
Note: Interest rates for short term personal loans are subject to periodic revision by lenders. Please check with the official websites for the latest rates.
Conclusion
When you require instant funds, personal loans—whether short term or long term—serve as a reliable financial solution. Timely repayment is crucial to maintain a healthy credit score. Buddy Loan stands out as a recommended choice for an instant personal loan, offering competitive interest rates through one of India’s largest loan aggregators.
If you have further questions, feel free to reach out to us at [email protected].
Additionally, if you’re interested in learning about Finance is a crucial visit our Finance category for more details.
Frequently Asked Questions (FAQs)
The maximum tenure typically ranges up to 2 years (24 months), though some lenders may offer up to 5 years depending on the loan product.
Most lenders require a minimum credit score of 750; however, some NBFCs and fintech lenders may consider applicants with lower scores but may levy higher interest rates.
Yes, short term personal loans are ideal for urgent expenses like medical emergencies due to their quick approval and disbursal.
No, short term personal loans are generally unsecured and do not require any collateral.
Typically, loan disbursal occurs within a few hours to 1-2 business days after approval, depending on the lender’s process.
