Short term personal loans are offered for a tenure of 1 month to 2 years. You can avail of this loan without any collateral as it is unsecured. Moreover, you can use this loan for various monetary requirements such as wedding expenses, unplanned vacations, medical emergencies, school fees, buying a second-hand vehicle, etc. Since the loan repayment tenure is less, you can come out of your debts early. However, you must know that you will have to pay higher EMIs.
Read on to learn more about short term personal loans.
Eligibility Criteria For Short Term Personal Loan
- You must be a citizen of India.
- The applicant must be between the ages of 21 and 60.
- The applicant must have a work experience of minimum 1 year in the current organisation to be eligible for short-term personal loans.
- You must have a credit score of above 750.
Documents Required for Short Term Personal Loan
For Salaried Employee:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past six months |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
For Self-Employed:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Bank statement for the past three monthsSalary Slips of three monthsIncome Tax Returns for the last three yearsBalance Sheet and Profit & Loss Statements for the last three years audited by a CA. |
How To Apply for a Short Term Personal Loan?
- Visit the official website of the lender or download the app.
- Select the loan amount and tenure
- Submit the required documents for verification.
- Once the verification is complete, your loan application will get approved.
- Once approved, your loan amount will be disbursed to your bank account within a few hours.
Short Term Personal Loan Interest Rates Offered By Top NBFCs
The following is a list of all the applications that provide short term personal loans in India for individuals in need.
| Short Term Loan Apps | Loan Limit | Interest Rates | Tenure | |
| Buddy Loan | From 10k to 5L | 11.99% per annum | From 3 to 60 months | Apply Now |
| Cashe | From 1k to 4L | 2.5% per month onwards | 3 to 18 months max | Apply Now |
| Early Salary | From 5k to 5L | 18% per annum | Max 24 months | Apply Now |
| Lazy Pay | Up to 5L | 18% to 25%per annum | From 3 to 24 months | Apply Now |
| Mobikwik | Up to 5L | 5.50% onwards | Max 24 months | Apply Now |
| MoneyTap | Up to 5L | 13% per annum onwards | Max 36 months | Apply Now |
| Money View | From 10k to 5L | 1.33% per month & 16% per annum | From 3 to 60 months | Apply Now |
| PaySense | From 5k to 5L | 1.4% to 2.3% per month | From 3 to 60 months | Apply Now |
| Simply Cash | From 50k to 5L | 2.08% per month onwards | From 6 to 24 months | Apply Now |
Note: The interest rates of short term personal loans are subject to change.
End Note
Whenever you need instant cash, personal loans are a go-to option, be it short term or long-term. However, you must be responsible for repaying the loan amount on time to avoid damaging your credit score. For instance, Buddy Loan is the best option for you if you are looking for an instant personal loan. It is one the largest loan aggregators that help you avail of a personal loan at affordable rates.
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