Interested in financial products
CreditMantri
Processing

Processing Fee

2-3%

Max Tenure

2 – 12 months

Best Rate

2.75% p.m

View Details

Features

  • Easy and Intuitive mobile-only application
  • No human interface. Only four documents to upload in the application
  • MULTIPLE LOAN TENURES- A choice of repayment options ranging from 60 days to 1 Year.
  • MULTIPLE LOAN OPTIONS- Choose from a variety of loan options from Rs 9,000 to Rs 3,00,000.
  • CASHe- powered by Bhanix Finance and Investment Ltd, an RBI registered NBFC

Pricing

  • Interest rate - 2.75% per month
  • Processing fee - 2-3%

Documents Required

  • ID Proof - Pan card- Mandatory
  • Address Proof - Aadhar card, Driving license, Phone Bill
  • Income proof - Latest salary slip, Latest Bank statement with Salary Credit

Processing Fee

NA

Max Tenure

3 – 24 months

Best Rate

1.40%

View Details

Features

  • Get Instant loan approval on the App or Web
  • Select EMI plans and upload KYC documents
  • Get money in your bank account in 5 hours
  • No Processing fees and low interest rates
  • In Partnership with IIFL

Pricing

  • Interest rate - 1.4 to 2.8% permonth
  • Processing fee: Best rate- 1.5% to 2.5%

Documents Required

  • ID Proof - Pan card - Mandatory
  • Address Proof - Aadhar card(Mandatory), Voter ID, Passport, Postpaid Phone Bill, Rent agreement with electricity bill
  • Income proof - 3 Months Bank statement - Mandatory

Processing Fee

2.0%

Max Tenure

3 – 60 months

Best Rate

1.8% p.m

View Details

Features

  • Easy and Intuitive mobile-only application
  • No human interface. Only four documents to upload in the application

Pricing

  • Interest rate
    • 16 % pa - 36% pa
  • Processing fee - 2 - 6% of loan amount + Service Tax

Documents Required

  • ID Proof - PAN Card/Aadhar Card
  • Address proof - Passport, Election Card, Driving License, Aadhar card, Utility Bill, Latest Postpaid Mobile Bill.
  • Income proof - Latest 3 months bank statement via PDF upload / netbanking

Processing Fee

299₹

Max Tenure

3 – 12 months

Best Rate

1.5% p.m

View Details

Features

  • Instant approval and same day cash transfer.
  • Zero physical documentation.
  • No foreclosure charges.
  • Ten Minute loan.
  • MULTIPLE LOAN TENURES- A choice of repayment options ranging between 3 Months, 6 Months and 12 Months
  • Buy now using Amazon wallet / Future pay and pay later at zero cost EMI

Pricing

  • Interest rate - 2% - 2.5% per month
  • Processing fee - Starts @ ₹ 399

Documents Required

  • ID Proof - Pan card
  • Address Proof - Aadhar card
  • Income proof - 3 months bank statement
  • If you receive salary by cheque, salary credited should be shown in your last 3 months pdf bank statement

Processing Fee

Nil

Max Tenure

1 year

Best Rate

2.4%*

View Details

Features

  • Easy Documentation & hassle free Personal Loan with paperless, completely online process
  • Complete application in 10 minutes
  • No Collateral Required- Paperless
  • Repayment Tenure -12 Months

Pricing

  • Interest rate - 2.4% P.A
  • Processing fee - Nil

Documents Required

  • KYC – Aadhar Card to be verified by Mobile OTP and Pan Card number, Bank Statement

Processing Fee

NA

Max Tenure

1 – 6 months

Best Rate

3%

Processing Fee

2.5%

Max Tenure

3 - 24 Months

Best Rate

11.99%

Processing Fee

?600

Max Tenure

1 - 8 Months

Best Rate

2%

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What is a Short-Term Loan?

As the name suggests, a short-term loan is a type of loan that is given to an individual for a short tenure that usually ranges from one month to a year. These are advantageous for individuals who are unable to get loans for a longer tenure from a bank or a lender due to various reasons. Short-term loans are generally unsecured, meaning that you do not have to provide any money or property as security for the loan amount. Short-term loans are also known as short-term instalments or short-term finance.

Features and benefits of a Short-Term Loan

  • Flexible end use
  • Short-term loans are multi-purpose loans. This means that they can be utilized for organising a wedding, taking a family vacation, renovating your home, paying for education, buying products such as electronics or furniture, establishing and expanding business or paying for a sudden medical emergency.

  • No collateral needed
  • Short-Term Loans are generally unsecured. This means that you do not need to provide any collateral as security in exchange for the loan amount. This is very beneficial for customers who do not have any collateral to pledge as security.

  • Minimal documentation
  • The paperwork and documentation that is needed for a short-term loan is very minimal. This makes the entire process fast and easy for the customer as the documentation can be completed very conveniently with ease.

  • Quick disbursal
  • Short-term loan disbursals are relatively quicker than most of the other long-term loans as you do not need to provide documentation for the purpose of the loan amount and for any assets as none are pledged generally.

  • Loan amount
  • Short-term loans are opted by individuals to meet short-term needs such as paying a medical bill, a wedding expense to meet or an unplanned trip to fund. The loan amount for a short-term loan begins at just Rs.5,000 and can extend up to Rs.3,00,000. The customer can pick the loan amount based on his/her needs.

  • Tenure
  • Short-term loans as the name suggests are taken for a very short duration. Short-term loans are easier to get approved can be repaid very fast thereby ridding the individual of the financial burden sooner. The tenures range from 1 month to 12 months (1 year).

Eligibility for Short-Term Loans

To apply for a short-term loan, there are certain eligibility criteria to meet. They are:

  • One should be an Indian resident
  • Must be a salaried or self-employed individual
  • The individual should be within the age bracket of 21 years to 60 years
  • Should have a minimum income of Rs.15,000. In some cases, a minimum income of Rs.12,000 is also accepted.

These criteria can vary from lender to lender and so it is best to check with your lender as to what their eligibility criteria are for their short-term loans.

Documents needed for Short-Term Loans

There are certain basic documents that one needs to provide in order to get the loan sanctioned. These documents are:

  • ID proof
  • PAN Card
  • Proof of residence (Passport/Driver’s license/Voter’s ID/Phone or Electricity bill)
  • Latest 3 months bank statement (where salary is credited)
  • Salary slips for last 3 months
  • 1 passport size photograph

These documents needed can vary from lender to lender and so it is best to check with your lender as to what documents are required for their short-term loans.

Fees and charges Short-Term Loans

Interest rates:

The interest rates vary from lender to lender. CASHe has interest rates that begin at just 1.5% per month. EarlySalary offers interest rates that begin at just Rs.9 per day. PaySense offers interest rates that range from 1.4% to 2.3% per month. Money View has interest rates that begin at 1.3% per month. This facilitates easy EMIs for the customer. Since it is a short-term loan, this works out to be very reasonable for the customer.

When an individual opts for a short-term loan, the outflow of money towards the paying of total interest is much lower in comparison to a long-term loan. This makes a short-term loan much cheaper than a long-term loan.

The interest is calculated keeping in mind the loan amount and so the outflow of cash towards repaying the principal amount along with the interest is much lower in the case of a short-term loan.

Late payment charges:

The customer is charged a late payment fee if an EMI is not paid on time in most cases.

Penal charges:

The customer is charged a penalty interest on the overdue amount if paid late. This amount increases on a daily basis in most cases.

Processing fee:

The customer is charged a processing fee. In most cases, the standard GST is also applicable over the processing fees.

How to apply for a short-term loan?

  • Online
  • The customer can directly log onto the lender’s website, click on the loan section, select short-term loans from all the various loans available and click “apply” for the short-term loan. The customer can then fill out his/her personal and contact details to complete the application process. The documents required such as ID proof, address proof and income proof can be submitted online.

  • Download app
  • If the customer has a smart phone, the lender’s application can be downloaded from Google Playstore or Apple app store. The entire loan application process can then be completed on the mobile phone with ease. No physical documents need to be submitted and the customer does not need to visit any office in order to get the loan approved and disbursed to his/her bank account.

  • Call customer care
  • Another option would be for the customer to find their lender’s customer care number, dial it and ask their staff to help them apply for a short-term loan. The staff will then help you apply either online or on the mobile app with proper guidance.

Repayment options for Short-Term Loans

You can repay your Short-Term Loan’s EMI payments using UPI or Netbanking with NEFT or IMPS using the virtual account that has been specially allocated. In some cases, auto debit form (NACH) allows the lender to deduct EMIs directly from your bank account. The repayment method can be chosen by the customer based on convenience. This is followed throughout the tenure of the loan.

Short-Term Loans – FAQs

1. What is the loan amount that is given for short-term loans?

Loan amounts start at just Rs.5,000 and can extend up to Rs.3 lakhs for short-term loans.

2. How do I repay my loan amount?

You can repay your Short-Term Loan’s EMI payments using UPI or Netbanking with NEFT or IMPS using the virtual account that has been specially allocated. In some cases, auto debit form (NACH) allows the lender to deduct EMIs directly from your bank account.

3. Is there any collateral needed for a Short-Term Loan?

No, there is generally no collateral that needs to be provided as security for the loan amount.

4. What is the tenure for a Short-Term Loan?

The repayment tenures that can be opted ranging between 1 month to 12 months (1 year).

5. What are the interest rates offered by lenders for Short-Term Loans?

CASHe has interest rates that begin at just 1.5% per month. EarlySalary offers interest rates that begin at just Rs.9 per day. PaySense offers interest rates that range from 1.4% to 2.3% per month. Money View has interest rates that begin at 1.3% per month.

Latest & Update Short Term Loan News

Get Instant Interest-Free Loans up to Rs. 10,00019 Feb 2021

MobiKwik has partnered with Home Credit India to launch “Home Credit Money,” a mobile wallet. The app will offer customers’ access to an instant Digital Credit Card to meet their daily expenses and borrowing needs. Customers can get interest-free loa...

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MobiKwik has partnered with Home Credit India to launch “Home Credit Money,” a mobile wallet. The app will offer customers’ access to an instant Digital Credit Card to meet their daily expenses and borrowing needs. Customers can get interest-free loans starting from Rs. 1500 to Rs. 10,000 credited directly to the Home Credit Money wallet. Loaded with benefits like marketplace deals, cashback and other discounts, the app will also offer regular personal loans up to Rs. 2,40,000.

Mahindra Finance to Offer Digital Small-ticket Loans in 202128 Jan 2021

Ramesh Iyyar, the MD and Vice Chairman of MMFSL (Mahindra & Mahindra Financial Services Limited) announced that the company plans to launch small-ticket digital loans to reach out to customers across the country. With these new loan offerings, the co...

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Ramesh Iyyar, the MD and Vice Chairman of MMFSL (Mahindra & Mahindra Financial Services Limited) announced that the company plans to launch small-ticket digital loans to reach out to customers across the country. With these new loan offerings, the company plans to use its 1300 strong branch network to increase its penetration to rural areas. The company also plans to focus on pre-owned vehicle loans as there is a huge demand in this sector.

Vodafone Idea (VI) and Bajaj Finance Partner to offer Easy Loans for Purchase of Smartphones23 Dec 2020

Looking for a short-term loan to purchase your dream smartphone? Check out this incredible offer from Vodafone Idea and Bajaj Finance. The two companies have partnered to offer affordable and easy loans to customers to purchase their dream smartphone...

Read more

Looking for a short-term loan to purchase your dream smartphone? Check out this incredible offer from Vodafone Idea and Bajaj Finance. The two companies have partnered to offer affordable and easy loans to customers to purchase their dream smartphones. Under this loan offer, the EMI will be calculated based on the cost of the smartphone and the recharge bill for the loan tenure. As part of this bundled loan offer, customers can choose either a six-month prepaid recharge plan (unlimited voice benefits + 1.5 GB data per day) or a twelve-month prepaid recharge plan (unlimited voice benefits + 2GD data per day). This loan helps Vodafone-Idea customers own their dream smartphone at affordable EMIs while enjoying significant savings on the recharge plans.

India becomes the leading market for finance app usage after China22 Apr 2020

According to the data from App Annie and Liftoff, India is one of the leading marketplace for finance app usage after China. As consumers turn to apps to manage their finances, the session growth rate has increased from 35% to nearly 4X times. The re...

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According to the data from App Annie and Liftoff, India is one of the leading marketplace for finance app usage after China. As consumers turn to apps to manage their finances, the session growth rate has increased from 35% to nearly 4X times. The report shows that global consumers accessed finance apps over 1 trillion times in 2019. Google Pay in India has an increasing downloads in 2019 with over 28 million new users. Developing markets such as India and Indonesia see an increasing trend in finance app downloads.

Jana Small Finance Bank Introduces DIGIGEN, a new digital banking solution15 Apr 2020

Jana Small Finance Bank, a scheduled commercial bank based out of Bangalore, has introduced DIGIGEN, a Neobank with competitive interest rates. It allows the users to digitally open a savings and fixed deposit accounts with the bank. The onboarding p...

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Jana Small Finance Bank, a scheduled commercial bank based out of Bangalore, has introduced DIGIGEN, a Neobank with competitive interest rates. It allows the users to digitally open a savings and fixed deposit accounts with the bank. The onboarding process is made simple and hassle-free. Moreover, the interest rate on a savings account is fixed at 4.5% which is higher than most of the banks in the market. Similarly, the bank offers up to 7.50% interest rate on fixed deposits. The digital banking solution will help customers to do fund transfer and online purchases from the comforts of their home.

Short Term Loan - Customer Reviews

4 / 5 (24 Reviews)
30 Dec 2020

Good website - easy to use,Wow m so happy

23 Nov 2020

Good website - easy to use,

20 Oct 2020

Usefulness of information,Product offers,Website/app interface,Credit Report Analysis,

6 Oct 2020

Usefulness of information,Good

18 Sep 2020

Usefulness of information,good

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