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My Shubh Life Short Term Loan

My Shubh Life Short Term Loan

4

Loan Amount

15k to 2 lakh

Processing Fee

3%

Max Tenure

6 - 24 months

Best Rate

2%

Processing Fee

2%

Max Tenure

2 - 12 months

Best Rate

1.5%

ZYPE Short Term Loan

ZYPE Short Term Loan

4

Processing Fee

2.00%

Max Tenure

up to 12 Months

Best Rate

18.00% p.a

Processing Fee

2.5%

Max Tenure

3 - 24 Months

Best Rate

11.99%

Avail Finance Loan

Avail Finance Loan

4

Processing Fee

?600

Max Tenure

1 - 8 Months

Best Rate

2%

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What is a Short Term Personal Loan?

As the name suggests, a short term personal 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 personal loans are generally unsecured, meaning that you do not have to provide any money or property as security for the loan amount. Short term personal loans are also known as instant personal loan.

Features and benefits of a Instant Personal Loan

  • Flexible end use
  • Short term personal 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 personal 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 personal 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
  • Instant personal loans are opted by individuals to meet instant needs such as paying a medical bill, a wedding expense to meet or an unplanned trip to fund. The loan amount for a instant personal 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
  • Instant personal Loans as the name suggests are taken for a very short duration. Instant personal 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 Instant Personal Loans

To apply for a short term personal 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 personal loans.

Documents needed for Instant Personal 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 instant personal loans.

Fees and charges Instant personal Loans

Interest rates:

The interest rates vary from lender to lender. CASHe has interest rates that begin at just 1.5% per month. Fibe 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 instant personal loan, this works out to be very reasonable for the customer.

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

  • Online
  • The customer can directly log onto the lender’s website, click on the loan section, select short term personal loans from all the various loans available and click “apply” for the short term personal 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 personal loan. The staff will then help you apply either online or on the mobile app with proper guidance.

Repayment options for Instant Personal Loans

You can repay your Instant Personal 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.

Instant Personal 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 instant personal loans.

2. How do I repay my loan amount?

You can repay your Instant Personal 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 Instant Personal 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 Instant Personal 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 Instant Personal 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 Instant Personal Loan News

Siply partners with PB Fintech Group’s Moneywide To Offer Instant Loans 15 Mar 2023

Siply, a tech-enabled micro savings platform, has partnered with MoneyWide, a digital lending application, to offer 100% digital, paperless and instant personal loans to Siply users through its phygital branches. Through this partnership, Siply aims ...

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Siply, a tech-enabled micro savings platform, has partnered with MoneyWide, a digital lending application, to offer 100% digital, paperless and instant personal loans to Siply users through its phygital branches. Through this partnership, Siply aims to make financial services accessible to the masses. Middle income earners, underserved masses such as contract workers, blue-collar workers, gig economy workers, and small business owners will now have easy access to financial services through the Siply platform This tie up enables Siply to bring forth new offerings including digital chits, gold savings scheme, gold jewellery scheme, Chhotastock, and more to its users.

First-Time Borrowers Keen on Small-Ticket Personal Loans 8 Sep 2021

Young adults below the age of 25 years show a preference for low-value, short-term personal loans to purchase two-wheelers and consumer durables. The small-ticket, short-term personal loan market has grown 2.3 times in value, and 3.8 times in volume ...

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Young adults below the age of 25 years show a preference for low-value, short-term personal loans to purchase two-wheelers and consumer durables. The small-ticket, short-term personal loan market has grown 2.3 times in value, and 3.8 times in volume in FY21 compared to FY17. Young lenders prefer digital lenders and NBFCs over traditional banks, due to the ease of loan availability and flexible repayment terms offered by digital lenders.

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...

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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.

Instant Personal Loan - Customer Reviews

4 / 5 (152 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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