Interested in financial products
Processing

Processing Fee

2-3%

Max Tenure

1 – 6 months

Best Rate

3% 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 15, 30 & 90 days with Products as CASHe15, CASHe30 & CASHe90 respectively.
  • MULTIPLE LOAN OPTIONS- Choose from a variety of loan options from Rs 5,000 to Rs 1,00,000 with Products as CASHe15, CASHe30 & CASHe90.
  • CASHe- powered by Bhanix Finance and Investment Ltd, an RBI registered NBFC

Pricing

  • Interest rate
    • 1.5% (CASHe15)
    • 3.0% p.m (CASHe30)
    • 2.5% p.m (CASHe90)
  • 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

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.
  • 3 Month EMI Option – For salaried (Greater than ?/30000- Month)
  • Buy now using Amazon wallet / Future pay and pay later at zero cost EMI

Pricing

  • Interest rate - 1.5% per month
  • Processing fee - Starts @ ₹ 299

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

NA

Max Tenure

3 – 24 months

Best Rate

1.40%

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%

Processing Fee

Nil

Max Tenure

1 year

Best Rate

2.4%*

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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.

News

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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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You can now apply for easy loans to pay bills during lockdown15 Apr 2020

Since the COVID-19 outbreak, people have been facing shortage of funds. To meet your financial needs you can take a loan at just 1% interest. The requirement to apply for an easy loan is to have a PPF (Public Provident Fund) account. If you have a Pu...

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Since the COVID-19 outbreak, people have been facing shortage of funds. To meet your financial needs you can take a loan at just 1% interest. The requirement to apply for an easy loan is to have a PPF (Public Provident Fund) account. If you have a Public Provident Fund account, you can take a loan against it at just 1% interest rate. However, you are only eligible for it in the 3rd year since the opening of the account and the loan window closes after the expiry of the 6th year. And you can only withdraw 25% of the balance in your PPF account at the end of the 2nd year immediately before the year in which you apply for the loan. Taking a loan against your PPF account is cheaper than taking a personal loan but the loan amounts that you’ll be able to borrow will not be sufficient for many borrowers.

RBI is likely to allow delayed loan repayments26 Mar 2020

Coronavirus outbreak having resulted in a complete lock down has led to many industries continuing to remain shut down. This has impacted the earnings of self-employed businesspersons to a great extent. Considering the crippling repayment ability of ...

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Coronavirus outbreak having resulted in a complete lock down has led to many industries continuing to remain shut down. This has impacted the earnings of self-employed businesspersons to a great extent. Considering the crippling repayment ability of many borrowers, several important representatives including Indian Banks’ Association (IBA) have demanded RBI to allow banks to accept delayed loan repayments. RBI is likely to seriously consider the demand as several businessmen will have to pay the rent and small vendors.

GST on mobile phones hiked to 18% from 12%19 Mar 2020

Mobile phones will cost more from April 1, 2020 as they will attract 18% of Good and Services Tax up from the existing 12% of GST. The decision was taken in the 39th GST Council chaired by the Finance Minister Nirmala Seetharaman. The reason for the ...

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Mobile phones will cost more from April 1, 2020 as they will attract 18% of Good and Services Tax up from the existing 12% of GST. The decision was taken in the 39th GST Council chaired by the Finance Minister Nirmala Seetharaman. The reason for the hike is taken in order to correct the inverted duty structure.Experts suggest that it may lead to increase in prices. GST for maintenance and overhaul service providers in India has been lowered to 5% from the existing 18%.

Customer Reviews

4 / 5 (25687 Reviews)
5 Mar 2020

Very good

5 Mar 2020

Excellent app

2 Mar 2020

Nice ap try

1 Mar 2020

Good service

29 Feb 2020

Very Good

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