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Processing

Processing Fee

500₹

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 - Rs.250 – Rs.625

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

1.3% 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

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 - 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

150₹

Max Tenure

30 days

Best Rate

2.50%

Processing Fee

NA

Max Tenure

1 – 6 months

Best Rate

3%

Processing Fee

2.5%

Max Tenure

3 - 24 Months

Best Rate

11.99%

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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

Payday loans can dig deep in your pocket6 Dec 2019

Short-term loans or payday loans are unsecured loans which generally range between Rs. 5000 to Rs. 1 Lakh. Such loans are quite popular in the US, and there are more number of online lenders extend instant loans in India, targeting the salaried segme...

Read more

Short-term loans or payday loans are unsecured loans which generally range between Rs. 5000 to Rs. 1 Lakh. Such loans are quite popular in the US, and there are more number of online lenders extend instant loans in India, targeting the salaried segment. Although the process is quicker and approval chances are higher, the interest rates can be alarming which range between 18% to 40%. Also, some lenders calculate the interest money in rupee terms and not in percentage terms. For example, for a loan of Rs. 15,000 at a tenure of 15 days, the interest to be paid could be Rs.16,125 which comes about 180% interest rate per annum. When the salary is not enough to manage the repayment, renewal of the loan or postponing can increase the debt burden.

EarlySalary crosses 1 million loan disbursals22 Nov 2019

EarlySalary, an online lending platform, has crossed over 1 million loan disbursals amounting to over Rs. 1850 crores. Most of the borrowers belong to the age group of 26 to 35, seeking credit for the first time. Akshay Mehrotra, the CEO of EarlySala...

Read more

EarlySalary, an online lending platform, has crossed over 1 million loan disbursals amounting to over Rs. 1850 crores. Most of the borrowers belong to the age group of 26 to 35, seeking credit for the first time. Akshay Mehrotra, the CEO of EarlySalary said, “ These customers often experience a month-end cash crunch and due to lack of credit score knowledge, they are unable to borrow money from the traditional credit facilities available. It is this gap that EarlySalary has been able to successfully mitigate for its customers.

Fintech Lender Zest Money raises funds26 Apr 2019

Zest Money, a fintech lender that helps consumers without any previous credit score avail loans. Zest money works along with those customers who have very limited credit history and no credit card or assessable data and helps them build a credit prof...

Read more

Zest Money, a fintech lender that helps consumers without any previous credit score avail loans. Zest money works along with those customers who have very limited credit history and no credit card or assessable data and helps them build a credit profile by offering small loans in the beginning. As they repay the loans, the customers become credit-worthy and are eligible for bigger loans. The company has just raised an amount of $20 million in Series B funding.

India has the 2nd largest number of fintech start-ups9 Apr 2019

With a total of over 2000 fintech start-ups, India is the home to second largest number of fintech start-ups in the world. Among the ones who had a major share in the market were many personal finance and lending companies. The fintech lending startu...

Read more

With a total of over 2000 fintech start-ups, India is the home to second largest number of fintech start-ups in the world. Among the ones who had a major share in the market were many personal finance and lending companies. The fintech lending startups cater to a wide range of clientele right from those with low income, low credit scores to MSMEs and make borrowing an easier process. Indian digital lending industry is poised to grow dramatically with a potential market size of 100 billion dollars by 2023, said a BCG report. We at Credit Mantri have both short-term and business loans available from various fintech lenders, check which one suits your needs.

San-Francisco based fintech lender to start India operations this month14 Mar 2019

Branch International, a US-based fintech lender is looking to start India operations this month. The company plans to lend personal loans between Rs 500 - Rs 50,000 through its platform on mobiles. The lending criteria will move beyond credit score, ...

Read more

Branch International, a US-based fintech lender is looking to start India operations this month. The company plans to lend personal loans between Rs 500 - Rs 50,000 through its platform on mobiles. The lending criteria will move beyond credit score, bank statements, and others and will focus on the data collected from a borrower's mobile device to base the lending decision. This will enable even the self-employed individuals to avail these personal loans

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