Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Short Term Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Perks
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    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Short Term Loans is Rated as "Great!" by 77002 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    What are Short Term Loans?

    Short Term Loan

    Short Term Loans in India

    Short term loans are loans which essentially provided for a short tenure of less than one year. These are usually one time loans and can come in useful in case you are not able to obtain credit from a bank for a longer tenure loan. In case of these loans, the interest is usually payable on the principal advance amount and repayment tenures are shorter as compared to other types of loans.

    These loans are also made available to customers and businesses and may be provided by private finance companies or banks. These loans are generally unsecured however in case they are being offered by banks, they may require that you secure these loans with some collateral. Short term loans are also referred to as short term finance or short term instalments loans because they can be paid back in monthly instalments.

    Features of the short term finance

    Short term loans come with features that may differ from one lender to another. They may also differ when it comes to comparing short term loans in the US vs those in the UK. Some of the features of the short term loans are:

    • You can apply for short term or payday loans as an individual or as a business.
    • Though some companies may choose to approve your application based on your credit history, there are those that will give loans to even those with bad credit histories.
    • It is possible to apply for these loans online with minimal paperwork involved.
    • They can be approved and issued in a day’s time depending on the company’s policy.
    • They can be secured or unsecured depending on the lender offering the loans.
    • Some banks offer short term loans, the repayment period for which can range from 60 days to 120 days. That’s a repayment period of approximately 4 months.

    Interest rates for short term loans

    Since short term loans can be payday loans or Personal Loans payable within 12 months or less the interest rates may differ. Another factor that affects these interest rate is the institution that offers these loans.

    • Payday loans: short term payday loans are offered by private lenders or banks and come with very high interest rates that can easily top 2000% per annum. There are lenders who offer lesser interest rates however these too could be as high as 400% per annum.
    • Short term loans from banks: These are loans that are offered by banks and come with interest rates that are not as high as those of the payday loans offered by private institutions. A rough estimate of these interest rate would show a range of 120% to 270% per annum.

    Short term loans with bad credit history

    Many a times, the borrower may be in a position where most lenders have refused to issue loans to them as a result of bad credit history. There are financial institutions that will offer loans even if the credit history is bad. The interest rates may be higher but the loan will still be approved. There may even be situations where bank will approve a payday loan for an individual with a bad credit histories and adjust the interest rate according to how bad the history really is, among other factors.

    Short term loans with no credit checks

    At times institutions may offer short term loans to individuals without carrying out any checks of the credit history. This is a facility that is provided at the discretion of the institution. These short term loans can also be extended to companies that need money to meet their financial obligations and don’t have a line of credit extended to them by their banks. There may even be times when these short term cash loans can also be availed by students who are finding it difficult to meet their payments for rent or tuition fee.

    Short term loans from banks vs private lenders

    Going in for a short term cash advance is a decision that should not be taken lightly. If you do decide to take a short term loan you must then decide if you intend on taking it from a bank or a private lenders. So let’s take a look at banks and private lenders match up to one another for these loans.

    • Interest rates: Banks tend to have cheaper interest rates compared to the interest charged by private companies. This difference can be quite considerable at times when banks charge interest of 36% and private companies charge anywhere up to 2,000% per annum for short term cash loans.
    • Easy approval: There are times when someone applying for a short term instalment loan may not have a strong credit history. In such a case they are most likely to be reject for a loan by most banks however, private finance companies will still provide loans to them.
    • Fast loans: The paperwork required for these loans is typically minimal however private companies offer the convenience of approving the loan and issuing the funds within a few house. This means that you get access to money faster than you would if you were to apply to a bank.
    • Regulations: Banks tend to have stiffer regulations about who can apply for these loans which tends to eliminate a number of would be borrowers. Private companies, on the other hand, do not have stringent regulations making them easier to apply for.

    In general, short term loans or payday loans should remain an absolute last resort because they tend to be very expensive. Even if you must take one, make sure you take only the amount that you need and no more.

    While in the US and in the UK you have the option of short term finance, in India this option is not available. What is available in India is slightly different.

    Short term finance in India

    In India, loans that come with interest rates in excess of 100% are non-existent. What is available are a variety of short term loans that are meant to help you with your personal finance as well as finance for your companies. These short term loans come in various forms like personal loans, short term loans for SME and even short term Bridging Loans for individuals buying a house.

    These loans too tend to be secured and unsecured depending on the type of loan you take, which also decides the interest rates that you will be required to pay. The loans are provided by banks and non-banking financial companies

    Types of short term loans in India

    There are various loans that you can take and payback in a year’s time in India. They range from personal loans to loans for business.

    • Personal loans: These are loans that can be taken by salaried and self-employed individuals and can be to the tune of Rs. 30 lakhs depending on the bank or company you approach for the loan. These loans can be paid back in period that range from 6 months to 5 years and typically come with interest rates that are higher than other loans. The advantage of these loans is that they are no restrictions on what you use the money for and are generally issued quickly, in a period of 48 to 72 hours, and require minimal documentation.
    • SME short term loans: These are loans that are extended by banks to companies that need to take loans to meet their immediate requirement for funds. There are certain eligibility criteria that are defined by the banks which companies must meet in order to avail this loan. For example if you were to go in for this loan from Bank of Baroda the eligibility criteria would be as follows.
      • The company would be required to have a minimum annual turnover of at least Rs. 150 crores.
      • It would also need to have a credit rating of BOB 5 or above.
      • It will be required to provide the latest balance sheets and show good financial performance where negative variance is no more than 10%
      • They will also need to have a good relationship with the bank for at least 3 years.
    • Bridge loans: These are loans that can be taken to tide you over till you can get another loan. In India, these loans are associated with transactions related to the buying and selling of property. How it works is that if you want to buy a new house, have found the perfect one but don’t have the funds to purchase it because the old house hasn’t been sold yet, you can go in for a bridging loan that will let you buy the new house while you wait for the old one to be sold. These loans can also be taken by companies against expected returns or even while a company waits for their funding to come through.
    • Demand loans: These are loans that can be provided by banks or NBFCs to meet any urgent financial demands that you may have. They can be secured loans wherein you provide savings instruments like insurance policies and NSCs to take the loan. The amount that you can borrow will be determined by the maturity value of your savings and will be a certain percentage of said maturity value. The loan could range from 70% to 90% of the surrender or maturity value of the savings instrument.

    Eligibility criteria for short term loans

    The eligibility criteria for these loans changes for each loan. It is different when it comes to bridge loans and personal loans. With SME Loans too, the eligibility criteria will differ since they can be taken by companies rather than individuals. A general criteria for these loans could be:

    • For individuals
      • The applicants need to be salaried or self-employed.
      • They will need to have a monthly income that is above a certain amount. A rough estimate could be Rs. 8,000 per month but this figure is subject to the bank’s policies.
      • They will be also need to be between the ages of 21 years and 60 years, again subject to the policies set forth by the bank.
      • The approval of the loan may also depend on the ability of the individual to provide all supporting documents.
    • For companies
      • They may need a past relationship with the bank.
      • They will need to be in a position where the business is making money or has been do so in the past 2 years or so.
      • They may also have to be in operation for a specified period of time and have a specified annual revenue to qualify for the loans.

    Interest rates for short term loans

    The interest rates charged for these loans depends on the type of loan you go in for. For example Personal loans come with interest rates that can range from 12% per annum to 20% per annum. Some banks offer SME short term loan at interest rates that range from 12.5% per annum to 14% per annum. HDFC offers Bridging loans for 12.55% per annum to 13.4% per annum.

    The advantage of these short term loans offered in India are that they are tailored to suit everyone’s specific needs. If you need to finance a vacation you can go in for a personal loan, if you want to buy a new house after selling your old one you can go in for a bridging loan. Even if you need to finance a company you can go in for a bridging loan or an SME loan to ensure continued operations.

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  • Short Term Loans Reviews

    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I am with bank bazaar for past more than year. I get to know about bank bazaar through online web search . The customer service and response with bank bazaar is really good. The web site with bank bazaar is easy to use and customer friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Need improvement"
      0.5 3.0/5 "Satisfactory"
      I have applied credit card personal loan twice with ICICI bank, but there was no response in concern to my applications. The customer service and the response is average with ICICI bank. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • SBI Personal Loan
      "Improvement needed in service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process need to be quick and fast with SBI. The customer service and the response need to be focused a lot. They are talking too much of time to disburse the personal loan. They took around 10 to 15 days of time to disburse my loan and they call it as express in disbursing the loan. As I hold a salary account with SBI they have offered me with low interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      The response is really good with bank bazaar executives . The customer service and the follow up with bank bazaar is really good. I got to know about bank bazaar through online web search. I am with bank bazaar for past 2 months. The website with bank bazaar is easy to use and user friendly, I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
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