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    Short Term Loans - Compare & Apply Online

    Short term loans are loans which are 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.

    Compare Best Short-Term Loans in 2019

    Listed below are the various lenders that offer short-term loans in India:

    1.CASHe

    Lender
    Interest Rate
    Loan Tenure
    Minimum and Maximum Loan Amount
    1.75% to 3.25%
    15 days to 12 months
    Rs.5,000Minimum Loan AmountRs.3 lakhMaximum Loan Amount

    Benefits:

    • CASHe only charges a nominal processing fee for the short-term loans that it offers. The processing fee starts from Rs.200 onwards.
    • For loans that have a tenure of over 30 days, a grace period of 7 days is offered for repayment of the due amount.
    • The lender assesses your creditworthiness by taking into account a number of factors including your social media activity, monthly income, educational qualification, and work experience.

    2.EarlySalary

    Lender
    Interest Rate
    Loan Tenure
    Minimum and Maximum Loan Amount
    2.5% per month
    7 days to 43 days
    Rs.8,000Minimum Loan AmountUp to Rs.2 lakhMaximum Loan Amount

    Benefits:

    • There are no restrictions on how you can use the loan amount.
    • There are no hidden costs or pre-payment charges that are levied by the lender.
    • Borrowers are charged an interest based on the number of days that they actually use the loan amount.

    3.Bank of Baroda

    Lender
    Interest Rate
    Loan Tenure
    Minimum and Maximum Loan Amount
    As per the lender’s terms and conditions
    Up to 12 months
    Rs.10 lakhMinimum Loan AmountRs.250 lakhMaximum Loan Amount

    Benefits:

    • This loan can be availed by small and medium enterprises that have a yearly sales turnover of up to a total of Rs.150 crore.
    • The lender offers a 25% concession on the applicable processing charges.
    • This loan is ideal for individuals who require a large quantum of funds for temporary business-related needs.

    4.Funds Tiger

    Lender
    Interest Rate
    Loan Tenure
    Minimum and Maximum Loan Amount
    FundsTiger
    20% *Note: The interest rate will vary based on the security offered and the purpose of the loan
    3 months to 12 months
    Rs.50,000Minimum Loan AmountRs.20 lakhMaximum Loan Amount

    Benefits:

    • The lender offers short-term loans at more affordable interest rates to individuals who provide a collateral or security.
    • The repayment amount will be deducted from your business account directly.
    • Loan amount will be disbursed to your account within a period of 7 days, post approval of your application.

    5.Money in Minutes

    Lender
    Interest Rate
    Loan Tenure
    Minimum and Maximum Loan Amount
    0.25% per day onwards
    1 day to 6 months
    Rs.1,500Minimum Loan AmountRs.2 lakhMaximum Loan Amount

    Benefits:

    • Individuals over the age of 18 years can apply for this loan. 
    • Loan applications are verified and approved quickly.  
    • Once the loan amount is repaid, customers can avail a second personal loan for a lower interest rate. 
    • Individuals who have defaulted on previous loan/credit repayments can apply for this loan. 

    6.PaySense 

    Lender
    Interest Rate 
    Loan Tenure 
    Minimum and Maximum Loan Amount
    As per the lender’s terms and conditions 
    As per the lender’s terms and conditions 
    Rs.5,000 Minimum Loan AmountRs.2 lakhMaximum Loan Amount

    Benefits:

    • The repayment amount can be auto-debited from your account. This ensures that the EMIs are repaid on a timely basis.  
    • The lender offers loans even to individuals who do not have a credit history.  
    • The lender offers speedy processing of the loan application.  

    There are a few popular short-term loans that are offered by lenders in the country. You can avail any one of these loans if you require short-term funds for personal or business-related needs. Given that these loans have a maximum tenure of 1 year, you should ensure that you have the required funds to repay the loan within this term.  

    How to Apply for Short-Term Loans?

    There are a number of lenders in India who allow prospective borrowers to apply for short-term loans through online channels. Listed below are the steps that you will need to follow to apply for a short-term loan in India: 

    • Compare Loans: Before you apply for a loan to a particular lender, you should compare the various short-term loans that are available in the Indian market. Make sure to check the loan amount that is offered, the disbursal time, the interest rate charged for the loan, processing fee charged (if any), late payment fee, and the customer service channels available. 
    • Check Your Eligibility: Once you zero in on a particular lender, you will need to check the eligibility criteria of the lender. Make sure that you meet the eligibility criteria before applying for the loan.  
    • Fill the Online Application Form: You will need to fill up the online application form and submit it to the lender. You may have to key in details like the loan duration, amount that you wish to borrow, your name and contact details, etc., in the application form. The required documents will also have to be uploaded and submitted online.  
    • Await Lender’s Approval: Once you submit the application form and the required documents, the lender will verify and either approve or reject your loan application.  
    • Receive Funds: If your loan application is approved, you will receive the approved funds into your bank account.  

    Eligibility Criteria for Short-Term Loans

    The eligibility criteria that you will need to meet to avail a short-term loan will vary significantly from lender to lender. That said, here is the general eligibility criteria that you will need to fulfill to get a short-term loan: 

    • You must be a resident of India. 
    • You must either be a salaried employee or a self-employed individual/business owner. 
    • You should be over 18 years of age. 
    • You should have a savings bank account. 
    • You should earn an income of over Rs.15,000. 
    • If you are a salaried employee, you should have a work experience of at least 2 years.  
    • If you are a business owner, your business should be at least over 1 year.  

    *Note: Keep in mind that the above-mentioned statements are indicative. It is advisable to check the eligibility criteria specified by the lender before applying for a loan.  

    Documents Required

    The documents that you will need to submit when applying for a short-term loan are as follows: 

    • PAN Card 
    • Proof of Income: Salary slips for the most recent 3 months 
    • Proof of Residence: Rental agreement, Passport, Landline bill, Post-paid mobile bill, Bank statement 
    • Proof of Identity: Driver’s license, Aadhaar, Voter ID, Passport 
    • Proof of Age: Driver’s license, PAN card, Passport 
    • Bank statements for the last 6 months 
    • Proof of Employment: Offer letter, Form 16, Relieving letter 
    • Passport-size photographs 

    *Note: This is a generalised list of documents that you may be asked to submit when applying for a short-term loan.  

    Features and Benefits of Short-Term Loans

    • Short-term loans are usually disbursed quite quickly.  
    • Short-term loans can be availed by salaried individuals, self-employed individuals, and businesses, based on the lender’s terms and conditions. 
    • Most lenders who offer short-term loans allow applicants to submit the required documents through online channels, thus making the transaction completely paperless. 
    • The EMI repayment plans are set taking into consideration the repayment capacity of each borrower. 
    • Short-term loans are customisable since borrowers can opt for a loan amount of their choice for a tenure as per their requirements, provided it doesn’t exceed a tenure of 1 year.  
    • Although the interest rate charged for short-term loans may be higher than that of regular personal loans, the overall amount that you will have to pay as the interest may be lower since the loan tenure is quite short.  

    FAQs

    Can short-term loans be taken with a low credit rating?

    This will depend on your lender. That said, certain lenders may offer short-term loans to individuals who have a low credit score, as well.  

    Will I need to make arrangements for a guarantor to get my short-term loan approved?

    This will differ from lender to lender. However, most likely, you will not need a guarantor for your loan application to be approved. 

    Do I need to furnish a collateral or a security for my short-term loan application?

    No, short-term loans are usually unsecured loans. Certain lenders, however, will offer you a lower interest rate if you provide a collateral or security at the time of taking the loan.  

    How long can I take to repay a short-term loan?

    A short-term loan needs to be typically repaid within 1 year. The repayment period will depend on your lender and the tenure that you choose. 

    Can I extend my repayment due date?

    You will need to repay the due amount within the date specified by your lender. Failure to do so may attract a penalty. Certain lenders, however, do offer a grace period for repayment of the EMI.  

        

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