Whether it’s a marriage expenditure or a travel expense, short-term personal loans are ideal to meet short-term financial needs. Short-term personal loans are unsecured loans that can be used for any purpose. These type of loans do not require any security or collateral. The short-term loan amount can range from Rs.50,000 to Rs.30 lakhs. The loan tenure can be between few months to 5 years.
Listed below are the benefits and features of short-term personal loans:
There are several factors to consider while choosing a personal loan in order to ensure the borrower gets the best possible deal. Factors such as:
To obtain a suitable short-term personal loan, the borrower should meet the following eligibility criteria:
The documentation process in the case of personal loans is very simple, and hassle-free, with minimum paperwork, and quick processing time. The following documents are needed for loan application:
Listed below are the applicable interest rate and fee for short-term personal loans:
|Loan amount||Rs.50,000 to Rs.30 lakhs|
|Loan tenure||6 months to 5 years|
|Loan issue time||48 to 72 hours|
|Interest rate||12% to 20% p.a.|
|Pre-payment charges||Varies with banks|
|Processing fee rate||1% to 3%|
State Bank of India offers specialised loan schemes for salaried individuals during major festival seasons. HSBC India offers short-term personal loans with a flexible loan repayment period of up to 5 years. Borrowers can avail a maximum loan amount of up to Rs.15 lakhs. Repayment options include EMIs, an ECS or an SI on the borrower’s bank account.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.