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Short Term Loans are loans intended for improving temporary shortage of cash flows either for individuals or for business.

Short Term Loan

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Short Term Loan are provided for a shorter duration or less than a year.

Short Term Loans are quite luring and the main reasons are listed below:

1

Lower Interest:

- The longer the term of the loan, the more interest would be required to pay by you. Short Term Loans usually have lower interest rates when compared to long term loans since the time required to repay the loan is minimal which turns beneficial for you. To sum up, in long term you would save more money by applying for a short term loan than for a longer term.

2

Predictable:

- It is easier to predict your finances for a shorter period of time than for a longer term. Sometimes it becomes challenging to predict the financial condition of a company in future. With longer term loans you may be required to repay the loan back in 10-12 years and the coming years may or even may not be good.

3

Credit Score:

- Having a good credit score is quite essential for an individual or business. Short term loan gives you the benefit of repayment in less time which in turn improves your credit score quite quickly. If you want to improve the credit score promptly then apply for a short term loan.

4

Minimal documentation and easy approval:

- Due to the ongoing wave of digitalization, the procedure for documentation has now become short and convenient. Short Term loans are quick at disbursal and it is now possible to apply for these loans online requiring minimal paperwork.

Short Term Loan - An Overview

In case of you cannot obtain credit from bank for longer term, you can opt for these one timer short term loans. The repayments in this type of loan is structured and organized to match your cash flows. It is an unsecured loan but some of the lenders be it banks or financial institutions may need to secure these loans by asking you to pledge some collateral against it. Short term loans can also be paid back inmonthly installments and thus it is also known as Short Term Finance or Short term Installment loans.

Eligibility

Banks and various financial institutions have different criteria and requirements for approving the short term loan. But Lenders generally check your credit score before they sanction your loan application. There are some common requirements for all financial institutions and the eligibility criteria for salaried individuals, self-employed professionals and companies are:

Age 18/21 years - 60/65 years
Employment Type
  • 1. Salaried
  • 2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • 15,000(non-metro cities)
  • 20,000(metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience
  • Salaried
  • Employed at current company for at least 6/12 months
  • Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Documents Required for Short Term

The common documents required for an online personal loan approval are given below:

  • - 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
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