Short Term Loan
A short term loan of up to ₹5 Lakhs is the best alternative to fund your instant small financial needs. These loans are often approved and disbursed within 24-48 hours and can be repaid within a flexible short tenure of 2-36 months. You can apply for a short-term personal loan in a 100% digital process with minimal documents. The eligibility criteria for these loans are easy, and even a new-to-credit individual can avail of a short-term loan.
10 Best Short-Term Personal Loan Apps for Instant Cash
Below is the list of the top 10 short-term personal loan providers in India:
| App Name | Strating Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| RupeeRedee | 28.00% p.a. | ₹2,000 - ₹149,000 | Upto 12 months |
| FlexSalary | 18.00% p.a. | Upto ₹3 Lakhs | Upto 36 months |
| Moneyview | 14.00% p.a. | ₹5,000 - ₹10 Lakhs | 3 - 60 months |
| Muthoot Finance | 13.50% p.a. | ₹50,000 to ₹20 Lakhs | 3 - 60 months |
| DMI Finance | 12.00% p.a. | ₹10,000 - ₹5 Lakhs | 3 - 48 months |
| TrueBalance | 2.40% p.m. | ₹5,000 - ₹2,00,000 | 6 - 12 months |
| Zype | 18.00% p.a. | ₹20,000 - ₹2 Lakhs | 6 - 18 months |
| InCred | 14.00% p.a. | ₹50,000 - ₹15 Lakhs | 12 - 60 months |
| SMFG India Credit | 13.00% p.a. | Up to ₹30 Lakhs | 12 - 60 months |
| Prefr | 18.00% p.a. | Up to ₹5 Lakhs | 12 - 48 months |
Benefits of Short-Term Personal Loans
The following are the benefits of short-term personal loans:
- Just download the preferred app, upload pictures and documents, and sign your loan application digitally to get a short term loan in India.
- With auto-debit and reminder features, it is easy to manage your EMIs so that you do not forget timely payments.
- Even if you have never taken a personal loan previously or are new to credit, you can get a short-term loan from various online lenders.
- These loans require minimal documentation, which is completely paperless and digital.
- You can apply for the loan anytime, from anywhere, as these loans are available 24x7, making it a perfect credit solution for meeting urgent financial needs.
- These are unsecured personal loans, so there is no need for collateral/ security to get your loan approved.
- Most short-term loan apps provide same-day approval and instant disbursal of funds into your account.
- There are minimal to zero penalties on full or partial prepayment.
- These loans come with flexible tenures of 2 to 36 months.
- Some apps let you pay interest only if you use the disbursed money.
- These loans involve a 100% digital loan application journey.
Short-Term Loan Eligibility Criteria
- You must be an Indian citizen.
- You must be at least 18, 19, or 21 years old, and the maximum age should be up to 55 or 60 years (depending on the lender’s policy).
- You must have a stable source of monthly income.
- You must have a minimum monthly income of ₹8,000 to 25,000 (depending on the lender’s policy).
- You must have a good credit score (typically above 700).
- You can be a salaried individual/ gig worker/ homemaker/ blue-collar or daily wage earner/ self-employed individual/ student.
Required Documents for Short Term Personal Loans
If you are eligible for a short term loan apply with the following documents:
- KYC: A Clear Selfie, Aadhaar, and PAN Card.
- Identity Proof: College ID Card for Students, Aadhaar Card/ Driving License/ Voter ID Card for others.
- Address Proof: Passport/ Utility Bills/ Rent Agreement/ Aadhaar Card/ Voter ID/ Driving Licence.
- Income: Last 3 months’ Payslips and Bank Statement, Joining Letter for salaried professionals.
- In some cases, you may also be asked for the ITR/ GST Paper.
Steps to Apply for a Short Term Loan
- Here are the easy steps to apply for a short-term loan online:
- Download the preferred app on your smartphone or open the webportal of the lender.
- Register using your mobile number.
- Mention and submit your personal, contact, income and bank details.
- Wait for the submitted details to get verified by the lender for the eligibility check.
- Know the sanctioned loan amount and confirm if you agree.
- Upload your identity proof, address proof and other documents to complete the digital KYC process.
- On instant approval, get funds disbursed to your bank account within a few hours.
FAQs
A short-term loan offers instant funds for temporary needs. This loan can be repaid within a few months to a few years, featuring quick approval, minimal paperwork, and an online process. Funds are disbursed quickly to your bank account on approval. Usually, they come with higher interest rates than long-term credit facilities.
You can simply download the app or visit the website of the preferred lender and complete an easy online application process to get a short-term personal loan.
Yes, many lenders offer short-term loans to new-to-credit individuals who do not have a credit score.
No, short-term loans are unsecured in nature and do not require collateral.
Yes, a short-term personal loan can be used for any legitimate purpose.
Yes, some lenders may offer you a short-term personal loan without a salary slip. However, you will be required to provide other income documents like bank statements, Income Tax Returns (ITR), Form 16, etc.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.