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Having said that, this can be a basic eligibility requirements you will need certainly to meet to have a loan that is short-term

Icon October 7, 2020
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Having said that, this can be a basic eligibility requirements you will need certainly to meet to have a loan that is short-term

Eligibility Criteria for Short-Term Loans. The eligibility requirements that you’ll need certainly to fulfill to avail a short-term loan will differ somewhat from lender to lender.

  • You should be a resident of Asia.
  • You have to either be a salaried worker or even a self-employed individual/business owner.
  • You ought to be over 18 years old.
  • A savings should be had by you banking account.
  • You need to make a living with a minimum of Rs.15,000 approx.
  • You should have a work experience of at least 2 years if you are a salaried employee.
  • Year if you are a business owner, your business should be at least over 1.

*Note: remember that the above-mentioned statements are indicative. You should look at the eligibility requirements specified because of the loan provider before using for a loan.

Papers Required

The papers that you’ll want to submit whenever trying to get a short-term loan are the following:

  • PAN Card
  • Evidence of Income: Salary slips for the most recent a few months
  • Evidence of Residence: Rental contract, Passport, Landline bill, Post-paid mobile bill, Bank declaration
  • Evidence of Identification: Driver’s permit, Aadhaar, Voter ID, Passport
  • Evidence of Age: Driver’s permit, PAN card, Passport
  • Bank statements going back half a year
  • Evidence of Employment: Offer letter, Form 16, Relieving page
  • Passport-size photographs

*Note: This will be a generalised range of papers that you might be asked to submit whenever trying to get a short-term loan.

Features and Advantages Of Short-Term Loans

  • Short-term loans are disbursed quite quickly.
  • Short-term loans could be availed by salaried people, self-employed people, and companies, in line with the lender’s terms and conditions.
  • Many lenders whom provide short-term loans enable candidates to submit the mandatory documents through online stations, hence making the deal totally paperless.
  • The EMI repayment plans are set bearing in mind the payment capability of every debtor.
  • Short-term loans are customisable since borrowers can decide for financing quantity of their option for a tenure depending on their demands, supplied it does not go beyond a tenure of just one 12 months.
  • The overall amount that you will have to pay as the interest may be lower since the loan tenure is quite short although the interest rate charged for short-term loans may be higher than that of regular personal loans.


This can rely on your loan provider. Having said that, specific loan providers may provide short-term loans to people who have credit that is low, too.

Am I going to intend to make plans for a guarantor to obtain my loan that is short-term authorized?

This may change from lender to lender. Nonetheless, almost certainly, you will not want a guarantor for the application for the loan become authorized.

Do i must furnish a collateral or a safety for my short-term loan application?

No, short-term loans usually are quick unsecured loans. Particular lenders, nonetheless, will provide you with a lower life expectancy rate of interest in the event that you give a security or safety during the time of using the loan.

The length of time could I decide to try repay a short-term loan?

A short-term loan requirements become typically paid back within 12 months. The payment duration will rely on your loan provider additionally the tenure which you choose.

Can I expand my payment date that is due?

You need to repay the amount that is due the date specified by the loan provider. Failure to do this may attract a penalty. Particular loan providers, nonetheless, do provide an elegance duration for repayment for the EMI.

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