What is the Tenure of Short Term Personal Loans?
With increasing pace of life, individuals find it difficult investing time in things other than basic necessities. When an emergency situation arises young professionals turn towards taking a loan. To apply for a personal loan from a bank is very time consuming especially if you need instant cash. Many millennials are now going for a short term loan. The process of instant loan is quick and the turnaround time is lesser compared to the traditional banks. Some of the reasons people take instant personal loan are medical emergencies, unpaid bills, to purchase a good, for traveling or home repair expenses, to buy new furniture, to buy a car or any other small asset.
How to Apply For Short Term Personal Loan:
The application process is quite simple. You have to download the loan app from Google play store or Apple app store. Register yourself with your social media logins. Complete your profile by entering your basic details like name, address, bank details and photograph. The app will then ask you to enter your required loan amount and the duration of the loan. You have to upload the valid documents from your smartphone. Once you apply for personal loan, the app will review your request. Once your loan is approved you will receive the money within a few minutes.
The Amount Available for Short Term Personal Loan:
The loan amount ranges from Rs.10,000 to Rs.4 lakhs. Once you apply for personal loan you will get to know your loan amount eligibility.
Tenure of Short Term Personal Loan:
The duration of the loan can be 15, 30, 90, 180, 360 or 540 days. You can choose the duration as per your convenience.
Identity proof: Pan card, Passport, Aadhar Card or Driving License
Address proof: Passport, Utility bills like water, landline, and electricity bills or rental agreement
Income proof: Salary slips of last 3 to 6 months along with bank statement credited with the salary
Photographic proof: The latest picture of yours.
Disbursal of Short Term Personal Loan:
Once the loan app approves your loan, the amount will be transferred to your personal savings account within a few minutes. You can get the loan on the same day of application.
Eligibility to Apply For Personal Loan:
You have to be between 23 years to 58 years old. You have to be a resident of India. You can either be a salaried employee of a registered company or a self-employed individual with your business being in existence for a period of 3 years.
Benefits of Short Term Personal Loan:
1. The application process is paperless and quick
2. No physical document submission is required
3. No asset showcase as these are unsecured loans
4. The interest rates are quite low
5. Quick disbursal of the loan amount
6. The repayment can be done via bank transfer on the due date
You can apply for personal loan on CASHe. It is one of the personal loan apps available in India. Their online platform is user-friendly and the process is faster. You can check your loan eligibility by downloading the app on your smartphone.