We all face such situations where we instantly need money for emergency use, like a car repair or medical emergency, which can put you in a stressful financial situation. But, borrowing money from friends or family may not be such a great idea, in such times, a short term personal loan from Fullerton India comes to your rescue.
A short-term personal loan is beneficial for people who need urgent financial assistance. These loans are comparatively smaller than other types of loans and have shorter loan terms. When you apply for a short term loan, you might get absolute flexibility from the lender to choose a loan tenure that is the most suitable for you.
Short term personal loans can be repaid within a short duration of 1-2 years. The most significant advantage of a Short term Loan is the super-fast disbursal. The funds get quickly transferred to your account after the approval of your loan.
Read on to find out everything about Short Term Personal Loans.
How short term personal loan helps?
Most people take short term personal loan to meet their small financial expenses, such as
- Home expenses
- Unexpected bills
- Latest electronics
- Medical emergencies
How short term personal loan works?
Unlike a conventional personal loan, which can be repaid over several years, a short-term personal loan is meant to be repaid within a couple of years. It can even be repaid within a couple of weeks, depending on the loan tenure. The type of short-term personal loan is dependent on your credit score and the lender you choose. The process through which your application goes through is as follows :
- You apply for a short term personal loan online.
- The lender checks your credit history to evaluate your financial history.
- If the lender approves your application, you will receive a loan offer, including an interest rate and term.
- Then, if you agree to the loan offer, you will receive the funds within a day.
Benefits of Availing A Short-Term Personal Loan from Fullerton India
- No Collateral is Required
A personal loan is an unsecured loan. Thus it requires no collateral. You can get the required funds without giving up any of your assets as collateral.
- Instant Cash
The disbursal time for a short term personal loan is fast. You can quickly pay for your emergency expenses without any delay.
Due to a short tenure and competitive interest rates, the monthly EMIs are quite affordable and won’t even burn a hole in your pocket.
- Pre-approved Offers
You can also enjoy many pre-approved offers on your short-term personal loan. It can be extremely beneficial to your requirements.
- Competitive Interest Rates-
The income rates for a personal loan ranges between 11.99% to 36%. The rates vary depending on multiple factors such as annual income, credit history, credit rating, existing dues, and authenticity of documents.
- Fast Approval
You don’t have to wait for weeks for the approval of your loan. You should meet the eligibility criteria and have a good credit history to get funds within a day.
The entire application process and all the terms for a short term loan are flexible and can be designed according to your requirements. You can choose the loan tenure that is suitable for you without any financial stress.
- No Long-term Commitment
There is no need to spend several years in repaying a short-term personal loan. You can quickly repay the loan in a year without any hassle.
Eligibility Criteria for a Short-Term Personal Loan
The eligibility criteria for a small personal loan are as follows:
- You need to be aged between 21 to 60 years.
- You must be a citizen of India.
- Your minimum monthly income should be 20,000 INR. If you reside in the metro cities like Delhi or Mumbai, your minimum monthly income must be 25,000 INR.
- You must have a minimum of 1 year of professional work experience.
- You must be working in a private limited company or public sector, including central, state, and local bodies.
- You need to be currently employed in the organization for at least six months.
Documents Required for Personal Loan
Only essential documents are required for a personal loan. The list is as follows:
- Any Address Proof – Passport, ration card, driving license, electricity bill, rental agreement
- Any Identity Proof – Aadhar Card, voter ID card, Passport, and PAN card.
- Income Proof – Passbook records or salary slips from the last three months.
- Income tax returns
- Age Proof – Passport, PAN Card, or birth certificate from a legal authority
A short term personal loan is an excellent option to cover any emergency expenses without any hassle. All you need to do is provide some basic documentation to avail of instant funding with special offers.